Daily economic digest from Forex.ee
Stay informed of the key economic
events
Wednesday, September 9th
NZD/USD rose on Wednesday as speculation surrounding possible stimulus measures in China boosted risk appetite and as markets eyed the Reserve Bank of New Zealand's rate statement due the next day. NZD/USD hit 0.6402 during late Asian trade, the pair's highest since September 4; the pair subsequently consolidated at 0.6381, climbing 0.58%. The support and resistance levels are located at 0.6280 and 0.6387.
AUD/USD was higher on Wednesday, despite the release of disappointing economic reports from Australia, as hopes for fresh stimulus measures in China lifted market sentiment. The Westpac Banking Corporation reported on Wednesday that its consumer sentiment index for Australia fell to minus 5.6 in September from a reading of 7.8 the previous month. The pair was likely to find support at 0.6916, Tuesday's low and resistance at 0.7156, the high of September 1.
EUR/USD rose after the opening bell in Europe, reverting the spike down to the 1.1150 area amidst an increasing risk-on environment seen during the Asian trading hours. Results above expectations from GDP during the second quarter released yesterday failed to ignite a solid recovery in the pair, which remains confined to the USD-dynamics as almost the exclusive catalyst and the Fed timing of a rate hike.
CHF has surprisingly strengthened today against the U.S. dollar, even though equity markets across Asia and Europe extended the risk-on rally witnessed in the previous session. The spot turned lower from the highs around 0.9821 and breached the double top neckline at 0.9774 levels. The pair now trades around 0.9760; just below its hourly 50-MA located at 0.9766 levels. The strength in the CHF contradicts the weakness seen in other traditional safe haven assets - JPY, Treasuries.
The best conditions for making a start on ECN only at Forex.ee! Register an account now and feel the difference from the first trade!
Your European ECN-broker,
Forex.ee.
