Daily economic digest from Forex.ee
Stay informed of the key economic events
Monday, September 5th
GBP/USD
Current price: 1.3300 (0.0%)
Session range: Open 1.3300 High 1.3329 Low 1.3290
Latest trend: Bullish
Expected trend: Bullish
Daily volatility: Low
Support and resistance levels: S. 1.3198 R. 1.3398
Main drivers: UK Services PMI
Overview: Currently the pound is trading on a firm note against American currency on the back of broadly based dollars’ sell-off seen after poor data from US labor market released last Friday. However, talks around further Fed rate-hike have limited pairs rally, sending it back to the region of 1.3300 spot. Today traders will closely watch for UK Services PMI, taking into account that both previous manufacturing and construction PMIs’ have showed positive data.
EUR/USD
Current price: 1.1177 (0.2%)
Session range: Open 1.1156 High 1.1183 Low 1.1152
Latest trend: Bullish
Expected trend: Bullish
Daily volatility: Low
Support and resistance levels: S. 1.1083 R. 1.1287
Main drivers: EU Services PMI, EU Retail Sales
Overview: The pair is running in a calm mode at the start of this week slowly reclaiming its positions. Last Friday after poor NFP data the pair has refreshed its 5-day highs at 1.1252 spot but spike was faded quickly as The Goldman Sachs Group moved up the probability of September’s Fed rate-hike to 55% forcing the pair to lose all gained positions. Today the pair will witness thin trading range as Canadian and US markets are closed due to celebrating Labor Day.
USD/JPY
Current price: 103.39 (-0.6%)
Session range: Open 104.09 High 104.13 Low 103.28
Latest trend: Bearish
Expected trend: Bearish
Daily volatility: Moderate
Support and resistance levels: S. 102.16 R. 105.20
Main drivers: None
Overview: The pair came under fresh selling pressure at the start of this week and now is trading near the level of 103.50 as dollar is still weak after poor NFP figure provided last Friday. However, today yen will continue to experience bearish pressure as new wave of risk-on sentiments and dovish comments from BoJ Governor H.Kuroda are suppressing Japanese currency. Today the volatility level will likely remain at low level as US market is closed in observance of Labor Day.
USD/CHF
Current price: 0.9784 (-0.2%)
Session range: Open 0.9803 High 0.9809 Low 0.9772
Latest trend: Bearish
Expected trend: Bearish
Daily volatility: Moderate
Support and resistance levels: S. 0.9705 R. 0.9865
Main drivers: None
Overview: Today US currency continues to lose positions against Swiss franc as dollar is performing its price corrections after disappointing US jobs report, seen last Friday. However, gains after NFP rally were quickly erased after Fed’s member J.Lacker hawkish comments. Today in light of lack of momentum the pair will remain influenced majorly by global markets’ sentiment.
The best conditions for making a start on STP only at Forex.ee! Register an account now
and feel the difference from the first trade!
Your European ECN-broker,
Forex.ee