Daily economic digest from Forex.ee
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Wednesday, August 10th
USD/CAD
Current price: 1.3070 (-0.4%)
Session range: Open 1.3119 High 1.3126 Low 1.3051
Latest trend: Bearish
Expected trend: Bullish
Daily volatility: Moderate
Support and resistance levels: S. 1.3057 R. 1.3219
Main drivers: OPEC Monthly Report, JOLTs Job Openings, US Crude Oil Inventories
Overview: The pair is expanding its lows for the third day majorly driven by oil price recovery that supports commodity linked Canadian dollar. Today market participants will closely watch for OPEC Monthly Report expecting to find there any cues of further oil output freeze. However, the main event for the pair remains US Crude Oil Inventories.
EUR/USD
Current price: 1.1144 (0.2%)
Session range: Open 1.1116 High 1.1157 Low 1.1110
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: Moderate
Support and resistance levels: S. 1.1051 R. 1.1155
Main drivers: JOLTs Job Openings
Overview: The dollar has lost its Friday’s Payrolls boost and now is experiencing major sell-off across the market as latest US Nonfarm Productivity has shown negative figure for a third straight quarter allowing the pair to break through the level of 1.1100. Today Euroland’s data-free calendar will leave the pair’s direction at global markets sentiment mercy.
AUD/USD
Current price: 0.7699 (0.3%)
Session range: Open 0.7672 High 0.7708 Low 0.7661
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: Moderate
Support and resistance levels: S. 0.7595 R. 0.7725
Main drivers: JOLTs Job Openings
Overview: Seems that US currency is losing a grip against its major peers after yesterday’s US Nonfarm Productivity report that has shown unexpected decline for the third time in a row. Currently the pair is posting moderate gains ignoring latest RBA Governor G. Stevens comments provided this morning that inflation might keep its low rate that eventually will lead to further monetary policy easing.
USD/JPY
Current price: 101.49 (0.4%)
Session range: Open 101.88 High 101.99 Low 101.12
Latest trend: Bearish
Expected trend: Bearish
Daily volatility: Moderate
Support and resistance levels: S. 101.32 R. 102.80
Main drivers: JOLTs Job Openings
Overview: The major is performing a minor recovery from this day lows marked at 101.12 as renewed optimism in Asian equity market is cooling off the risk-off sentiments thereby ceasing the safe-haven bids for the yen. However, the pair is still trading in a red zone as broad based US dollar’s weakness with positive data from Japan continue to drive the pair. Nothing important is scheduled for the pair until Friday, so the major will follow markets global risk sentiment.
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