Forex.ee: Daily economic news digest

Forex.ee: Daily economic news digest

8 August 2016, 12:28
EEAnalytics
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Daily economic digest from Forex.ee

Stay informed of the key economic events 

Monday, August 8th

 

GBP/USD

 

Current price:                                                   1.3055 (-0.1%)

Session range:                                                 Open 1.3080 High 1.3097 Low 1.3045    

Latest trend:                                                     Bearish

Expected trend:                                                Bullish

Daily volatility:                                                 Low

Support and resistance levels:             S. 1.3047 R. 1.3096

Main drivers:                                                    None

Overview:                                                         Pound is regaining part of its positions from Friday’s low last seen four weeks ago after unexpectedly strong US NFP. However, the GBP/USD pair is still experiencing strong bearish pressure following the recent BoE’s policy easing measures of lowering its interest rate to 0.25%.

 

USD/CAD

 

Current price:                                                   1.3161 (-0.1%)

Session range:                                                 Open 1.3177 High 1.3190 Low 1.3160    

Latest trend:                                                     Bearish

Expected trend:                                                Bearish

Daily volatility:                                                 Moderate

Support and resistance levels:             S. 1.3156 R 1.3200

Main drivers:                                                    Canadian Building Permits

Overview:                                                         The pair is retreating from six-day highs near the level of 1.3200 as better tone in crude oil prices induces Canadian dollar to regain bullish tone against its American neighbor. However, CAD’s recovery seems to be fragile this morning as markets are still digesting combination of better figure from US NFP and downbeat results from Canadian labor market.

 

 

USD/JPY

 

Current price:                                                   102.14 (0.3%)

Session range:                                                 Open 101.99 High 102.27 Low 101.85

Latest trend:                                                     Bullish

Expected trend:                                                Bearish

Daily volatility:                                                 Moderate

Support and resistance levels:             S. 101.64 R 102.48

Main drivers:                                                    None

Overview:                                                         The pair is keeping its range near the level of 102 as US NFP have showed better-than-expected results for the second time in a row. Moreover, an upbeat Chinese trade balance data released this morning triggered new wave of risk appetite preventing any recovery moves from yen’s side. Amid absence of important fundamental releases from both sides the pair will follow risk sentiment during this day.

 

EUR/USD

 

Current price:                                                   1.1088 (0.0%)

Session range:                                                 Open 1.1085 High 1.1106 Low 1.1079

Latest trend:                                                     Bearish

Expected trend:                                                Bearish

Daily volatility:                                                 Moderate

Support and resistance levels:             S. 1.1073 R 1.1100

Main drivers:                                                    None   

Overview:                                                         The pair has failed the attempt of recovery to the level of 1.1100 triggered by positive German Industrial Production and now is sliding to daily lows located near the level of 1.1080. EUR/USD is keeping bearish mood today as dust around Friday’s upbeat NFP report still has not settled down. Today the pair will follow global market sentiment with only a few second-tier economic releases scheduled for this Monday.

 

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