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Wednesday, October 19th
GBP/USD
Current price: 1.2280 (-0.2%)
Session range: Open 1.2296 High 1.2316 Low 1.2256
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: Highs
Support and resistance levels: S. 1.2115 R. 1.2415
Main drivers: US Building Permits
Overview: Currently the pair is giving away part of its recovered points failing several attempts to survive above the level of 1.2300. After bottoming the lowest level of this week at 1.2136 spot the pair has gathered pace and refreshed today’s highs in the region of 1.2320 mostly driven by demand for GBP and weaker positions of the USD witnessed since the beginning of this week. However, UK currency remains highly vulnerable to the latest “hard Brexit” talks significantly weighing the pair.
EUR/USD
Current price: 1.0996 (0.1%)
Session range: Open 1.0981 High 1.1006 Low 1.0972
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: High
Support and resistance levels: S. 1.0936 R. 1.1048
Main drivers: US Building Permits
Overview: After retesting highs above the level of 1.1000 the pair has dropped back to the region of 1.0980 as US bulls has performed minor price correction moves. However, the greenback will keep its softer tone across the board today as market participants are still digesting yesterday’s downbeat US inflation figure that is negatively influencing further Fed interest decision. Today traders will set up their focus on bloc of data from US housing market with several speeches from FOMC members amid of light data calendar form Eurozone.
AUD/USD
Current price: 0.7683 (0.2%)
Session range: Open 0.7665 High 0.7693 Low 0.7658
Latest trend: Bullish
Expected trend: Bullish
Daily volatility: Moderate
Support and resistance levels: S. 0.7588 R. 0.7728
Main drivers: US Building Permits, US Crude Oil Inventories
Overview: The Aussie is attempting to recover part of its overnight losses after retesting its 2-week highs. The pair had performed minor fall reacting on mixed China data released in Asia. However, the Aussie keeps a smile against its American peer as higher oil prices and broadly based US dollar’s weakness are supporting the pair lately. Now market remains in anticipation of housing data from US economy and weekly report of crude oil inventories due later in the NA session, while data from Australian labor market will also bring fresh impetus to the pair.
USD/CAD
Current price: 1.3116 (0.1%)
Session range: Open 1.3109 High 1.3126 Low 1.3082
Latest trend: Bearish
Expected trend: Bearish
Daily volatility: Moderate
Support and resistance levels: S. 1.3015 R. 1.3185
Main drivers: US Building Permits, BoC Monetary Policy Report, US Crude Oil Inventories, BoC Governor S.Poloz’s Speech
Overview: The Canadian dollar remains mostly unchanged this morning as cautious sentiments around BoC Monetary Policy Report are getting pace. Moreover, the CAD bulls remain strong even after four consecutive sessions with losses mostly as yesterday’s tepid results from US inflation report continue to weigh on USD, thereby increasing chances of Fed flat interest rate decision at the end of this year. Adding to that, higher oil prices are delivering some support to resource linked CAD trimming all attempts of the pair to recover. Today the pair will experience quite volatile session as we have full clip of events scheduled in today’s calendar.
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