17.11.201715:16 Forex Analysis & Reviews: Global macro overview for 17/11/2017

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

The US Industrial Production jumped a solid 0.9% in October as factory activity recovered from the impact of Hurricanes Harvey and Irma (consensus: 0.5%). New light for the expected growth rate for the fourth quarter threw a massive jump in factory production (1.3% m/m, consensus: 0.6%) which was recorded at its seven-year high. Mining activity slipped 1.3% in October as Hurricane Nate caused a brief decline in oil and gas drilling. Production at utilities rose 2.0%.

Maintaining these trends will lead to an increase of the US economy by 3.5% annualized GDP growth. Over the past 12 months, manufacturers have added 156,000 jobs. That's the strongest annual growth since the middle of 2015.

Let's now take a look at the US Dollar Index technical picture at the H4 time frame. The market violated the golden trend line and it is currently trading below it at the level of 93.67. The nearest technical resistance is seen at the level of 94.07 and the nearest technical support is seen at the level of 93.39. It is worth to notice, that the sequence of the higher lowe had been terminated as the low at the level of 93.39 is lower than the previous low at 93.50.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.