Forex.ee: Daily economic news digest

Forex.ee: Daily economic news digest

13 July 2016, 12:51
EEAnalytics
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Daily economic digest from Forex.ee

Stay informed of the key economic events


Wednesday, July 13th  

 

GBP/USD

 

Current price:                                                   1,3230 (-0,1%)

Session range:                                                 Open 1,3245; High 1,3336; Low 1.3220              

Latest trend:                                                     Bearish

Expected trend:                                                Bearish

Daily volatility:                                                 Low

Support and resistance levels:             S. 1.2848, R. 1.3496     

Main drivers:                                                    Speech of FOMC Member P.Harker, Speech of FOMC Member R.Kaplan, US Crude Oil Inventories

Overview:                                                         The pair is still keeping its upward momentum, gaining more than 4 cents since lows witnessed near the level of 1.2800. The pair has been supported after BoE M.Carney added optimism in the UK political arena with his Financial Stability Report yesterday. Furthermore, the market also has gained some positive note after Theresa May was appointed as new PM of Britain. However, the traders will keep their focus on the main event of this week – UK’s Interest Rate Decision scheduled for tomorrow.

 

USD/CAD

 

Current price:                                                   1.3060 (0.1%)

Session range:                                                 Open 1.3041; High 1.3085; Low 1.3034  

Latest trend:                                                     Bearish

Expected trend:                                                Bearish

Daily volatility:                                                 High

Support and resistance levels:             S. 1.2898; R. 1.3207     

Main drivers:                                                    BoC Monetary Policy Report, Canadian Interest Rate Decision, US Crude Oil Inventories, Speech of BoC Gov S.Poloz

Overview:                                                         Today the pair is experiencing pressure from both sides as broad based US dollars weakness is sending the major lower, however, softer oil prices are activating Loonie bears. Now traders will await for BoC Monetary Policy Report and Interest Rate Decision for further momentum.

 

USD/JPY

 

Current price:                                                   104.35 (-0.33%)

Session range:                                                 Open 104.66; High 104.87; Low 103.94  

Latest trend:                                                     Bearish

Expected trend:                                                Bearish

Daily volatility:                                                 High

Support and resistance levels:             S. 101.50; R. 106.60

Main drivers:                                                    Chinese Trade Balance, Speech of FOMC Member P.Harker, Speech of FOMC Member R.Kaplan

Overview:                                                         Yen bears took a breath this morning leaving the pair wobbling just above 104 level. The pair rose sharply from sub-100 levels since Monday with the main trigger - expectations of additional fiscal stimulus from Japanese government. However, the pair slowed down this morning as traders are staying cautious in front of upcoming Chinese Trade Balance boosting the yen as safe-haven currency.

 

EUR/USD

 

Current price:                                                   1.1060 (0.0%)

Session range:                                                 Open 1.1060; High 1.1071; Low 1.1042

Latest trend:                                                     Bearish

Expected trend:                                                Bullish

Daily volatility:                                                 Low

Support and resistance levels:             S. 1.1005; R. 1.1155     

Main drivers:                                                    EU Industrial Production            , Speech of FOMC Member P.Harker, Speech of FOMC Member R.Kaplan

Overview:                                                         The pair has lost its positions after two days of consecutive gains with the highest point at 1.1130 mainly driven by lowered risk appetite. In absence of fundamental drivers, the pair will stay influenced by global market sentiments during this day. 

    

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