Forex.ee: Daily economic news digest

Forex.ee: Daily economic news digest

23 August 2016, 12:31
EEAnalytics
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Daily economic digest from Forex.ee

Stay informed of the key economic events 

Tuesday, August 23rd  

 

EUR/USD

 

Current price:                                                   1.1339 (0.2%)

Session range:                                                 Open 1.1320 High 1.1356 Low 1.1312

Latest trend:                                                     Bullish

Expected trend:                                                Bullish

Daily volatility:                                                 High

Support and resistance levels:             S. 1.1247 R. 1.1367

Main drivers:                                                    US New Home Sales

Overview:                                                         Today the pair continues its bullish momentum witnessed since the beginning of this week bouncing off yesterday’s low marked at 1.1271 spot as ahead of upcoming Fed Chair J.Yellen’s speech that brings cautious sentiment across the market. Moreover, today the pair has received additional upside momentum from positive preliminary German Manufacturing PMI sending euro to the mid-level of 1.13.

 

GBP/USD

 

Current price:                                                   1.3190 (0.4%)

Session range:                                                 Open 1.3136 High 1.3211 Low 1.3128    

Latest trend:                                                     Bullish

Expected trend:                                                Bullish

Daily volatility:                                                 Low

Support and resistance levels:             S. 1.2985 R. 1.3231

Main drivers:                                                    UK CBI Industrial Trends Orders, US New Home Sales

Overview:                                                         Yesterday the market ignored fresh headlines from UK about upcoming invoke of Article 50 already in April that will end up Britain’s membership in EU. Moreover, the pair is expanding its upside momentum getting closer to its last week highs as market remains very cautious regarding US dollar ahead of Chair of the Fed’s Board J.Yellen’s speech scheduled later this week which expectedly will provide fresh cues of further Fed rate-hike.

 

 

USD/CAD

 

Current price:                                                   1.2912 (-0.3%)

Session range:                                                 Open 1.2946 High 1.2951 Low 1.2884

Latest trend:                                                     Bearish

Expected trend:                                                Bullish

Daily volatility:                                                 Moderate

Support and resistance levels:             S. 1.2833 R. 1.3021

Main drivers:                                                    US New Home Sales

Overview:                                                         Currently the USD/CAD is retreating from its five-day tops witnessed near the level of 1.2965 as the US dollar is extending its corrective move against its Canadian neighbor. However, softer oil prices are limiting pair’s downside move today sending lower commodity linked Canadian dollar.

 

NZD/USD

 

Current price:                                                   0.7326 (0.8%)

Session range:                                                 Open 0.7268 High 0.7341 Low 0.7266

Latest trend:                                                     Bullish

Expected trend:                                                Bearish

Daily volatility:                                                 Moderate

Support and resistance levels:             S. 0.7173 R. 0.7341

Main drivers:                                                    US New Home Sales

Overview:                                                         Kiwi is still keeping its bullish trend on the back of the broad based US dollar’s weakness currently trading near the level of its two-week high at this Tuesday. Moreover, the pair was additionally boosted after RBNZ Governor G.Wheeler’s hawkish comments that rejected market’s expectations of further economy easing by the central bank of New Zealand.

 

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