Forex.ee: Daily economic news digest

Forex.ee: Daily economic news digest

7 June 2016, 12:46
EEAnalytics
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Daily economic digest from Forex.ee

Stay informed of the key economic events


Tuesday, June 7th

 

AUD/USD is extending its rapid growth for the second day this Tuesday. The pair tested five-week high at 0.7431 on the back of RBA’s decision to leave rate unchanged at 1.75% at its monetary policy review meeting. However, leaving rate unchanged was expected. Also RBA noticed that inflation will keep its slow growth for a while. Today the pair will keep its bullish mood as dollar is still weak after disappointing Fridays data, while market participants are still digesting the latest policy outcome form Australia. Meanwhile, today US will introduce only secondary data such as Nonfarm Productivity and Unit Labor Costs that unlikely will change the pairs direction, while Chinese trade figures will provide fresh impetus for the pair. At the moment the pair is trading at 0.7430 with todays support and resistance levels located at 0.7289 and 0.7457.

 

USD/CAD today trades modestly flat as broad based weakness of the dollar and lower oil prices are keeping the pairs direction uncertain. Today traders will set up their focus on the Canadian Ivey PMI data with coming ahead API Weekly Crude Oil Stock for further momentum. At the moment the pair is trading at 1.2801 testing its key support level at 1.28. Todays approximate support and resistance are located at 1.2687 and 1.3047 spots.

 

USD/JPY has caught the wave and is moving in north direction for the second day in a row. After Fridays fall on the back of awful NFP report, the pair broke through 107 level and now has managed to recover some positions, as risk-on sentiment is weighing yen. Today the pair will keep its bullish trend, as traders will look forward risky assets. Also US will release Nonfarm Productivity while Japan will introduce GDP figures. At the moment the pair is trading at 107.59, with todays support and resistance levels at 106.70 and 108.49 spots.

 

GBP/USD unexpectedly spiked through 1.45 and 1.46 resistance levels with no triggers at all. Considered that in the lack of catalyst, such move became possible as big player entered the market. Without any support the spike faded quickly, consolidating part of gained positions just above 1.45 level. With a relatively lighter economic calendar today the pair will gain further sentiments from the latest Brexit polls dynamic as “Remain” voted participants taking a lead again. Also traders will focus today on UK Halifax HPI data and US Nonfarm Productivity. Currently the pair is trading at 1.4523 with todays support and resistance levels located at 1.4365 and 1.4551

 

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