Forex.ee: Daily economic news digest

5 May 2016, 12:13
EEAnalytics
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Daily economic digest from Forex.ee

Stay informed of the key economic events

 

Thursday, May 05th  

 

USD/CAD turned around near its 2 week peaks just under the level 1.29 after 2 days moving upward. Canadian dollar gained massive support from oil prices after news that the forest fire rage in Canada still persists and state of emergency has been declared. Looking ahead, pair will stay under sentiments of oil prices today, as markets will also focus on Canadian building permits for March, and initial jobless claims from US side. Now pair is trading 1.2826, staying under the bearish pressure. Todays support and resistance levels are located 1.2752 and 1.2973

 

GBP/USD is recovering its positions after downbeat construction PMI report, released yesterday. Now traders are preparing for another PMI release, this time the services sector report from the UK economy. Pair also gains sentiments from oil price on the back of unfavorable developments in Canada. Next in focus are service PMI from UK and US datasets lined up for release later in the NA session. Now pair is trading at 1.4500 gaining some volatility in front of the major data from UK. Support and resistance levels are located at 1.4387 and 1.4571.

 

EUR/USD is barely moving on the back of light data calendar from both sides. Pair is consolidating under 1.15 trading modestly flat, stabilizing after recent drop from fresh 2016 highs at 1.1615. Ahead today are ECB Economic Bulletin, US initial Jobless Claims and FOMC Member J. Bullards speech. Now pair is trading at 1.1471 with its support and resistance levels located at 1.1417 and 1.1508

 

NZD/USD is moving forward from Wednesdays peak near 0.6940 level. Pair reached its days high on the back of the strong NZ employment numbers and fell to its weekly lows at level of 0.6860 on some positive economic data from the US. Today pair will stay under the influence of US data such as initial Jobless Claims and FOMC Member J. Bullards speech, as nothing is scheduled in data calendar of NZ. Now pair is trading under the bearish pressure, towards todays low, at 0.6878 spot. Todays support and resistance levels are located at 0.6812 and 0.6928.

 

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