Forex.ee: Daily economic news digest

Forex.ee: Daily economic news digest

21 July 2016, 12:38
EEAnalytics
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Daily economic digest from Forex.ee

Stay informed of the key economic events 

Thursday, July 21st  

 

GBP/USD

 

Current price:                                                   1.3245 (0.3%)

Session range:                                                 Open 1.3208; High 1.3276; Low 1.3203

Latest trend:                                                     Bearish

Expected trend:                                                Bearish

Daily volatility:                                                 High

Support and resistance levels:             S. 1.3003 R. 1.3329

Main drivers:                                                    UK Retail Sales, Philadelphia Fed Manufacturing Index, US Existing Home Sales

Overview:                                                         Broad based US dollars’ weakness coupled with upbeat data from UK’s labor market has allowed pound bulls to take control over the pair and break through the level of 1.3200. Today the pair is consolidating part of its gains hovering in the region 1.3020-40 awaiting for fresh impute from the upcoming UK retail sales data for further direction. Furthermore, EU Interest Rate Decision also will be closely watched, as it is the main risk event of this week.

 

EUR/USD

 

Current price:                                                   1.1026 (0.1%)

Session range:                                                 Open 1.1014; High 1.1048; Low 1.1005  

Latest trend:                                                     Bearish

Expected trend:                                                Bullish

Daily volatility:                                                 High

Support and resistance levels:             S. 1.0959 R. 1.1057

Main drivers:                                                    EU Interest Rate Decision, Philadelphia Fed Manufacturing Index, Speech of ECB President Draghi, US Existing Home Sales

Overview:                                                         Euro is trading on a firm note against US dollar as new wave of risk-on sentiment are pushing the pair to todays high at 1.1047. However the pair won’t perform any sharp actions as investors are staying cautious ahead of the most volatile event of this week ECB Interest Rate Decision watching for the impact of the Brexit vote.

 

USD/JPY

 

Current price:                                                   107.01 (0.2%)

Session range:                                                 Open 106.84; High 107.49; Low 106.87

Latest trend:                                                     Bearish

Expected trend:                                                Bearish

Daily volatility:                                                 High

Support and resistance levels:             S. 105.38 R. 107.76

Main drivers:                                                    Philadelphia Fed Manufacturing Index, US Existing Home Sales 

Overview:                                                         The pair refreshed its six-week high in Asia after Japanese government announced its intention to expand stimulus package, sending the pair to the level of 107.50. However, the pair has retreated from its highs and now is holding near the level of 107 as shrinking risk appetite across the market during Asia has supported the yen as safe-haven currency. Moreover, the minor pull back could be related to the price correction as yens bulls are receiving support from profit taking actions after pairs tow-week climb for over the 700 pips.                

           

NZD/USD

 

Current price:                                                   0.6991 (-0.4%)

Session range:                                                 Open 106.84; High 107.49; Low 106.87

Latest trend:                                                     Bullish

Expected trend:                                                Bearish

Daily volatility:                                                 Moderate

Support and resistance levels:             S. 0.6950 R. 0.7087

Main drivers:                                                    Philadelphia Fed Manufacturing Index, US Existing Home Sales 

Overview:                                                         The pair sinks for 7th session in a row losing up to 300 points mainly driven by speculations of RBNZ with further rate cut. The pair broke through its key support level of 0.70 in early Asia completely ignoring higher oil prices. Moreover, the pair received additional bearish pressure earlier this week after NZ has released lower-than-expected CPI data.

  

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