Daily Market News – February 12th, 2016

Daily Market News – February 12th, 2016


Hello and welcome to HiwayFX market news for February 12th, 2016. Yesterday, the key trading pair continued its growth until the mark of 1.1376 as investors were selling U.S. dollars on bets the Federal Reserve could be done raising interest rates. This morning, we are observing a technical correction. The EUR/USD trades near the level of 1.1320. One of the key event for today is releasing Retails sales in the US at 1:30 p.m. GMT. Analysts expect an increase by 0.1% month-to-month. The strong data from the US may support the American Dollar, and the EUR/USD pair may slide further. The resistance levels for the euro are 1.1403 and 1.1460. The support levels for the EUR/USD are following 1.1300 and 1.1243. Yesterday the Swedish krona slumped as much as 1.6 percent to 9.61 per euro the lowest since August as Sweden’s central bank lowered its key interest rate even further below zero. This morning, after a small rebound, the krona continues its fallen against the euro. The EUR/SEK pair trades near the level of 9.50. As Bloomberg report, “the Sweden’s central bank is prepared to use its full toolbox of measures as it battles to revive inflation and keep the krona from appreciating. The interest rate was reduced to minus 0.50% from minus 0.3%. Swedish policy makers have unleashed unprecedented stimulus over the past year to save the economy from deflation and keep the krona from appreciating. They were forced to respond as their colleagues at the far larger European Central Bank are also going all out to revive price growth and sustain an expansion across Europe.” The resistance levels for the EUR/SEK pair are 9.62 and 9.68. The support levels for the krona are following 9.46 and 9.43. Yesterday, Gold jumped as much as 5.8% to $1,263.90 an ounce the highest since February 2015 and the gain was the biggest intraday advance since 2009. This morning, we are observing a technical correction. Gold loses 0.4% and trades near the level of $1245. As Bloomberg writes, “Gold has climbed 18% this year making it the best-performing commodity. The outlook for U.S. interest rates to stay low has boosted gold’s appeal because it doesn’t pay interest like some other assets. Investors are piling into funds backed my the metal at the fastest pace in seven years. As global stocks enter a bear market gold is on the verge of bull status.” The resistance levels for Gold are $1248 and $1264. The support levels for Gold are following $1231 and $1214. Oil tumbled to $26 per barrel, its lowest level in more than 12 years as crude stockpiles at the delivery point for New York futures expanded to a record. Today, we are observing a technical rebound. Oil soars over 4% and trades near to the level of $27. As Bloomberg reports, “Oil is down 29 percent this year on speculation a global glut will persist as Iranian exports increase after the removal of sanctions and U.S. crude inventories remain swollen. U.S. stockpiles are more than 130 million barrels above the five-year average even after dropping by 754,000 barrels last week according to Energy Information Administration data.” The resistance levels for Oil are $27.50 and $28.20. The support levels for US Crude are $27.00 and $26.50. 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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