Forex.ee: Daily economic news digest

Forex.ee: Daily economic news digest

20 October 2015, 09:44
EEAnalytics
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Daily economic digest from Forex.ee
Stay informed of the key economic events

Tuesday, October 20th  

 

USD/CAD edges higher in the early trade as demand for the greenback strengthens after mixed US data of Friday. The pair is back above 1.3010 level, which was viewed as the main resistance for this instrument since USD dropped to 1.2832 against its Canadian counterpart. Later in the day, Wholesale Sales data is expected from Canada, while on the US side the market is viewing the number of issued building permits and the speech of Fed Chair J. Yellen. The support and resistance levels are seen at 1.2870 and 1.3120, respectively.

GBP/USD is still moving up since market opening on Monday ahead of the speech from BoE Governor Mark Carney. While the focus of the speech is not directly on the monetary policy or the growth outlook, Q&A on the role of BoE may drift into a discussion of current monetary policy. Tomorrow, Britain will publish its Public Sector Borrowing figures. The support is seen at 1.5369, while resistance is expected to be met at 1.5594.

AUD/USD is higher currently changing hands at 0.7276 after upbeat RBA minutes. The Bank stated that low interest rates are having a desired effect on the economy. On China, the Bank highlighted that country’s service sector is performing well. Tomorrow, Australia publishes the CB and MI Leading Indices.

EUR/USD declined mildly to trade at 1.1330 as investors await a critical meeting by the ECB later this week for hints from M. Draghi of a potential expansion of a comprehensive €1.1 trillion bond buying program. Today, traders are keeping an eye on the euro zone Current Account figures. Outlined from an hourly perspective, the pair is being carried into new low ground without significant volatility. It is well possible for the single currency to break out higher once we see a higher degree of volatility.

 

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