Forex.ee: Daily economic news digest

Forex.ee: Daily economic news digest

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

Stay informed of the key economic events


Thursday, July 14th

 

GBP/USD

 

Current price:                                                   1,3235 (0.7%)

Session range:                                                 Open 1.3147 High 1.3275 Low 1.3105    

Latest trend:                                                     Bullish

Expected trend:                                                Bearish

Daily volatility:                                                 High

Support and resistance levels:             S. 1.3001 R. 1.3407

Main drivers:                                                    BoE Interest Rate Decision, BoE MPC Meeting Minutes, US PPI.

Overview:                                                         The pair has recovered part of its losses on the back of improved risk-on sentiment this day. However, the pound recovery seems to be very fragile, as investors are staying cautious today on the back of upcoming BoE MPC Meeting Minutes. It is the first BoE meeting since “Brexit” vote and market participants are expecting that BoE will decrease its rate for 25 of base points for the first time in seven years.

 

USD/JPY

 

Current price:                                                   105.60 (1.1%)

Session range:                                                 Open 104.48 High 105.76 Low 103.97    

Latest trend:                                                     Bullish

Expected trend:                                                Bullish

Daily volatility:                                                 Moderate

Support and resistance levels:             S. 103.43 R. 105.92

Main drivers:                                                    US Initial Jobless Claims, US PPI. 

Overview:                                                         Today the yen once again came under bearish pressure as market is still digesting Japanese PM Sh.Abe announcement about further economic stimulation. The pair has resumed its upward momentum after Wednesdays short-term pause, hitting its key resistance level of 105 that is the highest mark since “Brexit” vote.

 

USD/CAD

 

Current price:                                                   1.2936 (-0.3%)

Session range:                                                 Open 1.2977 High 1.2989 Low 1.2906

Latest trend:                                                     Bearish

Expected trend:                                                Bearish

Daily volatility:                                                 Low

Support and resistance levels:             S. 1.2849 R. 1.3145

Main drivers:                                                    US Initial Jobless Claims, US PPI, Canadian New Housing Price Index.

Overview:                                                         Loonies bid tone is still prevailing in the pair sending USD/CAD to the region near 1.29 level. The pair bears are still fueled by yesterdays BoC Interest Rate Decision to leave its rate in flat with upper oil price despite yesterdays growth in oil inventories. Today the pair will remain at the mercy of oil price until the block of macro data from US with Canadian New Housing Price Index.

 

EUR/USD

 

Current price:                                                   1.1105 (0.1%)

Session range:                                                 Open 1.1089 High 1.1127 Low 1.1085

Latest trend:                                                     Bearish

Expected trend:                                                Bullish

Daily volatility:                                                 Low

Support and resistance levels:             S. 1.1006 R. 1.1160      

Main drivers:                                                    US Initial Jobless Claims, US PPI.         

Overview:                                                         The pair has continued to follow its bullish trend since Monday on the back of the expanding risk appetite as concerns about “Brexit” potential consequences are ceasing. In absence of fundamental drivers from EU, the pair will track Euro cross with Sterling for further momentum until NY session with US macro releases.

    

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