Forex.ee: Daily economic news digest

Forex.ee: Daily economic news digest

9 August 2016, 12:34
EEAnalytics
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Daily economic digest from Forex.ee

Stay informed of the key economic events 

Tuesday, August 9th

 

GBP/USD

 

Current price:                                                   1.2981 (-0.5%)

Session range:                                                 Open 1.3040 High 1.3050 Low 1.2967                

Latest trend:                                                     Bearish

Expected trend:                                                Bearish

Daily volatility:                                                 Low

Support and resistance levels:             S. 1.2945 R. 1.3122

Main drivers:                                                    UK Manufacturing Production, Prelim. US Nonfarm Productivity

Overview:                                                         Currently is attempting to recover part of its losses after downside rally to fresh monthly lows performed this morning. The pair has dipped today to the level of 1.2973 triggered by suggestion of BoE’s member of further rate cut closer to zero.

 

EUR/USD

 

Current price:                                                   1.1072 (-0.1%)

Session range:                                                 Open 1.1087 High 1.1092 Low 1.1070    

Latest trend:                                                     Bearish

Expected trend:                                                Bearish

Daily volatility:                                                 Moderate

Support and resistance levels:             S. 1.1054 R. 1.1120      

Main drivers:                                                    Prelim. US Nonfarm Productivity

Overview:                                                         The pair is failing all attempts to break through the level of 1.1100 facing resistance near that level during Asia. Euro recovery appears to lack momentum as US dollar is trading on a firm note today against its major peers on the back of positive data witnessed last week coupled with speculations of Fed rate hike this year.

 

 

NZD/USD

 

Current price:                                                   0.7115 (0.3%)

Session range:                                                 Open 0.7138 High 0.7161 Low 0.7110

Latest trend:                                                     Bearish

Expected trend:                                                Bearish

Daily volatility:                                                 Low

Support and resistance levels:             S. 0.7065 R. 0.7179

Main drivers:                                                    Prelim. US Nonfarm Productivity

Overview:                                                         Today Kiwi is trimming gains as US dollar is still gaining benefits from last week’s impressive data release. However, the pair has managed to recover from Monday’s multiweek lows as traders remain cautious in front of Thursday's RBNZ monetary policy decision. Expected that RBNZ will make a move and ease its monetary policy by lowering its rate by 0.25%.

 

USD/CHF

 

Current price:                                                   0.9838 (0.1%)

Session range:                                                 Open 0.9824 High 0.9843 Low 0.9822

Latest trend:                                                     Bullish

Expected trend:                                                Bullish

Daily volatility:                                                 High

Support and resistance levels:             S. 0.9765 R. 0.9871

Main drivers:                                                    Prelim. US Nonfarm Productivity

Overview:                                                         The pair remains bid toned for the fifth day in a row expanding its weekly highs toward the level of 0.9850, mostly driven by broad based dollar’s strength on the back of speculations of further Fed rate hike. However, franc has received some positive momentum this morning from neutral data of Swiss labor market, but downside movement range has been limited especially taking in account ignoring yesterday’s positive Swiss CPI.

 

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