Market Brief Series / EP. 489 / 22 Feb. 2019

• Overall there is strength in the JPY and USD, with minor strength in EUR, GBP, and CHF. Weakness in the CAD, AUD and NZD.

• Oil prices slipped on Friday in Asia amid new production data from the U.S. Energy Information Administration (EIA).

• Gold prices were little changed on Friday in Asia as traders weighed the latest positive trade news and a set of weak U.S. data.

• USD managed to firm up, booted by higher Treasury yields. Also, lower-than-expected initial jobless claims and higher Services PMI figures helped to offset impact brought by below-consensus Philadelphia Federal Business Outlook index, durable goods orders and existing home sales.

• GBPUSD to trade range bound owing to lack of directional bias but headlines points to a possibility of the bearish breakout in near future.

• EUR/USD keeps bouncing off the immediate support at 1.1320 but remains capped by the descending 50-period moving average. RSI is yet to recover the neutrality level of 50, indicating a lack of upward momentum for the pair. Unless the key resistance at 1.1370 is surpassed, intraday bearishness persists, and a break below 1.1320 would trigger a further decline toward 1.1280.

• On the data slate there’s German GDP; Switzerland Industrial Production; German IFO – Business Climate, Expectations & Current Assessment; Euro-Zone CPI; UK CBI Distributive Trades Survey; US Fed Monetary Policy Report; US Fed’s Williams Speech; Euro-Zone ECB’s President Draghi Speech; US Fed’s Clarida Speech; US Baker Hughes US Oil Rig Count; US Fed’s Quaries Speech; US Fed’s Bullard Speech and US Fed’s Williams Speech.

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