Forex.ee: Daily economic news digest

Forex.ee: Daily economic news digest

25 July 2016, 11:55
EEAnalytics
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Daily economic digest from Forex.ee

Stay informed of the key economic events 

Monday, July 25th

 

GBP/USD

 

Current price:                                                   1.3146 (0.0%)

Session range:                                                 Open 1.3143 High 1.3150 Low 1.3110                

Latest trend:                                                     Bullish

Expected trend:                                                Bearish

Daily volatility:                                                 Low

Support and resistance levels:             S. 1.2947 R.1.3369

Main drivers:                                                    CBI Industrial Trends Orders in UK

Overview:                                                         The pair is recovering from two-cent dip after Friday’s pullback to 1.3080 low triggered by last week poor figure from UK’s Services PMI coupled with strengthened dollar across the board. However, dollar seems to be weaker today as investors are performing corrective actions allowing pound to take advantage at the beginning of this week.

 

EUR/USD

 

Current price:                                                   1.0965 (-0.1%)

Session range:                                                 Open 1.0971 High 1.0980 Low 1.0951

Latest trend:                                                     Bearish

Expected trend:                                                Bearish

Daily volatility:                                                 Moderate

Support and resistance levels:             S. 1.0905 R. 1.1075

Main drivers:                                                    German Ifo Business Climate Index

Overview:                                                         The pair is trading modestly flat at the beginning of the week keeping its level at the lowest point since Brexit vote. The pair has fallen sharply on the back of upbeat preliminary US Manufacturing PMI released last Friday. Now EUR/USD awaits for upcoming German IFO release for further momentum.

 

USD/JPY

 

Current price:                                                   106.25 (0.0%)

Session range:                                                 Open 106.20 High 106.74 Low 106.01

Latest trend:                                                     Bullish

Expected trend:                                                Bullish

Daily volatility:                                                 Moderate

Support and resistance levels:             S. 105.17 R. 106.83

Main drivers:                                                    None

Overview:                                                         Currently the pair is retreating from daily tops on the back of positive Japanese trade data released this morning. Moreover, fresh wave of risk aversion witnessed during Asia is pressuring the yen as safe-haven currency. Nothing important is scheduled in data calendar for the pair so today USD/JPY will gather further direction from global markets sentiment.

 

USD/CAD

 

Current price:                                                   1.3153 (0.2%)

Session range:                                                 Open 1.3126 High 1.3156 Low 1.3123

Latest trend:                                                     Bullish

Expected trend:                                                Bearish

Daily volatility:                                                 Moderate

Support and resistance levels:             S. 1.2991 R 1.3253

Main drivers:                                                    None

Overview:                                                         Canadian dollar has managed to perform moderate recovery against its US neighbor from lows last seen in May. Last Friday, the pair surged to level of 1.3185 despite better-then-expected Canadian Retail sales data and CPI. Moreover, the pair received additional bearish pressure from softer oil price weighing CAD as commodity-linked currency. In addition, positive preliminary US Manufacturing PMI released at the end of the last week also pushed US currency to its highs.

 

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