Forex.ee: Daily economic news digest

Forex.ee: Daily economic news digest

6 May 2016, 12:22
EEAnalytics
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Daily economic digest from Forex.ee

Stay informed of the key economic events

 

Friday, May 06th

 

EUR/USD trades in the flat since yesterday, within a range of 20 points near 1.14 mark, as traders are awaiting for main event of this week NFP. Pair received some support in Asia from stock market as oil prices negatively influenced resource and energy sector. Looking ahead, nothing fundamental is not represented by Euro zone this Friday on the other hand traders are awaiting Aprils nonfarm payrolls from US. Also US will release participation rate and average hourly earnings. Currently the pair is trading at 1.1414 spot, with its approximate support and resistance levels at 1.1284 and 1.1507.

 

GBP/USD is trading with slight changes retreating from todays highs marked at 1.4494. Today dollar is gaining strength on the back of the upcoming NFP. Also dollar gained support from recent hawkish comments from Fed officials. Moreover, uncertainty around Brexit situation keeps pound under the bearish pressure. List of today events is empty in UK, next on tap remains the US NFP data. Now the pair trades around 1.4464, consolidating in the top of 1.44. Todays support and resistance levels are located at 1.4386 and 1.4545 marks.

 

 

USD/CHF consolidated under the mark of 0.97 due to traders exit from risky assets during the Asian session. The risk-off sentiment witnessed in Asia is expected to extend into the European trades, keeping franc under the bid tone. Next in focus remains, the foreign currency reserves data published by the SNB and nonfarm payrolls released by the US. Now the pair is trading at 0.9678, with support and resistance levels located at 0.9598 and 0.9776.

 

USD/JPY broke through 107 level, after finding resistance at 107.42 level during Asia, on the back of weakness of the Japanese stocks. Meanwhile, traders attention is already caught by the main event of the week – Nonfarm Payrolls. Now the pair is under bearish pressure, trading at 106.97 level. Support and resistance levels are located at around 106.49 and 108.00

  

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