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Daily Market Analysis from Hotforex Broker
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[QUOTE="HFM, post: 76351, member: 32345"] [CENTER][b]Date : 15th January 2015 A HISTORICAL DAY FOR THE FOREX MARKET – EURUSD DROPPED BELOW 1.1600 AFTER SNB REMOVED THE 1.20 PEG.[/b][/CENTER] EURUSD rose yesterday and closed at 1.1789. The European Court of Justice ruled that the ECB bond buying program was legitimate once certain conditions were met. Basically the ruling cleared the obstacle in front of the program and the QE might be launched when ECB decides. Data from the United States revealed that the dropped 0.9 percent in December. The Core Retail Sales recorded a drop of 1.0 percent. The President of the United States Federal Reserve in Philadelphia Charles Plosser urged the central bank to hike the interest rates soon, citing the improvements in the US economic conditions. [CENTER][IMG]https://blog.hotforex.com/wp-content/uploads/2014/12/Fotolia_32973386_XS.jpg[/IMG][/CENTER] During the European session today the Swiss National Bank decided to remove the peg from the 1.20 level on the EURCHF. The release shocked the markets and caused large moves on a large number of currency pairs sending EURUSD below the 1.1600 level. Reports released from the United States indicated that the Unemployment Claims rose slightly during the last week to 316K. On the other hand the Core PPI and the Empire State Manufacturing Index surprised the markets with better than expected performance. Investors are now looking forward for the Philly Fed Manufacturing Index and the speech of the Deutsche Bundesbank President Jens Weidmann due later today. Support for the EURUSD is seen at 1.1660 and resistance is seen at 1.1825. [CENTER][IMG]https://blog.hotforex.com/wp-content/uploads/2015/01/EURUSD-15-January-2015.jpg[/IMG][/CENTER] Disclaimer: Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of purchase or sale of any financial instrument. [/QUOTE]
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