Daily economic digest from Forex.ee
Stay informed of the key economic
events
Wednesday, August 12th
AUD/USD has declined to 0.7264 affected by yesterday’s massive yuan devaluation and today’s downbeat data from China. Chinese Industrial production did not reach the expectation rising only by 6% as opposed to 6.6% expected. The retail sales were also in the red light today. On the other hand, Australian Westpac consumer sentiment was at 7.8% after 3.2% decline last month. The support and resistance levels are at 0.7178 and 0.7373, respectively.
USD/CAD is back above the strong support level of 1.3063 after dipping below it yesterday amid mixed data from US, which indicates the bulls are still strong on this instrument. The US dollar possessed losses after data showed that US unit labor costs rose more than expected in the second quarter, while non-farm productivity came in below forecasts. The pair is trading at 1.3108.
GBP/USD is slightly down today trading at 1.5577. The pair was recovering this week after recent losses, but struggled to extend gains even despite heavy losses seen in the greenback. From the UK, the average earnings data is expected later this morning, so important levels to watch today are 1.5455 for support and 1.5633 for resistance.
EUR/USD is broadly up breaking through the 1.10 level. Greece has agreed on the terms of a multi-year €86 billion bailout from its international creditors, which hopefully will make it possible for the country to make the critical repayment due next week. Today, we will see euro zone’s Industrial Production data. The support and resistance levels to watch are 1.0946 and 1.1129, respectively.
USD/CHF rose to fresh highs at 0.9902 yesterday, but erased gains overnight amid weaker dollar. Later in the day, Swiss ZEW Expectations will be closely watched before the publication of PPI tomorrow. It is not long until the parity is reached, bearing in mind the SNB’s plan to weaken the nation currency even further. The support will be found at 0.9817 and resistance –at 0.9997.
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
