FOREX.EE: DAILY ECONOMIC NEWS DIGEST

FOREX.EE: DAILY ECONOMIC NEWS DIGEST

4 April 2016, 13:04
EEAnalytics
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Monday, April 4th   

 

GBP/USD is attempting to recover Friday’s sell-off after UK manufacturing PMI highlighted weakness in the activity but ran out of steam near 1.4241 in Asia and the spot is now trading around 1.4223 levels largely unchanged on the day. Traders await the release of UK construction PMI report. This is the least important PMI release compared to manufacturing and service PMI figures. Apart from Construction PMI, Brexit related news flow and US factory order figures could influence the pair as well. 
Pair will meet support and resistance levels at 1.4061 and 1.4335.

 

EUR/USD failed to resist above 1.14 barrier in early Asia, and from there extends its bearish bias heading towards the European session.
The main currency pair came under renewed selling pressure as the US dollar recovered losses against its major peers and now jumps back on the bids, with persistent optimism after the US jobs data bettered expectations and reinforced April/June Fed rate hike bets. Today big polls from Euro zone are not expected, and what for US - factory orders will be released later.
Currently, EUR/USD trades modestly flat at 1.1373 with its support and resistance levels at 1.1337 and 1.1498 respectively.

 

USD/CAD pair is testing fresh session highs, looking for a test of 1.31 handle. The Canadian dollar is seen getting sold into the ongoing weakness surrounding the oil prices. Moreover, the renewed buying interest seen around the US dollar against its major peers, also aids the recovery in USD/CAD. Markets now turn their focus on the speech scheduled from BOC Governor S. Poloz later in the NA session, which will be followed by US macro releases.
Now pair is trading at 1.3074 meeting support and resistance levels at 1.2958 and 1.3203

 

AUD/USD fell in Asia today as retail sales and other data disappointed. In Australia the MI inflation gauge for March was flat after a 0.2% month-on-month fall in February. Later Aurstralia released week building approvals and retail sales. Pair was in high pressure this morning and now trading at 0.7618 rebounding after its todays low at 0.7604. Support and resistance levels for pair area located at 0.7601 and 0.7763

 

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