Forex.ee: Daily economic news digest

Forex.ee: Daily economic news digest

1 June 2016, 12:08
EEAnalytics
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Daily economic digest from Forex.ee

Stay informed of the key economic events

Wednesday, June 1st

 

GBP/USD has been floating in upper half of 1.44 level since this Tuesday. The pair fell sharply breaking through key resistance levels 1.47, 1.46 and 1.45 after the latest Brexit poll results showed growth in number of “leave” voted participants. Also the pair has received some bearish pressure as dollar is strengthening its positions across the market this Wednesday. Today traders will focus on Manufacturing PMI from UK with upcoming Manufacturing PMI form US. At the moment the pair is trading at 1.4493. Todays approximate support and resistance levels are located at 1.4297 and 1.4815.

 

AUD/USD tested two weeks high, nearly reaching 0.73 handle. The pair grew up for 70-pips reacting on the higher than expected Australian GDP numbers. But rally was slowed down after Caixin’s Manufacturing PMI showed decreasing trend. Moreover, weakness in oil prices also has weighed the pair, making it to retreat from this days high. Today traders will gain further traction from US ISM Manufacturing PMI figures, with Retail Sales and Trade Balance from Australia. At the moment the pair is trading at 0.7272 meeting todays support and resistance level at 0.7140 and 0.7312 spots.

 

EUR/USD has been trading in bearish trend for the fourth weeks in a row. The pair has retreated from 1.1615 spot witnessed in early May and now testing 1.11 level, meeting support at this point. The main reason of this down move is dollars weight supported by speculations of a rate hike by the Fed at its June/July meeting. Later this session traders will see both manufacturing PMIs, from Eurozone firstly, with US data coming later. Also traders will watch today for Beige Book and API Weekly Crude Oil Stock from US. Currently the pair is trading at 1.1131 level with todays support and resistance levels located at 1.1091 and 1.1193 spots.

 

USD/CHF ignored the release of weaker-than expected Switzerland’s GDP data. Currently the pair is trading at 0.9934 spot down from 0.9950 with todays low at 0.9930. Looking ahead, the Swiss docket is empty for further today, while US will release ISM Manufacturing PMI, Beige Book and API Weekly Crude Oil Stock   . Todays support and resistance levels are located at 0.9861 and 0.9989

    

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