Forex.ee: Daily economic news digest

Forex.ee: Daily economic news digest

6 September 2016, 13:01
EEAnalytics
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Daily economic digest from Forex.ee

Stay informed of the key economic events 

Tuesday, September 6th

 

AUD/USD

 

Current price:                                                   0.7638 (0.7%)

Session range:                                                 Open 0.7584 High 0.7656 Low 0.7580    

Latest trend:                                                     Bullish

Expected trend:                                                Bullish

Daily volatility:                                                 Moderate

Support and resistance levels:             S. 0.7540 R. 0.7648

Main drivers:                                                    US ISM Non-Manufacturing PMI, Australian GDP

Overview:                                                         Today RBA has left its cash rate flat at record low level 1.5% leaving bulls unimpressed by uneventful decision. However, the pair has performed moderate growth over the Asia as RBA in its monetary policy announcement provided traders with neutral hints of Australian economic growth. Moreover, positive data from Australian released earlier also has breathed in some bullish sentiment to the pair. Now all focus shifts to data from US that will be released in NY session and Australian GDP that will also set up further pair’s direction. But for now markets will continue to digest RBA monetary policy decision leading the pair in north direction.

 

EUR/USD

 

Current price:                                                   1.1156 (0.1%)

Session range:                                                 Open 1.1148 High 1.1159 Low 1.1140

Latest trend:                                                     Bullish

Expected trend:                                                Bullish

Daily volatility:                                                 Low

Support and resistance levels:             S. 1.1112 R. 1.1200

Main drivers:                                                    US ISM Non-Manufacturing PMI

Overview:                                                         Today the main currency pair keeps its narrow trading range of 15 pips near the mid-1.11 level. The pair has ignored lower-than-expected German data as now all traders attention shifts to ECB Interest Rate Decision scheduled for this Thursday that is limiting pairs’ volatility, as it remains key event of this week. However, euro bears stay strong lately on the back of political instability across the Eurozone as A.Merkel is suffering a defeat in regional elections with upcoming critical referendum in Italy that is impugning its EU membership.

 

USD/CAD

 

Current price:                                                   1.2900 (-0.2%)

Session range:                                                 Open 1.2930 High 1.2935 Low 1.2887

Latest trend:                                                     Bearish

Expected trend:                                                Bearish

Daily volatility:                                                 Low

Support and resistance levels:             S. 1.2853 R. 1.3031

Main drivers:                                                    US ISM Non-Manufacturing PMI

Overview:                                                         Today Canadian dollar is trading on a firm note against its American neighbor majorly underpinned by continuing rally of the crude oil price. Moreover, dollar’s sell-off across the market seen since the beginning of this week continues suppressing the pair sending it refresh 8-day low breaking the key resistance level of 1.2900. Next in focus remains BoC meeting which is expected tomorrow.

 

USD/JPY

 

Current price:                                                   103.33 (-0.1%)

Session range:                                                 Open 103.44 High 103.82 Low 103.26

Latest trend:                                                     Bearish

Expected trend:                                                Bullish

Daily volatility:                                                 Moderate

Support and resistance levels:             S. 102.58 R. 104.54

Main drivers:                                                    US ISM Non-Manufacturing PMI

Overview:                                                         Seems that the JPY bulls continue to regain lost ground in early Europe as sell-off seen behind the US dollar is pressuring on the pair. Yesterday the pair managed to erase all its post-NFP gained positions moving toward resistance level of 103.00. However, yens growth seems to be fragile as markets are still digesting dovish speech of BoJ Governor H.Kurodas of policy easing measures that is still weakening the Japanese currency. Today due to absence of fundamentals from Japanese side, the pair will keep tracing markets risky sentiments until NY session that will bring some US releases setting up pair’s short-term direction. 

 

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