Forex.ee: Daily economic news digest

Forex.ee: Daily economic news digest

22 July 2016, 12:32
EEAnalytics
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Daily economic digest from Forex.ee

Stay informed of the key economic events 

Friday, July 22nd  

 

GBP/USD

 

Current price:                                                   1.3268 (0.3%)

Session range:                                                 Open 1.3233 High 1.3289 Low 1.3210                

Latest trend:                                                     Bullish

Expected trend:                                                Bearish

Daily volatility:                                                 Low

Support and resistance levels:             S. 1.3102 R. 1.3342

Main drivers:                                                    Prelim. UK Manufacturing PMI, Prelim. UK Services PMI, Prelim. US Manufacturing PMI

Overview:                                                         The pound is trading with slightly better mood vs. dollar this morning keeping its spot above the level of 1.32 on the back of broadly based dollars’ weakness. However, poor UK’s Retail Sales are still limiting the pairs’ upside momentum.

 

EUR/USD

 

Current price:                                                   1.1020 (0.0%)

Session range:                                                 Open 1.1026 High 1.1036 Low 1.1016

Latest trend:                                                     Bullish

Expected trend:                                                Bearish

Daily volatility:                                                 Low

Support and resistance levels:             S. 1.0942 R. 1.1101

Main drivers:                                                    Prelim. EU Manufacturing PMI, Prelim. EU Services PMI, Prelim. US Manufacturing PMI

Overview:                                                         Currently the pair is running in a flat mode amidst lack of direction. Yesterday as it was expected ECB left its Interest Rate in flat triggering pairs upsurge to level of 1.1060. However, the spike faded quickly as M.Draghi has failed to provide confidence in his press conference about implications of recent UK’s referendum.

 

USD/JPY

 

Current price:                                                   105.92 (0.1%)

Session range:                                                 Open 105.81 High 106.28 Low 105.56

Latest trend:                                                     Bullish

Expected trend:                                                Bearish

Daily volatility:                                                 Moderate

Support and resistance levels:             S. 104.16 R. 108.34

Main drivers:                                                    Prelim. US Manufacturing PMI

Overview:                                                         The yen is consolidating its gains this morning keeping range below the level of 106. Yesterday the pair performed a sharp fall for 200 pips after BoJ Governor H.Koruda denied rumors of a possible further monetary easing by the central bank. However, the pair has failed to recover erasing a short spike witnessed this morning as a new wave of risk-off sentiment with take-profit actions are weighing the pair.

 

AUD/USD

 

Current price:                                                   0.7474 (-0.3%)

Session range:                                                 Open 0.7494 High 0.7510 Low 0.7462

Latest trend:                                                     Bearish

Expected trend:                                                Bearish

Daily volatility:                                                 Low

Support and resistance levels:             S. 0.7426 R. 0.7551

Main drivers:                                                    Prelim. US Manufacturing PMI   

Overview:                                                         Seems that Aussie is attempting to recover from sharp fall to region of 0.7460 triggered by RBA speculations around further rate cut in August. However, the pairs’ recovery seems to be fragile as better-than-expected US Existing Home Sales data released on Thursday is still supporting US dollar.

  

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