Forex.ee: Daily economic news digest

Daily economic digest from Forex.ee
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Thursday, June 18^th

^{EUR/USD surged yesterday evening amid dovish Fed comments on rate hike timing. Federal Reserve chair Janet Yellen said that U.S. Central Bank will take data-driven approach when deciding on when to raise the rate. It was said that the Fed would like to see improvements in the U.S. economy and labor market before it begins policy normalization. Meanwhile, Athens remains in focus. On Wednesday, the Greece Central Bank warned that the country might face an “uncontrollable crisis” if the agreement with creditors is not reached. EUR/USD closed above 1.13 for the first time in the last six sessions. Currently, the pair is traded at 1.13855.}

^{USD/JPY fell despite data showing lower Japanese wage levels in April. The strengthening of the yen was stimulated by the view that the Fed will be slow to raise rates. The pair is currently at 123.01 with resistance level at 124.57 and support at 122.70.}

^{NZD/USD fell sharply after the release of weaker GDP growth in the first quarter. Economists expected a 0.6% growth rate, but the report came in at 0.2%. Falling to 0.6873, it was the pair’s lowest since July 6, 2010.}

^{USD/CHF was down to 0.9212 after yesterday’s Fed announcement. The Swiss Franc has been a major beneficiary of the Greek crisis, leading to a drop in EUR/CHF and USD/CHF pairs.}

^{The U.S. dollar index was down 0.12% at 94.37.}

^{Later in the day, the markets are viewing the British retail sales report, the U.S. core CPI and Philadelphia Fed Manufacturing index.}

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