Daily economic digest from Forex.ee
Stay informed of the key economic
events
Friday, July 10th
EUR/USD opened today’s trade at 1.1034 and was headed up since then. Yesterday, Greece presented a signed copy of the awaited fiscal reform plan to its western creditors agreeing to cut spending by some €13 billion. In exchange, the Mediterranean state will receive approximately €50 billion. Prime Minister Alexis Tsipras is going to Brussels over the weekend for finalizing the deal. Meanwhile, the U.S. Department of Labor reported that the number of people filing for initial jobless benefits increased by 15,000 to 297,000 instead of falling by 7,000, as expected, which slightly weakened the greenback. The pair is quoted at 1.1088.
The yen was weaker amid Corporate Goods Price Index falling 0.2% and Household Confidence reading slightly lower than expected in June. The yen extended losses for the second consecutive day after a sharp fall of USD/JPY in the beginning of the week. The pair is currently traded at 121.88 with support and resistance levels at 120.90 and 122.64, respectively.
AUD/USD was higher today supported by the normalization of situation in Chinese markets. The Shanghai Composite index rose 3% at the open. Home Loans dropped 6.1% in May and the Invest Housing Finance also reading also contracted by 3.2%. The aussie is quoted at 0.7465.
NZD/USD continues the correction after three weeks of sliding down. Without any reports coming out today from New Zealand it is well possible that the current fragile move will be affected by the evening speech of Fed Chair J. Yellen. Meanwhile, the pair is comfortably located above 0.6757.
USD/CAD is close to the strong resistance level located at 1.2833 – the highs of March. The possibility of rebound is very high, bearing in mind that the loonie was weakening for over three weeks now. The series of news are coming out from Canada with Employment change and unemployment rate at the focus of investors’ attention. The pair is changing hands at 1.2698.
GBP/USD is erasing the recent losses ahead of the Trade Balance report. It is still unclear if the cable sell-off is coming to an end with British economy showing mostly positive data and the ongoing downfall of the pound lacking fundamental foundation. GBP/USD is at 1.5413.
Interested in getting unparalleled offer? Register an ECN account at Forex.ee and get $1 commission per lot until the end of summer.
Your European ECN-broker,
Forex.ee
