Forex.ee: Daily economic news digest

Forex.ee: Daily economic news digest

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

Stay informed of the key economic events 

Tuesday, August 30th

 

EUR/USD

 

Current price:                                                   1.1168 (-0.2%)

Session range:                                                 Open 1.1189 High 1.1193 Low 1.1155

Latest trend:                                                     Bearish

Expected trend:                                                Bullish

Daily volatility:                                                 Moderate

Support and resistance levels:             S. 1.1136 R. 1.1234

Main drivers:                                                    US CB Consumer Confidence

Overview:                                                         Currently the common currency is still losing positions against its American counterpart, sliding down for nearly 200 pips since Friday Fed Chairwoman J.Yellen’s hawkish speech at Jackson Hole Symposium. Furthermore, fresh wave of speculations around this year Fed rate-hike is supporting further growth of the American currency across the board. 

 

USD/CAD

 

Current price:                                                   1.3042 (0.3%)

Session range:                                                 Open 1.3011 High 1.3049 Low 1.3009    

Latest trend:                                                     Bullish

Expected trend:                                                Bearish

Daily volatility:                                                 Low

Support and resistance levels:             S. 1.2952 R. 1.3076

Main drivers:                                                    Canadian RMPI, US CB Consumer Confidence

Overview:                                                         Today the Canadian dollar has failed to get upside momentum from better oil prices as possibility of this year Fed rate-hike is still supporting American currency. Seems that USD buying interest is gaining pace led by increased talks around this year Fed rate-hike after Friday’s hawkish speech of Fed Chair J.Yellen. Now all focus shifts to key event of this week – NFP scheduled for this Friday.

 

USD/JPY

 

Current price:                                                   102.29 (0.4%)

Session range:                                                 Open 101.91 High 102.46 Low 101.75

Latest trend:                                                     Bullish

Expected trend:                                                Bullish

Daily volatility:                                                 Moderate

Support and resistance levels:             S. 101.47 R. 102.61

Main drivers:                                                    US CB Consumer Confidence

Overview:                                                         Today the pair has reclaimed its yesterday’s highs above the level of 102 despite positive dataflow from Japanese market. The dollar/yen pair has managed to perform minor price corrective actions during Asian session, but fresh wave of risk appetite coupled with broadly based dollar’s strength have forced the pair to refresh its daily highs.

 

 

AUD/USD

 

Current price:                                                   0.7550 (-0.3%)

Session range:                                                 Open 0.7569 High 0.7582 Low 0.7542

Latest trend:                                                     Bearish

Expected trend:                                                Bearish

Daily volatility:                                                 Moderate

Support and resistance levels:             S. 0.7501 R. 0.7615

Main drivers:                                                    US CB Consumer Confidence, Australian ANZ Business Confidence

Overview:                                                         Today Aussie is losing its upside momentum and retreating to its daily lows near 0.7500 spot ignoring positive report of Australian Building Approvals released this morning. In fact, renewed selling pressure is explained by the fact that markets are still digesting fresh cues of this year rate-hike provided by J.Yellen in her speech at Jackson Hole Symposium. Moreover, lower gold price witnessed this morning is additionally suppressing Australian dollar’s commodity-linked currency status. 

 

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