Forex.ee: Daily economic news digest

Forex.ee: Daily economic news digest

27 April 2016, 12:30
EEAnalytics
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Daily economic digest from Forex.ee

Stay informed of the key economic events

 

Wednesday, April 27th  

 

GBP/USD trades slightly lower near Europe, consolidating in upper 1.45. Pair is feeling confidence this morning amid broad based US dollar weakness and growing anti-Brexit support. However, traders are expecting the UK prelim GDP report due to be published in the European session. Markets are expecting the GDP growth rate to have slow, on the back of sentiments based on Brexit poll results. After the UK data, the main event for the major is expected to be the FOMC decision, following the conclusion of the two-day policy meeting that started on Tuesday. The pair is currently trading at 1.4573 with current support and resistance levels located at 1.4493 and 1.4729.

EUR/USD trading with slight increase on Europe opening. Although retraced from higher level on Tuesday pair is trying to handle above 1.13 spot. Ahead of the key Fed decision the pair seems unlikely to build on to its gains beyond this immediate resistance. The Fed is widely expected to keep interest rates on hold but markets will be closely eyeing the statement for hints of when the committee will announce its second rate hike since the first hike in December. Now pair is trading at 1.1325 with todays expected support and resistance levels at 1.1220 and 1.1389.

AUD/USD drowned, refreshing multi-weeks low around 0.76, after the release of downbeat economic reports from Australia. But the greenback’s gains were limited as investors remained cautious ahead of the Federal Reserve’s policy statement, due later today amid ongoing uncertainty over the pace and timing of future rate hikes. Now pair trades under the bearish pressure still losing its positions at 0.7611, with its support and resistance levels located at 0.7597 and 0.7834

 

NZD/USD trades lower, hovering within a striking range of fresh session low struck at 0.6860 earlier on the day. After disappointing data from New Zealand, Kiwi followed its Australian colleague and failed handling 0.69 spot dropping nearly 50 pips. Now major consolidate, having found some support from higher oil prices. Next in focus remains the outcome of the Fed’s two-day policy meeting concluding today, followed by RBNZ cash rate decision due tomorrow in the Asian morning. Now pair is trading at 0.6875 with its todays support at 0.6859 and resistance at 0.6953

 

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