Daily Forex Market Preview, 19/03/2018
The markets get off to a slow start ahead of what could be an eventful week with the FOMC meeting due on Wednesday. The U.S. dollar was seen edging higher on Friday but only posted modest gains as investors brace for the Fed meeting this week.
On the economic front, data from the U.S. was somewhat mixed. Housing starts were seen rising at a slower pace of just 1.24 million compared to 1.33 million the month before. Building permits were somewhat better, rising 1.30 million. Industrial production figures released on Friday surged 1.1% beating estimates of 0.3% and reversing the revised 0.3% declines from the month before.
Data from the Eurozone showed that headline consumer prices rose only 1.1% missing estimates of 1.2% increase.
Looking ahead, Italy’s industrial production and trade balance figures are coming up today amid a quiet trading day. The G-20 meetings are due. Other major factors coming up include the Brexit talks due on 22 March where Britain is hoping to clinch a transitory deal.
XAUUSD 19-03-2018 Intra-day analysis
XAUUSD (1311.59): Gold prices were also seen closing the week lower but overall, the trend remains supported above 1307. Only a breakdown below this level could signal further declines toward 1282 – 1274 region. In the near term, the 4-hour chart shows a possible retest toward 1318 – 1317 level where short term resistance could be established. A reversal at this level could confirm the downside bias in gold targeting 1307 and eventually to the 1282 level of support.
This material is intended for marketing/information purposes only and does not contain, and should not be construed as containing; an attempt of solicitation for any transactions in financial instruments and does not constitute investment advice or research. Past performance is not a guarantee of or prediction of future performance. The Trade Ideas are provided independently by an external third party company, PIA First Limited, which is authorised and regulated by the Financial Conduct Authority FRN 787261 to provide regulated products and services including Investment Advice. Registered in England & Wales, company number 07428345. Registered Office: Kemp House, 152 City Road, London EC1V 2NX. VAT number 153 646014. Copyright © 2018.
ORBEX does not take into account your personal investment objectives or financial situation, Readers should consider the possibility that they may incur losses. ORBEX makes no representation and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied by any employee of ORBEX, a third party or otherwise. All expressions of opinion are subject to change without notice. Any opinions made may be personal to the author and may not reflect the opinions of ORBEX. This communication must not be reproduced or further distributed without the prior permission of ORBEX.
This material has not been prepared in accordance with legal requirements promoting the independence of investment research and it is not subject to any prohibition on dealing ahead of the dissemination of investment research. All expressions of opinion are subject to change.