Forex.ee: Daily economic news digest

Forex.ee: Daily economic news digest

18 May 2016, 13:03
EEAnalytics
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Daily economic digest from Forex.ee

Stay informed of the key economic events

Wednesday, May 18th

 

EUR/USD is refreshing its three-week lows, due to risky sentiments are gaining momentum. Euro bulls cant break through its key resistant level at 1.13, as US dollar is still strong on the back of yesterdays releases from US and expectations of a less dovish Fed minutes document. Also dollar is gaining some strength from upcoming EU data that is expected to be weak. Today US will introduce crude oil Inventories, followed by Euroland CPI release. Currently the pair is trading at 1.1275, moving in a negative direction. Todays support and resistance levels are located at 1.1257 and 1.1359

 

GBP/USD is trying to recover from slight fall witnessed since yesterday ahead of upcoming UK data releases. Today all traders attention will remain on average earnings, claimant count change and unemployment rate introduced by UK, with coming ahead US crude oil inventories and FOMC meeting minutes. Expected that positive UK data will make possible to recover all pair losses, rebounding it back to 1.45 level. Now pair is trading at 1.4339 in some quiet mode before major releases. Support and resistance levels for the pair are located at 1.4270 and 1.4588.

 

USD/JPY has moved away from this months lows at 108.72 spot, back to 109.50 level. The dollar is showing some positive mood today, as US has released strong inflation data this Tuesday. Increasing interest in risky assets also accelerates dollars gains against Japanese counterpart. Data that will set up sentiments for today are crude oil inventories and FOMC meeting minutes. Currently the pair is trading at 109.48 spot, with approximate support and resistance levels, located at around 108.39 and 110.03 marks. 

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