Forex.ee: Daily economic news digest

Forex.ee: Daily economic news digest

13 May 2016, 12:51
EEAnalytics
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Daily economic digest from Forex.ee

Stay informed of the key economic events

 

Friday, May 13th

 

GBP/USD have returned and consolidated on bottom of 1.44 level. As market calmed down after Thursdays important UK data, pair fall back as market absorbed latest statement of BOE on the back of Brexit fears. This morning pair is feeling some bearish pressure, as dollar is claiming some recovery across the market while investors bid-up the US currency before the US upcoming data releases. Looking ahead, next on focus for pair are the second-liner data in the UK construction output ahead of a fresh batch of significant US economic data. At the moment pair trades at 1.4410 with approximate todays support and resistance levels at 1.4336 and 1.4586

 

USD/JPY is consolidating this week trying to strengthen its positions reached at the beginning of this month. However, sentiments of upcoming US data releases will lead pair today. Ahead for today, monthly retail sales, consumer confidence data and producer price index releases from the US. Now pair trades on 108.72 level, with slight negative direction as traders are preparing for US data. Support and resistance levels are located at 107.70 and 110.04

EUR/USD ignored todays upbeat German preliminary GBP report and broke through 1.1350 level from its flat range between 1.1367 and 1.1380 witnessed since yesterday. The pair trades under strong bearish pressure as US dollar is gaining bid-tone focusing on todays upcoming major releases. Ahead of a data-heavy macro calendar EU will show preliminary GBP and US will release retail sales data, consumer sentiment data and producer price index due later today. At the moment pair trades at 1.1336 spot expanding todays lows, support and resistance levels are located 1.1296 and 1.1451

 

AUD/USD today broke through its key support level at 0.73 level. Now pair is expanding its ten-week lows for third straight weekly drop with traders focusing on the upcoming US heavy macro data. Also Aussie bears are supported with poor Australian inflation data and broad based US dollar rally. Now pair trades at 0.7284 spot with todays support and resistance levels at 0.7267 and 0.7365

 

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