Forex.ee: Daily economic news digest

Forex.ee: Daily economic news digest

5 September 2016, 12:44
EEAnalytics
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Daily economic digest from Forex.ee

Stay informed of the key economic events 

Monday, September 5th

 

GBP/USD

 

Current price:                                                   1.3300 (0.0%)

Session range:                                                 Open 1.3300 High 1.3329 Low 1.3290

Latest trend:                                                     Bullish

Expected trend:                                                Bullish

Daily volatility:                                                 Low

Support and resistance levels:             S. 1.3198 R. 1.3398

Main drivers:                                                    UK Services PMI

Overview:                                                                           Currently the pound is trading on a firm note against American currency on the back of broadly based dollars’ sell-off seen after poor data from US labor market released last Friday. However, talks around further Fed rate-hike have limited pairs rally, sending it back to the region of 1.3300 spot. Today traders will closely watch for UK Services PMI, taking into account that both previous manufacturing and construction PMIs’ have showed positive data.

 

EUR/USD

 

Current price:                                                   1.1177 (0.2%)

Session range:                                                 Open 1.1156 High 1.1183 Low 1.1152

Latest trend:                                                     Bullish

Expected trend:                                                Bullish

Daily volatility:                                                 Low

Support and resistance levels:             S. 1.1083 R. 1.1287

Main drivers:                                                    EU Services PMI, EU Retail Sales

Overview:                                                         The pair is running in a calm mode at the start of this week slowly reclaiming its positions. Last Friday after poor NFP data the pair has refreshed its 5-day highs at 1.1252 spot but spike was faded quickly as The Goldman Sachs Group moved up the probability of September’s Fed rate-hike to 55% forcing the pair to lose all gained positions. Today the pair will witness thin trading range as Canadian and US markets are closed due to celebrating Labor Day.

 

USD/JPY

 

Current price:                                                   103.39 (-0.6%)

Session range:                                                 Open 104.09 High 104.13 Low 103.28

Latest trend:                                                     Bearish

Expected trend:                                                Bearish

Daily volatility:                                                 Moderate

Support and resistance levels:             S. 102.16 R. 105.20

Main drivers:                                                    None

Overview:                                                         The pair came under fresh selling pressure at the start of this week and now is trading near the level of 103.50 as dollar is still weak after poor NFP figure provided last Friday. However, today yen will continue to experience bearish pressure as new wave of risk-on sentiments and dovish comments from BoJ Governor H.Kuroda are suppressing Japanese currency. Today the volatility level will likely remain at low level as US market is closed in observance of Labor Day.

 

USD/CHF

 

Current price:                                                   0.9784 (-0.2%)

Session range:                                                 Open 0.9803 High 0.9809 Low 0.9772

Latest trend:                                                     Bearish

Expected trend:                                                Bearish

Daily volatility:                                                 Moderate

Support and resistance levels:             S. 0.9705 R. 0.9865      

Main drivers:                                                    None

Overview:                                                         Today US currency continues to lose positions against Swiss franc as dollar is performing its price corrections after disappointing US jobs report, seen last Friday. However, gains after NFP rally were quickly erased after Fed’s member J.Lacker hawkish comments. Today in light of lack of momentum the pair will remain influenced majorly by global markets’ sentiment.

 

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