Forex.ee: Daily economic news digest

Daily economic digest from Forex.ee
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Monday, June 8^th

^{The U.S dollar rose higher against the basket of major currency pairs on Friday after release of strong data on Non-Farm Payrolls that bolstered the expectations that the Fed will start raising the interest rates later this year. The U.S. dollar index rose 0.96% to 96.50.}

^{USD/JPY hit the level of 125.85, which was the highest since June 2002. The pair was slightly down this morning, after Japanese data on GDP, which was higher than expected. Although, the reading of Japanese Current Account did not match the forecasts of economists and the dollar remained broadly higher. The Yen is likely to find support at 125.29 (Today’s low) and then at 125.00. The resistance levels are located at 125.68 and 125.86.}

^{EUR/USD erased its gains falling to 1.1048 on Friday. The U.S. Non-Farm Payrolls reading showed a considerable increase, beating the expectations by 55.000. The single currency is trading in the narrow corridor between 1.1136 and 1.1125. The resistance is located at 1.1225. The support is likely to be found at 1.0911.}

^{USD/CAD fell to 1.2426 over the U.S. news on Friday. The pair is currently traded at 1.2433 with investors looking for today’s reports on Canadian Housing Starts and Building Permits.}

^{Later in the week, the market will be watching the euro zone’s revised data on first quarter economic growth, Switzerland’s consumer inflation, the British Trade Balance and manufacturing production. Investors will also be monitoring the reports on initial jobless claims and retail sales from the United States.}

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