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Friday, March 10th
The EUR/USD remains firmer today on yesterday’s M.Draghi’s talks. Yesterday as it was widely expected the ECB left its interest rate unchanged, while following ECB President M.Draghi’s comments during his Press Conference appeared less dovish, strongly supporting the euro across the board. Draghi noted that he does not see any need of further monetary policy easing, thereby hinting on recovery of the Eurozone economy. Moreover, softer sentiments around the US dollar in wake of profit-taking actions is also supporting the pair today. However, further gains remain capped amid broad cautious sentiments ahead of key event of this Friday – NFP. However, now immediate focus remains on second round of the EU summit, that will be able to provide the market with fresh clues on Brexit and developments around Greek economy.
The AUD/USD pair stalled its recovery around 0.7525 level amid typical nervousness ahead of crucial Friday’s jobs report. The pair bounced off its overnight lows, as traders took some profits off the table after significant USD rally against its main competitors, witnessed this week. Moreover, improved risk-on sentiments, witnessed in Asia, are also supporting the Aussie this Friday. However, expectedly that risk-on rally won’t last long, as we are getting closer to key event of this day – NFP, that will grab most part of investors’ attention in NA session.
Today the dollar/yen pair refreshed its seven-week highs above the level of 115. The pair met fresh offers in Asia and now is trading within striking distance of its multiweek highs, posted at 115.46, as market participants remained unimpressed by poor Japanese data. Moreover, better tone around higher-yielding assets, seen in Asia, is also collaborating with pair’s strong upside rally as of late. On the other hand, increasing cautiousness ahead of the US payrolls data is limiting pair’s further gains. Looking ahead, today data from the US labor market, scheduled on NA session, will take center stage, overshadowing all other events.
The GBP/USD pair is showing minor activity at the end of this week, keeping its range near 1.2160 level. The pair stalled its yesterday’s sharp decline and entered consolidation phase in Asia, as improved risk-on sentiments provided the pound with the much-needed support. However, the pair will continue to stay pressured during European trades, as Wednesday’s ADP report offered a very healthy outlook for today’s crucial US jobs data, thereby lifting higher chances of March Fed rate hike. Today besides key NFP report, UK will release Manufacturing Production, that will also be able to bring some impetus on the pair.
The main events of the day:
UK Manufacturing Production – 11.30 (GMT +2)
EU Leaders Summit – 12.00 (GMT +2)
US Nonfarm Payrolls – 15.30 (GMT +2)
US Unemployment Rate – 15.30 (GMT +2)
Canadian Employment Change – 15.30 (GMT +2)
Support and resistance levels for the major currency pairs:
EURUSD S. 1.0481 R. 1.0663
USDJPY S. 114.02 R. 115.46
GBPUSD S. 1.2101 R. 1.2225
USDCHF S. 1.0055 R. 1.0193
AUDUSD S. 0.7466 R. 0.7552
NZDUSD S. 0.6873 R. 0.6929
USDCAD S. 1.3455 R. 1.3561
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