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Dukascopy Forex Overview: 22-03-2017 - Afternoon

Dukascopy Bank analytic desk report
Published: 22/03/2017 16:29
Dukascopy Technical Analysis

Kiwi fails to break resistance
"There is no change to the near term Kiwi comments. FOMC brought NZD/USD some much needed relief but the immediate rejection suggests that the path is still lower."
- Jamie Saettele, Daily FX
By the middle of Wednesday’s trading session the New Zealand Dollar depreciated against the US Dollar, as the currency exchange rate was heading lower with no close by support level near it.
Dukascopy Fundamental Analysis
Dairy product prices advance unexpectedly at latest GDT auction
Dairy product prices rose unexpectedly at the latest Global Dairy Trade auction, official data showed. The GDT Price Index advanced 1.7%, following a 6.3% fall at the prior auction and surpassing analysts’ expectations for a 6% drop. The rise was mainly driven by a 2.9% price rise in whole milk powder. Overall, whole milk powder was sold at an average price of $2,855 per tonne, despite a 9.7% increase in supply.
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Trade Pattern Idea
USD/CHF 4H Chart: Channel Down
The US Dollar is depreciating against the Swiss Franc in a descending channel pattern, as the rate continues to move lower after encountering a notable level of support, represented by the 38.20% Fibonacci retracement level at the 1.0003 level.>>

EUR/CAD 1D Chart: Rectangle
EUR/CAD managed to break the strong resistance area at 1.4282, which had bound a ranging motion from the upside. >>
Expert Commentary
"We think that growth will soften a little bit over the course of this year."
- Sam Lynton-Brown, FX Strategist at BNP Paribas, on UK economy and GBP
Our economists forecast economy will expand 1.8% in 2017, though we think that we are going to see real weakness in 2018, with our growth expectations dropping off to just 1%. Furthermore, as you correctly highlighted, the principle driver for this decrease is likely to be a squeeze in real disposable in-come; nominal wages will rise slower than prices will and so consumption will fall as real income squeezes. >>
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Press Review
CNBC
Marc Lasry: Too early to enter distressed auto debt trade
Marc Lasry, Avenue Capital chairman & CEO, explains why he is not placing his bets on the auto industry right now and where he sees opportunities in distressed debt.
Dukascopy Bank Sentiment Index
June Release
The positive momentum in the Asia-Pacific region seems to have continued in June even despite soft global demand and signs that the Chinese investment-led recovery is coming to an end, as both short and long run sentiment indices soared in the measured month.
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Economic Research

Forecasting Models for Exchange Rate
The science of prognostics has been going through a rapid and fruitful development in the past decades, with various forecasting methods, procedures and approaches flooding the economic world. It is estimated that there are more than 100 prediction methods, and sometimes the diversity makes it difficult to choose the one that would do the trick.
Dukascopy Aggregate Technical Indicator
Dukascopy Bank presents a new research product - the aggregate technical indicator. The new tool will indicate the strongest signals on major currency pairs. Dukascopy Aggregate Technical Indicator for 30 min and 1H time frame charts for major pairs for the last 144 periods till 15:30 GMT.
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Disclaimer:
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.
“News that Trump formally ordered the US to withdraw fromthe Trans-Pacific Partnership trade deal was largely expectedbut investors are watching to see just how far theprotectionist policies go.”

Kiwi remains flat on Tuesday

 


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