Forex.ee: Daily economic news digest

Forex.ee: Daily economic news digest

26 August 2016, 12:01
EEAnalytics
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Daily economic digest from Forex.ee

Stay informed of the key economic events 

Friday, August 26th  

 

EUR/USD

 

Current price:                                                   1.1287 (0.0%)

Session range:                                                 Open 1.1285 High 1.1310 Low 1.1278

Latest trend:                                                     Bullish

Expected trend:                                                Bullish

Daily volatility:                                                 Moderate

Support and resistance levels:             S. 1.1242 R. 1.1318

Main drivers:                                                    US prelim. GDP, Fed Chair J.Yellen Speech

Overview:                                                         Today the pair is showing very low volatility as markets are frozen in front of main risky event of this week - J.Yellen’s speech. Currently market participants are refraining from opening new positions as J.Yellen’s speech at the economic Symposium, held in Jackson Hole expectedly will provide massive rally today in NY session. Markets are expecting that Fed Chairwoman will shed the light on broadly exciting question of this year - Fed rate-hike. Amid data light calendar from Euroland and lack of momentum the euro/dollar pair will get some correlative sentiment from crosses with pound as Britain will announce preliminary GDP report today.

 

GBP/USD

 

Current price:                                                   1.3222 (0.2%)

Session range:                                                 Open 1.3191 High 1.3234 Low 1.3185    

Latest trend:                                                     Bullish

Expected trend:                                                Bullish

Daily volatility:                                                 Low

Support and resistance levels:             S. 1.3112 R. 1.3300

Main drivers:                                                    UK prelim. GDP, US prelim. GDP, Fed Chair J.Yellen Speech

Overview:                                                         The pair has managed to regain positive mood as now all eyes are focused on Fed Chair J.Yellen’s comments due later today that insignificantly suppressing the dollar. Today UK also will provide important data that will be closely watched. However, expected that Britain’s GDP will provide limited reaction across the market as traders are staying cautious ahead of Jackson Hole Symposium that most likely will entail the main market movements of this day.

 

USD/JPY

 

Current price:                                                   100.44 (-0.1%)

Session range:                                                 Open 100.52 High 100.60 Low 100.38

Latest trend:                                                     Bearish

Expected trend:                                                Bearish

Daily volatility:                                                 Low

Support and resistance levels:             S. 100.17 R. 100.79

Main drivers:                                                    US prelim. GDP, Fed Chair J.Yellen Speech

Overview:                                                         The upcoming J.Yellen’s speech is boosting risk aversion sentiments thereby bringing demand to safe-haven currency such as yen, sending the pair is the red zone. Today amid absence of fundamentals from Japanese side and increased nervousness across the market the pair will stay in the mercy of risk sentiments until main event of the week.

 

NZD/USD

 

Current price:                                                   0.7322 (0.3%)

Session range:                                                 Open 0.7301 High 0.7327 Low 0.7297

Latest trend:                                                     Bullish

Expected trend:                                                Bullish

Daily volatility:                                                 Moderate

Support and resistance levels:             S. 0.7258 R. 0.7356

Main drivers:                                                    US prelim. GDP, Fed Chair J.Yellen Speech

Overview:                                                         Today the kiwi is trading on a firm note against its American counterpart breaking through the level of 0.7300.  The pair has regained its upside momentum on the back of better oil price seen during Asian session and weaker US dollar as uncertainty around upcoming J.Yellen’s is suppressing US currency. 

 

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