Forex.ee: Daily economic news digest

Forex.ee: Daily economic news digest

28 July 2016, 12:31
EEAnalytics
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Daily economic digest from Forex.ee

Stay informed of the key economic events 

Thursday, July 28th  

 

USD/JPY

 

Current price:                                                   104.56 (-0.8%)

Session range:                                                 Open 105.39 High 105.45 Low 104.48                

Latest trend:                                                     Bearish

Expected trend:                                                Bullish

Daily volatility:                                                 High

Support and resistance levels:             S. 103.59 R. 107.43

Main drivers:                                                    US Initial Jobless Claims

Overview:                                                         The pair came over significant selling pressure yesterday after FOMC statement, where Fed members provided more dovish comments sending the pair to this day lows near 105 level. Moreover, fresh risk aversion wave additionally has pressured the yen this morning. In absence of significant catalysts, traders will closely watch for developments around latest Japanese stimulus talks.

 

EUR/USD

 

Current price:                                                   1.1102 (0.4%)

Session range:                                                 Open 1.1058 High 1.1104 Low 1.1050    

Latest trend:                                                     Bullish

Expected trend:                                                Bearish

Daily volatility:                                                 Moderate

Support and resistance levels:             S. 1.0922 R. 1.1132

Main drivers:                                                    Prelim. German CPI, US Initial Jobless Claims

Overview:                                                         The pair is consolidating its gains after rally triggered by dovish FOMC statement released yesterday in late NY. However, Fed members in their comments announced that near term risks to the economic outlook have diminished and the economic growth is expanding in moderate pace. This announcement has triggered speculation between market participants of rate hike in September.

 

 

GBP/USD

 

Current price:                                                   1.3198 (-0.2%)

Session range:                                                 Open 1.3222 High 1.3250 Low 1.3165

Latest trend:                                                     Bearish

Expected trend:                                                Bearish

Daily volatility:                                                 Low

Support and resistance levels:             S. 1.3014 R. 1.3338

Main drivers:                                                    US Initial Jobless Claims

Overview:                                                         The pound is performing price corrective moves over the last hours after overnight rally triggered by FOMC statement. However, downside moves are limited today as cable continues getting support from yesterday’s upbeat preliminary UK GDP with streak of weak releases from US.       

 

USD/CAD

 

Current price:                                                   1.3199 (-0.5%)

Session range:                                                 Open 1.3188 High 1.3191 Low 1.3111

Latest trend:                                                     Bearish

Expected trend:                                                Bullish

Daily volatility:                                                 Moderate

Support and resistance levels:             S. 1.3101 R. 1.3293      

Main drivers:                                                    US Initial Jobless Claims          

Overview:                                                         Today American dollar is losing position against its Canadian neighbor on the back of post Fed broad based US dollar’s weakness. The pair failed attempt to recover part of its loses triggered by softer oil prices and now is retreating to lows last seen 5 days ago. Yesterday EIA has shown sharp grow in US crude oil inventories weighing the commodity linked CAD.

 

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