Daily economic news digest

16 May 2016, 13:41

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Monday, May 16th


GBP/USD bounced off from three-week lows printed just above 1.4350 level. Pound goes down to its red zone as risk-off sentiments makes bears take control over the pair after a sudden drop in the Japanese benchmark. However, pairs down moves are restricted by oil price growth and pressure on the US dollar. Data calendar is quiet for today, as US will introduce only secondary data that wont produce any high volatility during todays session. Now pair trades at 1.4367 with todays support and resistance levels at 1,4259 and 1,4447.


EUR/USD returned to above 1.13 level after short dive to 1.1280 level last Friday. Pair started its trades today in flat mode within 1.1306 and 1.1319 levels. Empty data calendar from EU plus holiday in Germany will leave all the attention on the todays US secondary data such as NY Empire State Manufacturing Index and TIC Net Long-Term Transactions. Now pair trades 1.1313 level with todays support and resistance levels located at 1.1224 and 1.1375.


USD/JPY is losing all its gains witnessed above 109.50 level last Friday. Today pair struggles to break through 109 level meeting resistance level just below it. Pair tried to reach its key level 109 on the back of improved risk sentiments but failed because of sell-off in US equities. Meanwhile, only secondary US data will impute some sentiments in todays quiet trading. Now pair trades at 108.70 spot experiencing some bearish pressure. Todays support and resistance levels are located at 107.87 and 109.91 marks.


USD/CAD is trading under the bearish pressure today in the morning as oil prices are pushing pair to extend its lows further to 1.29 level. Looking ahead, seems that pair will continue to gain sentiments from oil prices as US dollar remains under the pressure at the beginning of the Europe. Data calendar scheduled for today offers the releases of NY Empire State Manufacturing Index and TIC Net Long-Term Transactions from US and review form BoC. Now pair trades at 1.2921 spot with todays support and resistance levels at 1.2862 and 1.2984


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