Forex.ee: Daily economic news digest

Forex.ee: Daily economic news digest

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

Stay informed of the key economic events

Tuesday, May 24th

 

EUR/USD traded in flat mode this morning, in 15 pips narrow range, around 1.12 level. Pair got support from unchanged data of German quarter GDP, reaching 1.1227 spot, with quick return to flat corridor. Now traders are awaiting for German ZEW economic sentiment survey to set up further actions direction. Moreover, pair will stay under the pressure as Fed and ECB have divergent monetary policy outlooks with more than just possible a Fed June rate hike. Today the pair will gain some fresh winds after German ZEW economic sentiment survey with US new home sales data coming ahead. Now pair is trading at 1.1212, with approximate support and resistance levels located at 1.1161 and 1.1301

 

GBP/USD keeps its range under the key resistance level at 1.45. At the moment traders are experiencing some tension as Inflation Report Hearings are coming closer where BOE Governor and the Bank's Monetary Policy Committee members will speak about inflation and economic outlook before Parliament's Treasury Committee. However, the pair will stay under the pressure today as strengthening dollar positions and Brexit sentiments will keep pushing the pair to the south. Now pair is trading 1.4490 with todays support and resistance levels at 1.4385 and 1.4597.

 

USD/CHF tested 0.9900 support level today on the back of upbeat trade balance from the Swiss. Now the franc bulls are losing control under the situation and the pair moves away from todays low to the level of 0.9925. Also, traders are expecting New home sales report from the US, that will be released later this day. Currently the pair is trading at 0.9922, near the recently marked highs. Todays support and resistance levels are located at 0.9858 and 0.9958 marks.


USD/JPY has lost part of its positions witnessed this Monday, as safe-haven sentiments increased demand for the Japanese currency. The pair have failed to hold on above its key level of 110 and dropped to this Monday low at 109.12 spot witnessed in late NY. Today Japanese economic calendar is data-free, on the other hand US will release new home sales data during this day. Now the pair trades with the bullish trend, at the 109.58 spot. Support and resistance levels are located at 108.81 and 110.65. 

 

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