EUR/USD Retreats Sharply After Attempting to Rally

EUR/USD rose intraday but fell sharply later. The currency pair was trading in a range afterward.

Philadelphia Fed manufacturing index jumped sharply from 0.3 in June to 21.8 in July. Analysts had predicted a much more modest growth to 5.0. (Event A on the chart.)

Initial jobless claims were at the seasonally adjusted level of 216k last week, matching forecasts exactly, up from 208k the week before. (Event A on the chart.)

Leading indicators declined 0.3% in June following no change in May. Experts had forecast an increase of 0.1%. (Event B on the chart.)

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EUR/USD Rebounds on Eurozone CPI

EUR/USD dipped intraday but rebounded later today after the release of a better-than-expected eurozone consumer inflation report. (Event A on the chart.) The session was light in terms of US macroeconomic releases.

Both housing starts and building permits fell in June. Housing starts were at the seasonally adjusted annual rate of 1.25 million, down from 1.27 million in May. Building permits were at the seasonally adjusted annual rate of 1.22 million, down from 1.30 million. Analysts had predicted readings of 1.26 million and 1.30 million for housing starts and building permits respectively. (Event B on the chart.)

US crude oil inventories decreased by 3.1 million barrels last week, close to the median forecast of a 3.6 million drop, but were above the five-year average for this time of year. The week before, the reserves slumped by 9.5 million barrels. Total motor gasoline inventories increased by 3.6 million barrels and were also above the five-year average. (Event C on the chart.)

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EUR/USD Sinks After German Economic Sentiment, US Retail Sales

EUR/USD sank today. The currency pair started the decline during the early European trading session and continued to fall after the release of the worsening German economic sentiment (event A on the chart) and better-than-expected US retail sales.

Retail sales, both headline and underline, rose 0.4% in June from the previous month, whereas analysts had expected an increase of 0.1%. Both received a negative revision to the increase in May from 0.5% to 0.4%. (Event B on the chart.)

Import and export prices declined in June. Import prices dropped 0.9% versus the market consensus of a 0.7% drop. The May reading got a positive revision from a 0.3% fall to no change. Export prices fell 0.7% in June following the 0.2% decline in May. (Event B on the chart.)

Industrial production was unchanged in June. That is compared with the forecast of a 0.1% increase and the 0.4% gain registered in May. Capacity utilization fell to 77.9% from 78.1%, whereas expert had expected the indicator to stay about unchanged. (Event C on the chart.)

Business inventories rose 0.3% in May. That was a slower rate of growth than 0.4% predicted by analysts and 0.5% logged in April. (Event D on the chart.)

Net foreign purchases were at the surprisingly low level of just $3.5 billion in May. That is compared with the forecast of $32.2 billion and $46.9 billion posted in April. (Event E on the chart.)

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EUR/USD Loses Gains, Trades Near Opening Level

EUR/USD rose at the start of Monday’s session but reversed movement at 10:45 GMT and continued to fall after the better-than-expected manufacturing report released in the United States. Currently, the currency pair trades near the opening level.

NY Empire State Index rebounded to 4.3 in July from -8.6 in June. Analysts were expecting a more modest gain to 1.6. (Event A on the chart.)

On Friday, a report on PPI was released, showing an increase of 0.1% in June, the same as in May and in line with expectations. (Not shown on the chart.)

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Forex Brokers Update — July 14th, 2019

Not many updates have been made to our list of Forex brokers in the first half of July:

Tifia lowered spreads for its Classic accounts. Added Crypto account type with a focus on Bitcoin pairs: BCH/BTC, DSH/BTC, ETH/BTC, LTC/BTC, NEO/BTC, XMR/BTC, ZEC/BTC.

GBE brokers added MT5 platform for demo and real trading.

Traders Trust added Bitcoin as a payment option and removed UnionPay from supported payment options. Minimum account size for Pro accounts is now $2,000 (was $200); commission for trading is now also higher for those accounts.

Trader’s Way now accepts deposits via Litecoin, Ethereum, and FasaPay.

TradeFW stopped working with paysafecard but added Skrill and Neteller as payment methods.

TradeCMX added FasaPay as a deposit/withdrawal option. Reduced minimum account size for Standard accounts from $10,000 to $1,000. In CMX Diamond accounts, the minimum spread is now 0 pips.

TMS Brokers introduced Skrill as one of the accepted payment systems. Launched Russian, German, and Spanish versions of their website. Maximum leverage for Forex pairs is now 1:30. Stop-out level is now 50%. Cryptocurrency leverage can now be as high as 1:5.

If you have any questions or comments regarding any of the latest Forex brokers updates, please feel free to reply using the form below.

EUR/USD Fails to Maintain Rally, Pushed Down by US CPI

EUR/USD was attempting to extend yesterday’s rally today but failed and was trading near the opening level after the US Consumer Price Index beat expectations. With unemployment claims being also better-than-expected, the dollar got enough support to rebound a bit.

US CPI rose 0.1% in June, the same as in May, while analysts were expecting no change. (Event A on the chart.)

Initial jobless claims were at the seasonally adjusted level of 209k last week, down from the previous week’s revised level of 221k. Experts had predicted just a mild decrease to 220k. (Event A on the chart.)

Treasury budget deficit shrank sharply to $8.5 billion in June down from $207.8 billion in May. The actual value was not far from the consensus forecast of a $7.9 billion deficit. (Event B on the chart.)

If you have any comments on the recent EUR/USD action, please reply using the form below.

EUR/USD Jumps on Powell’s Testimony, FOMC Minutes

EUR/USD rallied sharply today. There were two major reasons for that, though both of them were tied to the outlook for monetary policy of the Federal Reserve. Firstly, comments from Fed Chair Jerome Powell did nothing to contradict the outlook for two interest rate cuts this year. (Event A on the chart.) Secondly, minutes for the latest monetary policy meeting of the Federal Open Market Committee also supported the outlook for easing. As a result, the CME FedWatch page showed that bets on a 50 basis point cut this month increased, as well as bets on another cut in September.

Wholesale inventories increased by 0.4% in May, matching expectations, after rising 0.8% in April. (Event B on the chart.)

US crude oil inventories dropped by 9.5 million barrels last week, much more than analysts were expecting — by just 1.9 million barrels. Nevertheless, the stockpiles were above the five-year average for this time of year. The reserves declined by 1.1 million barrels the week before. Total motor gasoline inventories decreased by 1.5 million barrels and were at the five-year average. (Event C on the chart.)

FOMC released minutes of its June monetary policy meeting. (Event D on the chart.) The notes supported the outlook for policy easing from the Fed, saying:

With regard to the outlook for monetary policy beyond this meeting, nearly all participants had revised down their assessment of the appropriate path for the federal funds rate over the projection period in their SEP submissions, and some had marked down their estimates of the longer-run normal level of the funds rate as well. Many participants indicated that the case for somewhat more accommodative policy had strengthened.

On Monday, a report on consumer credit was released, showing an increase of $17.1 billion in May versus the consensus forecast of $15.2 billion. Credit rose by $17.5 billion in April. (Not shown on the chart.)

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Switch ATR Timeframes and Move SL/TP Lines Freely in New PSC

Version 2.22 of Position Size Calculator fixes two minor bugs and introduces three cool new features:

You can set the input parameter UseCommissionToSetTPDistance to true and then the Take-profit button will use the entered commission when calculating the TP line location:

Position Size Calculator takes into account commission when positioning take-profit level

If you leave UseCommissionToSetTPDistance = false (default), the behavior of the button will be the same as before — TP will equal SL (or multiplied by a given multiplier).

Now, even if set UseFixedTPDistance and UseFixedSLDistance to true, you will still be able to move the SL and TP lines manually, which can be very handy to set them to some important chart levels:

Position Size Calculator allows moving SL/TP lines even when fixed pips distance is used

When I introduced ATR stop-loss and take-profit setting back in version 2.18, it limited you to use ATR of the same period as the chart was set to. You had to switch chart timeframe to change the ATR’s calculation timeframe, which was not a very good way to handle this. Now you can switch ATR timeframe separately with a special button and set a default timeframe when attaching the PSC indicator to a chart:

Switch ATR timeframe easily independent on the current chart's timeframe

A complete list of changes is available in the changelog.

If you prefer not to use MetaTrader, you can opt for the web version of the position size calculator. Despite differing significantly from the MetaTrader version, it will let you calculate position size easily.

If you have any suggestions or wish to report a bug in this MetaTrader indicator, please use our official Github repository or the commentary form below.