Forex.ee: Daily economic news digest

Forex.ee: Daily economic news digest

31 May 2016, 12:21
EEAnalytics
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Daily economic digest from Forex.ee

Stay informed of the key economic events

Tuesday, May 31st

 

EUR/USD is losing its positions, down from 1.1150 level on the back of weak German retail sales. Today Eurozone will publish Consumer prices that expectedly will show 0.1% dip on a yearly basis. If expectations come true than Eurozone will keep deflation for a fourth consecutive month. Today traders will see some local macro data from Eurozone, while US will introduce Personal Spending/Income with CB Consumer Confidence. At the moment pair is trading at 1.1133 with its approximate support and resistance levels located at 1.1079 and 1.1173   

 

GBP/USD spiked resistance level of 1.47 and tested todays high at 1.4725 spot on the back of the latest Brexit polls, which showed that “remain” voted participants claimed 51% while their “exit” opponents stood at 46%. Spike faded quickly as market prefers to hold the US currency bid tone before US macro dataflow. Also the pair finds some support from risky sentiments which are taking control over the market amid higher Asian indices and stabilizing oil prices. Looking ahead, UK data calendar is empty today, while PCE Price Index and CB Consumer Confidence will be the main releases in the US calendar. At the moment the pair is trading at 1.4668 finding todays support and resistance at 1,4577 and 1,4707

 

USD/CAD is rebounding from its low at 1.3020 witnessed this morning on the back strengthened positions of the US currency and softer crude oil prices. Today sentiments around the pair will drive Canadian GDP figures with US Personal Spending/Income data and CB Consumer Confidence. Also pair will gain some influence from crude oil dynamics. Today the pair most likely will find support at 1.2983 and resistance at 1.3125 spots.

 

AUD/USD is trying to consolidate part of its gains above 0.72 level that became possible to reach after surprisingly strong building approvals data form Australia. Moreover, the pair gained support from USD profit-taking moves across the market. Looking ahead, traders today will closely watch for US core PCE price index and CB Consumer Confidence with Australian GDP, coming later in Asia. At the moment the pair is trading at 0.7235 spot with todays approximate support and resistance levels at 0.7133 and 0.7211.

   

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