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14 April 2016, 12:23

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Thursday, April 14th


EUR/USD continues to lose ground following the general recovery of the dollar, renewing this month lows at 1.1254 spot. The dollar index now trading at multi-day highs. The pair will remain under pressure ahead in the session, as the final March’s CPI figures in the euro area are due ahead of key inflation figures in the US economy tracked by the CPI. Now pair is trading at close to today's low, at 1.1260, with the support level located at 1.1181 and resistance level at 1.1361.

USD/JPY pair is seen consolidating strong gains, near its 6-days high, witnessed over the past two trading session and now awaits fresh impetus for the next leg higher. The major managed to regain footing after poor US retail sales and PPI data. However, the extension of the rally on the Asian indexes, particularly Japan, keeps the sentiment buoyed and thus, diminishes the safe-haven bids for the yen. Today traders will keep eye on US CPI and jobless claims report due later in the NY session. Currently pair keep trading at 109.45 near 6 days high marked at 109.55. Support and resistance levels are located at around 108.65 and 110.11

GBP/USD is under the bearish pressure due to dollars general recovery. Pair rose to a high of 1.4348 levels earlier this week after UK data showed CPI rose at a faster-than-expected rate. However, demand for dollar spiked after Fed officials talked about a possibility of faster rate hike. The focus today is on Bank of England rate decision and minutes release. It is worth noting that BOE H1 2016 rate cut bets have increased to 33% from the February survey which had put probability at 10%. Currently pair is trading at 1,4102 with continuing ground losing tendency. Today's support and resistance levels are 1.4119 and 1.4278.


AUD/USD edged higher today, helped by the release of upbeat Australian employment data, that showed number of employed people rose by 26k in March, beating expectations for an increase of 20k. The report also showed that Australia’s unemployment rate ticked down to 5.7% last month from 5.8% in February, confounding expectations for a rise to 5.9%. Meanwhile, pair will stay under the pressure as oil prices continued to decline for a second consecutive day. Moreover, US CPI and jobless claims report are expected later. Now pair trades at 0.7668 with support and resistance levels at 0.7615 and 0.7697


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