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MARKET BRIEFING – LONDON OPEN 26.02.2016
The main event for today will be a G20 summit held in Shanghai, where leaders will gather to discuss means to support the sluggish global economy. The Organization for Economic Cooperation and Development said it is imperative to speed up existing structural reforms and use more effectively fiscal and monetary measures in order to attain that.
“Global growth prospects remain clouded in the near term, with emerging-market economies losing steam, world trade slowing down and the recovery in advanced economies being dragged down by persistently weak investment,” the OECD said, as it urged the leaders to deal with these conditions.
The OECD’s mission is to monitor reforms within G20 countries in order to achieve an earlier set of goals of increasing global economic growth by 2% until 2018. In order to do that, more than 800 reforms were introduced since 2014, however, their implementation still remains delayed.
Concerns regarding developments in China is also expected to take a priority in G20 discussions. The world’s second-largest economy has reported a growth of 6.9% for 2015, which was the country’s weakest in last 25 years.
On the over hand, Germany has shown a strong opposition to proposed loosening of the current fiscal stimulus programme. Wolfgang Schaeuble, at a meeting with his counterparts before the summit, warned that space for further monetary easing is exhausted and using additional debt to boost a growth will lead to “zombifying” of economies.
EURUSD
The intraday technical outlook
Trend 1 hour: Up
Target 1: 1.1110
Target 2: 1.0920
Projected range in ATR’s: 0.0097
Daily control level: 1.0980
GBPUSD
The intraday technical outlook
Trend 1 hour: Down
Target 1: 1.4110
Target 2: 1.3805
Projected range in ATR’s: 0.0153
Daily control level: 1.4405
USDJPY
The intraday technical outlook
Trend 1 hour: Down
Target 1: 114.40
Target 2: 110.60
Projected range in ATR’s: 1.40
Daily control level: 113.40
USDCHF
The intraday technical outlook
Trend 1 hour: Down
Target 1: 0.9950
Target 2: 0.9810
Projected range in ATR’s: 0.0094
Daily control level: 0.9950
USDCAD
The intraday technical outlook
Trend 1 hour: Down
Target 1: 1.3675
Target 2: 1.3375
Projected range in ATR’s: 0.0150
Daily control level: 1.3735
AUDUSD
The intraday technical outlook
Trend 1 hour: Up
Target 1: 0.7320
Target 2: 0.7145
Projected range in ATR’s: 0.0088
Daily control level: 0.7145
GOLD
The intraday technical outlook
Trend 1 hour: Up
Target 1: 1257.00
Target 2: 1207.00
Projected range in ATR’s: 25.19
Daily control level: 1220.00
OIL
The intraday technical outlook
Trend 1 hour: Up
Target 1: 35.00
Target 2: 31.00
Projected range in ATR’s: 1.99
Daily control level: 31.00
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