Daily economic digest from Forex.ee
Stay informed of the key economic
events
Monday, August 3rd
USD/CAD was rising this morning after breaking through the important 1.3063 resistance level last Friday. The market is closely watching the current movement of this instrument as this week’s Canadian economic data and expected GDP report are likely to give a start to a new long-term trend. Consolidation of prices above 1.3063 would be a reliable signal for opening long positions. Today is a national holiday in Canada.
NZD/USD is down this morning reaching the 0.6586 level after last week’s volatile trade. The Kiwi, like other commodity currencies, is not doing really well sliding close to lows of May 2010 - 0.6560. In the meantime, there is clearly a lack of bullish power so the expectations are on the downside.
AUD/USD held weaker in Asia despite upbeat manufacturing survey. Today’s move was stipulated by Chinese manufacturing PMI data coming out lower than expected. The current market price is $0.7297.
The movements of GBP/USD are mostly driven by EUR/GBP at the moment, so mid-term expectations are mostly bearish with expectations of EUR showing some growth against the US dollar. GBP/USD is at 1.5633 continuing the consolidated trade of the previous weeks.
EUR/USD is slightly higher today. Previously, the market was driven by the idea of parity with the greenback, but since the establishment of strong support levels at 1.04 and 1.08 it is now clear that the single currency will be headed forward after periods of consolidated trade. However, some fundamental reasons will be required for the EUR to tick up above 1.13 in long term. The current quote is 1.0982.
British and American Manufacturing PMI reading are expected later in the day.
Interested in getting unparalleled offer? Register an ECN account at Forex.ee and get $1 commission per lot until the end of summer.
Your European ECN-broker,
Forex.ee
