Forex.ee: Daily economic news digest

Forex.ee: Daily economic news digest

1 September 2016, 12:34
EEAnalytics
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Daily economic digest from Forex.ee

Stay informed of the key economic events 

Thursday, September 1st

 

GBP/USD

 

Current price:                                                   1.3141 (0.0%)

Session range:                                                 Open 1.3137 High 1.3156 Low 1.3128    

Latest trend:                                                     Bullish

Expected trend:                                                Bearish

Daily volatility:                                                 Low

Support and resistance levels:             S. 1.3024 R. 1.3268

Main drivers:                                                    UK Manufacturing PMI, US ISM Manufacturing PMI

Overview:                                                         Despite that the pound is still growing against its American peer, pair’s bullish impetus is running of steam forcing the pair to consolidate near mid-1.3100 level. Moreover, upcoming UK Manufacturing PMI is also taking away part of volatility as traders are staying vigilant expecting to see growth in activity level of purchasing managers in the manufacturing sector despite Brexit-vote outcome.

 

 

EUR/USD

 

Current price:                                                   1.1133 (-0.2%)

Session range:                                                 Open 1.1157 High 1.1167 Low 1.1127

Latest trend:                                                     Bearish

Expected trend:                                                Bearish

Daily volatility:                                                 Low

Support and resistance levels:             S. 1.1105 R. 1.1191

Main drivers:                                                    US ISM Manufacturing PMI

Overview:                                                         The pair is retreating from its daily highs witnessed at 1.1166 spot keeping its calm mood. However, the euro is not giving up today, recovering moderate part of its overnight losses especially looking at dollar’s bid tone on the back of positive data from labor and housing markets showed yesterday. Currently the market is not showing any significant moves as traders are staying alert ahead of German and Eurozone Manufacturing PMI coming up in early Europe.

 

USD/JPY

 

Current price:                                                   103.55 (0.1%)

Session range:                                                 Open 103.42 High 103.66 Low 103.05

Latest trend:                                                     Bullish

Expected trend:                                                Bearish

Daily volatility:                                                 Moderate

Support and resistance levels:             S. 102.58 R. 103.94

Main drivers:                                                    US ISM Manufacturing PMI

Overview:                                                         The pair is extending its growth for a sixth session in a row once again refreshing its monthly highs near the level of 103.60. The yen remains under selling pressure as ongoing talks about further monetary easing by the BoJ continue to weigh the currency of Japan. Moreover, the pair is strongly supported today by expectations of crucial Non-Farm Payrolls scheduled for this Friday, which will help market participants to determine next Fed monetary policy move. Today in view of Japanese data light calendar the pair most likely will stay under shrinking risk appetite as traders will stay cautions in anticipation of key risk event of this week limiting pairs upside momentum.

 

AUD/USD

 

Current price:                                                   0.7533 (0.2%)

Session range:                                                 Open 0.7517 High 0.7550 Low 0.7512

Latest trend:                                                     Bullish

Expected trend:                                                Bullish

Daily volatility:                                                 Moderate

Support and resistance levels:             S. 0.7470 R. 0.7556

Main drivers:                                                    US ISM Manufacturing PMI

Overview:                                                         The aussie is extending its recovery from yesterday lows last seen since August 2. The Australian dollar, often used as a proxy of China-related trades, received its upside impetus after China has provided market with positive Manufacturing PMI this morning, while Australian dataflow has indicated not so confident results restricting pair’s gains. 

 

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