Forex.ee: Daily economic news digest

Forex.ee: Daily economic news digest

7 September 2016, 12:35
EEAnalytics
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Daily economic digest from Forex.ee

Stay informed of the key economic events 

Wednesday, September 7th

 

EUR/USD

 

Current price:                                                   1.1245 (-0.1%)

Session range:                                                 Open 1.1255 High 1.1266 Low 1.1233

Latest trend:                                                     Bearish

Expected trend:                                                Bearish

Daily volatility:                                                 Moderate

Support and resistance levels:             S. 1.1097 R. 1.1341

Main drivers:                                                    US JOLTs Job Openings

Overview:                                                         Currently the pair is consolidating its gains earned after poor American fundamentals and is trading around flat line near the level of 1.1250. The euro bears have ignored today’s negative German Industrial Production data as US dollar is still suffering from broadly based sell-off seen since the beginning of this week. However, the pair has lost its upside momentum today facing resistance at 1.1260 as speculation about Fed interest rate-hike in this year have limited pairs growth.

 

AUD/USD

 

Current price:                                                   0.7659 (-0.4%)

Session range:                                                 Open 0.7687 High 0.7691 Low 0.7651

Latest trend:                                                     Bearish

Expected trend:                                                Bearish

Daily volatility:                                                 High

Support and resistance levels:             S. 0.7544 R. 0.7758

Main drivers:                                                    US JOLTs Job Openings

Overview:                                                          Today the pair has refreshed its daily lows at 0.7653 spot after Australia had printed lower-than-expected GDP report. However, Australian dollar is still trading on a firm note against its American counterpart reaching its two-week high at 0.7688 spot as markets are still digesting positive assessment of the economic growth provided yesterday by RBA in its statement. Moreover, the aussie bulls were rescued today by higher commodity prices such as oil and copper that are supporting resource-linked Australian dollar.

 

USD/JPY

 

Current price:                                                   101.54 (-0.5%)

Session range:                                                 Open 102.01 High 102.15 Low 101.20

Latest trend:                                                     Bearish

Expected trend:                                                Bullish

Daily volatility:                                                 High

Support and resistance levels:             S. 100.70 R. 104.46

Main drivers:                                                    US JOLTs Job Openings

Overview:                                                         Seems that the yen is consolidating its positions gained against American currency forcing the pair to keep its range near two-week lows posted recently at 101.20 spot. Today dollars bulls are extremely weak as downbeat US fundamentals are dropping a shadow on this year Fed rate-hike thereby suppressing American currency. Today amidst lack of fundamentals from Japanese side, the pair most likely will seek for momentum in global risk sentiment during Europe.

 

GBP/USD

 

Current price:                                                   1.3406 (-0.2%)

Session range:                                                 Open 1.3439 High 1.3443 Low 1.3401

Latest trend:                                                     Bearish

Expected trend:                                                Bearish

Daily volatility:                                                 High

Support and resistance levels:             S. 1.3245 R. 1.3543

Main drivers:                                                    UK Manufacturing Production, Speech of BoE Gov Carney, US JOLTs Job Openings

Overview:                                                          Currently the pair is keeping silence ahead of UK fundamentals. Seems that the pair has suspended its growth for the first time after five sessions of consecutive increment but still is keeping its range above the level of 1.3400. Yesterday on the back of poor American fundamentals, the pair refreshed its two-month highs at 1.3445 spot. Moreover, recently showed auspicious results from UK economy coupled with settled dust around Brexit concerns are forcing the pound to gain more than 4 cents since the beginning of August. 

 

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