Daily economic digest from Forex.ee
Stay informed of the key economic events
Monday, April 11th
EUR/USD stuck between strength in Yen and resulting weakness in EUR/JPY cross and EUR/GBP strength. Falling Fed rate hike bets is also ensuring the downside remains protected. On the other hand, anti intervention lobby is gaining strength in Japan, hence a technical recovery in USD/JPY is struggling to gather pace. The economic calendar in Europe is empty; hence the pair remains at the mercy of action in EUR/JPY. Later in the US session, Fed speak could influence the pair. Pair is trading at 1.1417 this morning, meeting its support and resistance levels at 1.1345 and 1.1473.
GBP/USD maintains its bullish trend, starting
this morning above 1.41 level.
The UK economic calendar is empty, thus the pair
is at the mercy of the action in the GBP/JPY cross. Yen bears gave up as anti-intervention
lobby at BOJ and Japanese government continues to strengthen. Nevertheless,
technical factors may come into play and trigger a correction in GBP/JPY cross
and lend support to Cable. Volatility
is likely to stay high as investors consider the possibility of Brexit and its
impact on the UK economy. Later in the day comments from US Treasury secretary
Jack Lew and Fed’s William Dudley may influence the pair.
USD/JPY remains under pressure around 107.80 levels as present and Ex heads of BOJ and government officials maintain their “no intervention” stance. H. Kuroda’s dovish comments fail to lit a fire under USD/JPY and pair still trades around 107.80 braking below 107.63 (daily low). H. Kuroda stressed that monetary policy will stay eased as long as inflation is not stabilized in the target level of 2%. The dollar side of the strong is not helping the pair either. Now pair trades 107.94 with today support and resistance levels located at 107.25 and 108.87
USD/CAD is showing small gains at the beginning of the week with attempting to consolidate around 1.3000. Last week’s recovery of crude oil prices has sent the pair sharply lower after briefly visiting levels above the 1.3200 mark. Today traders will stay focused on comments from US Treasury secretary J. Lew and Fed’s W. Dudley, that will affect pairs sentiments later. Now pair trades at 1.2983, attempting to reach 1.30. Support and resistance levels are located at 1.2835 and 1.3106.
The best conditions for making a start on STP only at Forex.ee! Register an account now
and feel the difference from the first trade!
Your European ECN-broker,
Forex.ee.
