Last week, and over the weekend, we have seen a lot of news from France and specifically about Marine Le Pen’s chances in the upcoming French elections.
We can see that EURUSD has been trending down for almost one year now. This downtrend resumed 11 days ago and opened with a small gap to the downside this morning. Right now EURUSD had made a small recovery but has reversed again and News Sentiment is neutral. However, we can see that Hourly Market Alerts caught a long series of bearish moves over the last 6 days.
Overall the EUR is weaker against everything except the Yen and is ranging with the Swiss Franc and News Sentiment is quite Bearish against the Pound.
This week traders need to watch out for Polls and News from France in general. Tomorrow’s German Quarterly GDP is the only scheduled major news event but the French election scheduled for 23 April, will be driving the Euro up and down with impunity.
European Markets don’t seem to be bothered right now, however, as both the DAX and the CAC40 opened higher this morning.
Speaking of the DAX, Acuity has developed a new bespoke News Sentiment widget for the DAX. If you would like a custom widget, for a website or landing page, looking at any aspect of News Sentiment, please let us know.
The NASDAQ, the FTSE and the Nikkei are fully bullish and all three have room to move.
Daily Market Alerts on the Nikkei spotted the last 6 big moves and all the Bullish moves on the NASDAQ.
Getting back to the DAX, Daily Market Alerts also caught the last three big moves over the last 3 weeks.
Getting back to the Economic Calendar, tomorrow and Wednesday we have Yearly CPI and Quarterly Employment data, respectively, from London, with Monthly Retail Sales Friday.
News Sentiment is mixed on the Pound at the moment so please watch out for the news and make sure you check your News Sentiment gauges and Market Alerts before opening an position.
We have a busy news week scheduled from the United States with Monthly Producer Price Index tomorrow followed by a speech from Janet Yellen. Wednesday we have Consumer Price Index, Retail Sales and another speech from Janet Yellen. Thursday we can expect data regarding Building Permits, Manufacturing and Unemployment Claims.
Looking a the USD Majors, we are seeing dollar strength against the Yen and the Euro and News Sentiment is in agreement. We are also seeing Dollar weakness against the Pound, the Aussie and the Loonie and, again News sentiment agrees.
Looking at the remainder of the week, we have Canadian Manufacturing Sales and Crude Oil Inventories Wednesday.
From Australia we have Employment news Thursday with the Australian Dollar strong on News Sentiment with the US Dollar and the Pound with a bit of Weakness against the Yen.
Last but not least we have New Zealand Retail sales Thursday. As we can see the Kiwi has fallen over the last week and is sitting on support against the US Dollar. New Sentiment is Bearish now but let’s not go short until we see a break through support.