Forex.ee: Daily economic news digest

Forex.ee: Daily economic news digest

25 April 2016, 12:33
EEAnalytics
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Daily economic digest from Forex.ee

Stay informed of the key economic events

 

Monday, April 25th

 

EUR/USD feels positive at the start of this week, bouncing of the lowest level in the last three weeks. Now pair consolidating in the mid-1.1200s, posting daily tops so far and recovering some ground after last week’s sell-off. Ahead in the session, the German IFO indicator is next on tap, with market consensus expecting a generalized albeit slight improvement during the current month. Moving forward, a very interesting calendar will put the greenback in center stage, with the FOMC meeting being the salient event on Wednesday. At the moment pair is trading at 1.1244, with todays support and resistance levels located at 1.1147 and 1.1295.

 

USD/JPY gave up its positions and trades sharply lower from two-week tops reached just shy of 112 barrier last Friday. The yen caught a fresh bid-wave against the American dollar in the early Asian morning, largely on the back profit-taking, after having hit fresh two-week lows at 111.88 levels in opening trades. The traders sold-off the US dollar across the board on rebalancing their positions ahead of the crucial FOMC and BOJ monetary policy meetings. Meanwhile, thin markets prevail in the Asian session and a lack of relevant economic news leaves the USD/JPY pair at the mercy of the sentiment around the oil and stock markets. Currently pair is trading at 111.27, with its support and resistance levels at 110.26 and 113.38.

 

GBP/USD is moving back to 1.44 level, after hit fresh six-week highs at 1.4470 in early Asia. The extension of Friday’s rally in the cable met fresh supply in a calm Asian session, as markets took that as an excuse to unwind their positions heading into the big week, with FOMC and BOJ monetary policy decisions likely to have significant impact on the majors. However, the GBP/USD pair remains supported amid latest polls showing anti-Brexit results, while a data-heavy week ahead keeps the prices in check. The economic calendar is empty for UK, and US will release new home sales later. Now pair trades under the bearish pressure at 1.4416 spot, finding todays support and resistance levels at 1.4322 and 1.4534.

 

USD/CAD is attempting a consolidation its position below the 1.2700. The pair keeps the narrow range as the week has kicked in, with the greenback giving away part of last Friday’s advance. In the data space, US New Home Sales are due later in the NA session, while the immediate event risk in the Canadian docket will be February’s GDP figures due on Friday. Now pair trades at the 1.2690 with its support located 1.2546 and resistance 1.2747 respectively.

 

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