The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
Borussia is one of the most titled football clubs in Germany, which has repeatedly proved to fans: the spirit of competition and leadership will certainly lead to success. Trade in the same way that sports professionals play the game: confidently and actively. Keep a "pass" from Borussia FC and be in the lead with InstaSpot!
The euro continued its correction against the dollar, while the pound managed to hold its position, updating its weekly high and thereby maintaining the chances of a further establishment of a bullish trend.
Yesterday, amid the absence of important US fundamental data, market attention was drawn to an interview with Beth Hammack, President of the Cleveland Federal Reserve Bank. She stated that several rate hikes may be required to bring inflation back to the 2% target, and such hawkish rhetoric partly contributed to the strengthening of the dollar and the decline in risk assets. Comments from Fed officials are valuable, as they provide insight into the central bank's sentiment; in the absence of data, the weight of each word increases significantly. It should be noted that Hammack was previously among those calling for immediate tightening of policy, so her position appears consistent. For the euro, this signal resulted in pressure. The hawkish stance of one of the Fed's voting members strengthened expectations for a higher rate, increased the dollar's appeal, and undermined demand for riskier assets.
Today, the only report from the eurozone will be Italy's trade balance, so we do not expect a surge in volatility. The trade balance reflects the difference between exports and imports and influences currency demand in the long term, but as a short-term driver, it is ineffective, especially since it pertains only to a single economy within the bloc. Such a release usually does not elicit a significant response in the single currency. In the absence of substantial reasons, it is quite probable that the EUR/USD pair will continue its downward correction. Until the euro has strong drivers of its own, the dollar's initiative remains, and the single currency's recent retracement risks continuing.
On the other hand, today's absence of reports from the UK in the first half of the day could support the pound. Without fresh figures on inflation, employment, or business activity, traders will have no reason to revise their positions, as these indicators typically manage expectations for the Bank of England's rate and determine the direction of the British currency. When there are no independent benchmarks, the pound becomes dependent on external forces, with the market sentiment towards the dollar being the main guide. Thus, pound buyers retain a good chance of continuing a bull market. The absence of negative domestic news makes it easier for the GBP/USD pair to maintain a bullish sentiment and extend its recent upswing.
If the data align with economists' expectations, it is better to act based on the Mean Reversion strategy. If the data are significantly higher or lower than economists' expectations, it is best to use the Momentum strategy.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
