Forex.ee: Daily economic news digest

Daily economic digest from Forex.ee
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Tuesday, August 18^th  

EUR/USD tested the 1.1050 level falling for the fourth consecutive session as currency traders are waiting to see the release of the FOMC July meeting. Yesterday, the Empire State Manufacturing Index fell to its lowest level in six years while European Trade Balance was at 26.4B in July comparing to 18.8B in June. The pair is trading at 1.1059 with support and resistance at 1.1007 and 1.1158, respectively.

AUD/USD is lower today trading at 0.7356. RBA minutes offered no new surprises with mostly positive outlook for AUD stating, however, that Fed rate hike will cause the US dollar to appreciate against aussie. Today, the pair will follow the moves of the greenback after the release of news from the U.S. The support and resistance levels are located at 0.7298 and 0.7400, respectively.

GBP/USD tested the 1.5687 level bouncing back in view of close resistance at 1.5690. The pair was trading flat close to 1.5574 ahead of today’s data from Great Britain. After the publication of  British PPI and CPI, the cable erased yesterday’s losses climbing up to 1.5640 level.

NZD/USD is broadly up for the second consecutive day climbing to 0.6579 level today as Russia partially lifts the ban imposed on NZ dairy products which had been operating for two years. Although, the expectations for the pair are mostly bearish with resistance located immediately above at 0.6585 and support at 0.6521.

USD/JPY is slightly down today but no major fluctuations are observed ahead of today’s news release from the United States. Ahead in the day, the market is viewing the Building Permits and Housing Starts data. Markets believe that any break below 124 level should be considered as a good buying opportunity which could once again take the pair higher to retest 125 level. The current quote is 124.30.

Your European ECN-broker,

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