Forex.ee: Daily economic news digest

Forex.ee: Daily economic news digest

21 April 2016, 12:41
EEAnalytics
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Daily economic digest from Forex.ee

Stay informed of the key economic events

 

Thursday, April 21th

 

EUR/USD pair has returned to 1.13 spot after nearly reaching 1.14. Euro lost almost cent against greenback on Wednesday, and now pair is trading in a flat range between 1.1290 and 1.1305. A better tone in crude oil prices has sparked another bout of risk-on trade, while the greenback remains bid for the time being, all weighing on the pair ahead of the ECB meeting due later. Currently pair trades 1.1295 with its support and resistance levels located at 1.1216 and 1.1371.

 

GBP/USD slightly moved away from session lows marked at ​​1.4320, hence increased risk appetite due to the ongoing rise in oil prices. Moreover, growing expectations of an upbeat UK retail sales report also keep the sentiment around the pound buoyed with coming later speech of the BoE Governor M. Carney. From US traders expect Philadelphian Fed Manufacturing Index (Apr) and Initial Jobless Claims data. Currently the pair is trading near session highs at 1.4351. Todays support and resistance levels are 1.4255 and 1.4408.

 

USD/CHF trades under slight bearish pressure after recent upsurge, sending pair back in the red zone amid a better risk tone and higher oil prices. The major remains weak this session, as bulls take profits on their long positions after yesterday’s extensive rally to fresh three-week highs. Meanwhile, the Swiss franc ignored downbeat Swiss trade data and remained well bid against its American counterpart amid a broadly subdued US dollar. With the Swiss data behind, focus now remains on the ECB policy decision and the US datasets for further cues on the pair. Now pair trades at 0.9701 with todays support and resistance levels located at 0.9639 and 0.9819.

 

USD/CAD after posting new 2016 lows near 1.2593 on Wednesday has rebounded to this mornings high at 1.2661. CAD has derived further buying interest following another bout of bids in crude oil prices. The resulting bias towards the risk appetite continues to sustain the solid momentum around CAD, which is trading in levels last seen in July 2015. Ahead in the session, nothing is scheduled in Canada, whereas Initial Claims and the Philly Fed Manufacturing index are due in the US docket. Currently pair regaining todays loses trading at 1.2654, with todays support and resistance levels at 1.2523 and 1.2725

 

 

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