Forex.ee: Daily economic news digest

Forex.ee: Daily economic news digest

29 April 2016, 12:11
EEAnalytics
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Daily economic digest from Forex.ee

Stay informed of the key economic events

 

Friday, April 29th

 

USD/CAD remains under the bearish pressure today after weak USD GDP print and rising of the crude oil prices. Pair still expanding its multi-month lows near 1.25, for five consecutive weeks of losses. Today, traders will closely watch the Canadian GDP release for February. CAD bulls feels strong enough that even a slight positive GDP reading would make them push the pair through 1.25 handle. Now pair trades at 1.2521 with its support and resistance levels at 1.2457 and 1.2613.

 

EUR/USD is testing 1.14 level this morning that due to Thursdays strong economic data from the Eurozone and USD broad-based weakness coupled with decent US GDP read. Today traders will focus on Q1 Eurozone GDP and April CPI and US will release only secondary data, what unlikely will be able to change sentiments around USD. Now pair trades at 1.1403 with its support and resistance levels located at 1.1351 and 1.1436.

 

GBP/USD has consolidated above 1.46 level today, on the back of dovish outcome by the FOMC earlier this week and increased perception of the 'remain' in the Brexit polls. Today UK wont present releases that influence market volatility, on the other side US will introduce core PCE price index, employment cost, personal spending that could inject some volatility in the pair. Now pair is trading at 1.4630 with its todays support and resistance levels at 1.4530 and 1.4704.

 

USD/JPY once again refreshed lows of this year, this time falling by nearly 100 points, almost reaching 107 spot. A sharp drop is caused by renewed US dollars sell-off after yesterdays events and weak GDP figures in the US. Today, a large volatility is not expected, because Japanese market is closed for holidays, and US will release only secondary reports. Currently the pair is trading at 107.30, with todays support and resistance levels located at 106.59 and 108.15.

 

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