{"id":123753,"date":"2018-03-21T06:35:44","date_gmt":"2018-03-21T10:35:44","guid":{"rendered":"http:\/\/countingpips.com\/?p=123753"},"modified":"2018-06-01T15:42:13","modified_gmt":"2018-06-01T15:42:13","slug":"its-fed-day-but-keep-an-eye-on-uk-jobs-report","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/03\/its-fed-day-but-keep-an-eye-on-uk-jobs-report\/","title":{"rendered":"Its Fed day! But keep an eye on UK jobs report"},"content":{"rendered":"
March 21, 2018<\/div>
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By Orbex Blog<\/a><\/strong><\/p>\n

Daily Forex Market Preview, 21\/03\/2018<\/em><\/strong><\/p>\n

The U.S. dollar was seen pushing higher on the day reversing the gains from Monday\u2019s declines. Investors were seen bracing for the Fed meeting due later in the day. Although the markets have fully discounted a 25 basis point rate hike, the Fed\u2019s dot plot and economic projections will play a key role in shaping the sentiment in the USD going forward. For the moment, the markets are expecting Fed officials to play it safe with three rate hikes this year.<\/p>\n

Ahead of the Fed meeting, the UK\u2019s jobs data will be on the line. The three month average earnings index is forecast to rise 2.6%, slightly accelerating from 2.5% seen before. The UK\u2019s unemployment rate is expected to remain unchanged at 4.4%.<\/p>\n

Economic data from Tuesday included the annual inflation data from the UK. According to official reports, the UK\u2019s headline inflation rate was seen slowing to a pace of 2.7% which was more than expected and inflation was seen easing from January\u2019s print of 3.0%. Core inflation rate also slipped to rise just 2.4% down from 2.7% previously. The data builds up to this Thursday\u2019s BoE meeting where the odds of a hawkish signal from the Bank of England have increased.<\/p>\n

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EURUSD intra-day analysis<\/strong><\/p>

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\"EURUSD<\/p>\n

EURUSD (1.2262):<\/strong> The euro currency gave up the gains from Tuesday. A modestly stronger U.S. dollar and some weak data from the Eurozone added to the declines. The German ZEW economic sentiment fell to an 18-month low for March. However, current conditions index was seen to have remained broadly stable. From a technical perspective, expect to see some volatility in the EURUSD today heading to the Fed meeting. Following the reversal near the resistance zone of 1.2363 \u2013 1.2333 level, we expect the common currency to maintain the range, touching down to the lower support at 1.2179. A close below 1.2179 will expose the euro toward the next lower support at 1.2090 \u2013 1.2070 level.<\/p>\n

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GBPUSD intra-day analysis<\/strong><\/p>\n

\"GBPUSD<\/p>\n

GBPUSD (1.4015):<\/strong> The British pound was seen pausing its rally following Monday\u2019s news about the transitory Brexit deal. The weaker inflation data did not help the sterling much as price action was confined to Tuesday\u2019s range. Support at 1.3902 remains in play and we expect to see this level to be tested in the near term. The UK\u2019s labor market data will of course bring some volatility ahead of the Fed meeting. In the near term, GBPUSD is likely to maintain the range of 1.4060 \u2013 1.3902 level ahead of the Bank of England meeting that is due on Thursday.<\/p>\n

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XAUUSD intra-day analysis<\/strong><\/p>\n

\"XAUUSD<\/p>\n

XAUUSD (1313.49):<\/strong> Gold price was bearish yesterday as price fell to 1307.48 level as noted in Tuesday\u2019s morning commentary. The support level is expected to hold in the near term but depending on the Fed\u2019s outcome there is a potential for gold prices to breakout below this level. The price action touching down to the support level of 1307.48 also marks a descending triangle technical pattern. If validated, we expect gold prices to fall toward 1288.90 and potentially ease lower to the 1282 \u2013 1274 level of support that is pending a retest. To the upside, gold prices could maintain the range within the 1307.48 level and 1328.07 level of resistance.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

By Orbex Blog Daily Forex Market Preview, 21\/03\/2018 The U.S. dollar was seen pushing higher on the day reversing the gains from Monday\u2019s declines. Investors were seen bracing for the Fed meeting due later in the day. Although the markets have fully discounted a 25 basis point rate hike, the Fed\u2019s dot plot and economic […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-123753","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/123753","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=123753"}],"version-history":[{"count":3,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/123753\/revisions"}],"predecessor-version":[{"id":123762,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/123753\/revisions\/123762"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=123753"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=123753"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=123753"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}