Forex.ee: Daily economic news digest

Forex.ee: Daily economic news digest

19 July 2016, 12:17
EEAnalytics
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Daily economic digest from Forex.ee

Stay informed of the key economic events


Tuesday, July 19th

 

GBP/USD

 

Current price:                                                   1.3221 (-0.3%)

Session range:                                                 Open 1.3255 High 1.3277 Low 1.3171                

Latest trend:                                                     Bearish

Expected trend:                                                Bearish

Daily volatility:                                                 Low

Support and resistance levels:             S. 1.3121 R.1.3379

Main drivers:                                                    UK CPI, US Building Permits

Overview:                                                         The pair has erased part of its yesterdays gains descending back to level 1.3200. At the moment market participants are staying cautious limiting the pairs actions ahead of Britain’s CPI that most likely will show upbeat results against previous May’s figure.

 

EUR/USD

 

Current price:                                                   1.1057 (-0.2%)

Session range:                                                 Open 1.1075 High 1.1081 Low 1.1048    

Latest trend:                                                     Bearish

Expected trend:                                                Bullish

Daily volatility:                                                 Moderate

Support and resistance levels:             S. 1.1018 R.1.1112

Main drivers:                                                    German ZEW Economic Sentiment, EU ZEW Economic Sentiment, US Building Permits.

Overview:                                                         EUR/USD is trading in 20 pips narrow range this morning near 1.1075 level. The pair remained directionless on the back of absence of fundamentals during the Asia. However, now traders are staying alert towards German and Eurozone ZEW economic sentiment that will set up further pairs direction. Meantime, the most expected event of this week for the main currency pair remains ECB Interest Rate Decision scheduled for this Thursday that will determine mid-term pairs direction.

 

AUD/USD

 

Current price:                                                   0.7503 (-1.2%)

Session range:                                                 Open 0.7591 High 0.7593 Low 0.7490.

Latest trend:                                                     Bearish

Expected trend:                                                Bullish

Daily volatility:                                                 Moderate

Support and resistance levels:             S. 0.7438 R. 0.7622

Main drivers:                                                    US Building Permits

Overview:                                                         The pair is losing its positions but still is trading above the level of 0.75. Currently the pair is testing 7-day lows falling sharply as RBA provided more dovish overview about employment and housing sector on its Meeting Minutes in Asia. Moreover, softer oil prices added some weigh to oil linked AUD today.

 

USD/CAD

 

Current price:                                                   1.3014 (0.5%)

Session range:                                                 Open 1.2944 High 1.3027 Low 1.2939

Latest trend:                                                     Bullish

Expected trend:                                                Bearish

Daily volatility:                                                 Low

Support and resistance levels:             S. 1.2868 R. 1.3058

Main drivers:                                                    US Building Permits

Overview:                                                         The pair has consolidated part of its recovered positions after yesterdays rally as we can see oil price stabilization over the last couple of hours. Meanwhile, further upside momentum was muted as dollar has stopped its upside momentum against its major peers on the back of data-empty calendar during Asia. 

    

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