Forex.ee: Daily economic news digest

Daily economic digest from Forex.ee
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Monday, August 17^th  

USD/JPY was weaker in Asia despite GDP data showing the economy growth contracted less than expected. This was due to the strengthening seen in dollar after upbeat data on producer prices and industrial output on Friday. The U.S. dollar index rose 0.11% to 96.71. The pair is currently erasing the morning losses changing hands at 124.43. Support can be found at 123.92, while resistance is located at 125.05.

EUR/USD is rising after a little easing seen from the moment of market opening in view of stronger dollar. Ahead in the day, euro zone Trade Balance data is expected, so investors are closely watching the 1.1100 level for support and 1.1206 for resistance. As of writing, the pair is at 1.1097.

USD/CAD is rising today after opening above the key support level of 1.3063. Later in the day, investors are viewing the volume of Foreign Securities Purchases by Canadians. The pair is trading at 1.3110 with mostly bullish expectations for the day.

AUD/USD was showing a consolidated trade last week without much of volatility of this instrument. Today, there also were no considerable changes in price, although AUD managed to rise from 0.7373 to 0.7381. The RSI indicator suggests that the pair is close to the area where it would be considered oversold, but expectations remain bearish amid strengthening dollar. Support and resistance can be found at 0.7330 and 0.7430, respectively.

GBP/USD opened trades with a small gap indicating that bulls are in the active mode today. With no major data due for release, we need to watch the 1.5690 level for resistance. Since the beginning of July, this level was tested a few times proving to be a reliable resistance level. Although, the expectations are mostly positive for GBP, so having passed the resistance, the bulls are likely to gain momentum.

Your European ECN-broker,

Forex.ee