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Dukascopy Forex Overview: 24-04-2017 - Morning

Dukascopy Bank analytic desk report
Published: 24/04/2017 08:08
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Technical Analysis
EUR/USD opens above 1.09 mark
"French voters face two radically different visions of the country’s future after centrist Emmanuel Macron and far-right nationalist Marine Le Pen won the first round."
- Bloomberg
Due to the French election induced certainty in the Euro the EUR/USD currency exchange rate began the week at 1.0923, which is almost 200 base points higher than the Friday’s closing price.
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Fundamental Analysis
Euro zone economy starts Q2 with solid growth
Services and manufacturing activity in the Euro zone rose more than expected in April, suggesting that the region’s economy started the Q2 of 2017 with solid growth. HIS Markit reported on Friday that its Flash Purchasing Managers’ Index for the Euro zone’s manufacturing sector came in at 56.8, following March’s final reading of 56.2 and surpassing analysts’ expectations for 56.1.
Expert Commentary
"I do not think that it is a reasonable assumption, because the available data simply does not support this opinion."
- Carsten Fritsch, Commodity Analyst at Commerzbank, on gold
China, for instance, reported its figures on foreign exchange reserves for March, according to which the Chinese Central Bank did not buy any gold for the fifth consecutive month. In the meantime, Russia increased its gold reserves, though not by the same magni-tude as in the recent years, with monthly buying volumes being lower than two or three years ago.>>
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Press Review
Matthew d'Ancona
Forget Brexit. Can May finally win over the working class?
The official mantra is stability, but the prime minister’s real goal in this election is to convince lower-paid voters the Conservatives are on their side.
Market Research
17.04 Release
The past week saw largely negative developments for most observed currencies. The US Dollar’s index, which ended the previous period with the second largest gain, took leadership in the negative area, posting a weekly loss of almost 1% and the period’s low of -1.23%.
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Trade Pattern Idea
NZD/CAD 1H Chart: Channel Up
A large-scale channel down pattern failed to contain NZD/CAD on the daily time-frame, leading to a takeover by a junior ascending channel on the hourly chart.>>

EUR/HKD 1D Chart: Channel Up
Following a slight break below the 2015 low at 8.1519 - the lowest level of all time, HKD/JPY set a new ultimate support at 8.0680 and sketched a channel up pattern on the daily scale to lead it up above the area.>>
Dukascopy Aggregate Technical Indicator
Dukascopy Aggregate Technical Indicator for 30M, 1H, 4H and 1D time frame charts for major pairs for the last 144 periods till 07:30 GMT.
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This overview can be used only for informational purposes. Dukascopy Bank SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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