Forex.ee: Daily economic news digest

Forex.ee: Daily economic news digest

26 May 2016, 12:20
EEAnalytics
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Daily economic digest from Forex.ee

Stay informed of the key economic events

Thursday, May 26th

 

EUR/USD has rebounded from it multi-week lows, witnessed yesterday at 1.1130 spot, recovering part of its positions lost in the first half of this week. Euro bulls are taking major support from dollars weakening positions as traders are performing profit-taking actions today. This Thursday US will release significant economic data, such as Durable goods orders, Initial jobless claims and Pending home sales. While speeches from FOMC members J. Powell and J. Bullard will also remain in focus. Currently the pair has entrenched around 1.1180 level and now is trading at 1.1179 spot. Support and resistance levels for the pair are located at 1.1114 and 1.1209.

 

USD/JPY has broken through its key support level at 110 and now consolidates near 109.75 level. The pair ignored yesterdays dollars bullish mood as Japanese vice-minister of finance M. Asakawa denied the probability of the Japanese governments intervention in the currency market. Today traders will closely watch for Durable goods orders, Initial jobless claims, Pending home sales along with couple of Fed speeches that will provide near-term direction, while Japan will release national core CPI later during the Asian session. Currently the pair is trading at 109.72 with its support and resistance levels located at around 109.59 and 110.75

 

GBP/USD continues to expand this month highs above 1.47 level. Pound bulls are confidently keeping the situation under the control from the beginning of this week. This morning the pair took a short break after yesterdays rally, which occurred on the back of the recent Brexit polls results and weakening dollars positions across the board. Now traders are awaiting the upcoming preliminary UK GDP and the significant data block from the US, with several speeches of the Fed’s members, scheduled for today. Currently the pair is trading at around 1,473 with todays support and resistance located at 1.4547 and 1.4803 marks.

 

NZD/USD tested this month lows today below the level of 0.67. For the three continuous weeks pair was staying under the bearish trend and dropped below 0.6700 handle for the first time since late March on the back of positive US releases this Wednesday. The pair will be influenced today by US Durable goods orders, weekly unemployment claims and pending home sales data, which positive results could drag the pair further in south direction in the near-term. At the moment the pair trades at 0.6714 spot recovering from recent low witnessed at 0.6692. Todays support and resistance levels are located at 0.6672 and 0.6792.

  

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