Daily Market News – February 11th, 2016

Daily Market News – February 11th, 2016


Hello and welcome to HiwayFX market news for February 11th, 2016. This morning, during the Asian trading session the EUR/USD has breached up the mark of 1.13. The high of the day was reached near the level of 1.1320. Currently, we are observing a small technical correction in euro – the pair trades a little below the level of 1.13. The EUR/USD pair rose as investors were dumping U.S. dollars on bets the Federal Reserve could be done raising interest rates. “Yesterday, Federal Reserve Chair Janet Yellen suggested that the central bank might delay but not abandon , planned interest-rate increases in response to recent turmoil in financial markets” Bloomberg writes. Analysts took that to mean a hike in March was unlikely, but further tightening remained possible later in the year. “Yellen made it clear that while the Fed still expects to continue on its gradual tightening path , policy was not on a pre-set course and would respond appropriately to developments” said Justin Fabo, a senior economist at ANZ. The resistance levels for the euro are 1.1323 and 1.1338. The support levels for the EUR/USD are following 1.1280 and 1.1227. Fresh cracks appeared in global markets on Thursday as investors sought the safety of the Japanese yen. The rate of the USD/JPY pair tumbled to the level 112.28 yen per dollar. It is a minimum level since November 2014. The Japanese yen was lifted again by safe-haven flows, as befits Japan’s position as the world’s largest creditor nation. Currently, the USD/JPY pair trades near the level of 112.70 with 0.6% of loss. The resistance levels for the pair are 112.80 and 113.10. The support levels for the USD/JPY are following 112.52 and 112.40. Today, Gold finally broke major chart resistance to reach its highest since May. The maximum of the day was recorded near the level of $1214. Currently, Gold trades near the level of 1207 Dollars per troy ounce, by adding over 1%. “India’s gold demand is likely to rise this year as investors have factored in interest rate hikes by the U.S. Federal Reserve, while the turmoil in stock markets is making the metal attractive” the World Gold Council said on Thursday. Stronger demand from the world’s second-biggest gold consumer could support the global bullion price which is trading near its highest in eight-and-a-half months. The resistance levels for Gold are $1210 and $1215. The support levels are $1206 and $1201. Stay up-to-date with all the key financial news around the world by liking us on Facebook, following us on Twitter and Instagram and subscribing to our YouTube channel. For more information please visit our website www.hiwayfx.com. Thank you and have a good trading day.

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