Forex.ee: Daily economic news digest

Forex.ee: Daily economic news digest

19 September 2016, 12:42
EEAnalytics
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Daily economic digest from Forex.ee

Stay informed of the key economic events 

Monday, September 19th

 

EUR/USD

 

Current price:                                                   1.1156 (0.0%)

Session range:                                                 Open 1.1156 High 1.1174 Low 1.1152

Latest trend:                                                     Bearish

Expected trend:                                                Bearish

Daily volatility:                                                 Low

Support and resistance levels:             S. 1.1084 R. 1.1284

Main drivers:                                                    None

Overview:                                                         Currently the pair is retreating from its daily top posted at 1.1173 spot as markets are still digesting Friday’s strong US figures. However, the American dollar remains highly pressured today despite positive US CPI data as the probability of Fed rate hike this Wednesday is only 12%, while chances of rate hike in December remain under 50%. Today amid absence of releases from Euroland, the pair will follow the global market sentiments that are driven lately by expectations of Fed Interest Rate decision.

 

GBP/USD

 

Current price:                                                   1.3059 (0.4%)

Session range:                                                 Open 1.3001 High 1.3062 Low 1.2997

Latest trend:                                                     Bullish

Expected trend:                                                Bearish

Daily volatility:                                                 High

Support and resistance levels:             S. 1.2829 R. 1.3329

Main drivers:                                                    None

Overview:                                                         The GBP/USD pair is performing moderate recovery move after refreshing its monthly lows under the resistance level of 1.3000. Today the pound is showing minor recovery as traders are performing profit-taking actions after significant Friday’s down surge triggered by “dovish” comments of UK finance minister that Britain may give up on possibility to access the EU market in order to achieve immigration restrictions. Today in absence of fundamental drivers the pair will follow USD dynamics ahead crucial FOMC meeting on Wednesday.

 

USD/JPY

 

Current price:                                                   101.79 (-0.5%)

Session range:                                                 Open 102.15 High 102.43 Low 101.70

Latest trend:                                                     Bearish

Expected trend:                                                Bearish

Daily volatility:                                                 Moderate

Support and resistance levels:             S. 101.38 R. 102.90

Main drivers:                                                    None

Overview:                                                         Currently the yen is trading modestly flat consolidating its gains near the level of 102.00 vs. American currency, as dollar is broadly weaker this morning after Friday’s rally. Looking ahead, the most significant events of this week remain BOJ and Fed monetary policy decisions scheduled for this Wednesday. There were a lot of rumors lately that Japanese central bank will cut down its interest rate, but in its turn Fed expectedly will leave its rate flat amid of streak of recent downbeat US fundamentals. Moreover, today Japanese market remains silent on the occasion of Respect for the Aged Day, leaving the pair in mercy of global market sentiments.

 

AUD/USD

 

Current price:                                                   0.7548 (0.8%)

Session range:                                                 Open 0.7481 High 0.7551 Low 0.7478

Latest trend:                                                     Bullish

Expected trend:                                                Bearish

Daily volatility:                                                 High

Support and resistance levels:             S. 0.7446 R. 0.7570

Main drivers:                                                    RBA Meeting Minutes

Overview:                                                         Today the aussie is trading on a firm note against its American counterpart reaching its five-day top at 0.7551 spot supported by a pullback in the US currency across the board. Expectedly the major will keep its bullish tone today as higher commodity prices seen lately with shrinking expectations of any action from the Fed are majorly supporting the pair. Next on tap for the pair remains RBA Meeting Minutes coming later in Asia. 

 

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