Forex.ee: Daily economic news digest

Forex.ee: Daily economic news digest

4 October 2016, 12:44
EEAnalytics
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Daily economic digest from Forex.ee

Stay informed of the key economic events 

 

Tuesday, October 4th  

 

GBP/USD

 

Current price:                                                  1.2773 (-0.5%)

Session range:                                                 Open 1.2842 High 1.2861 Low 1.2756   

Latest trend:                                                    Bearish

Expected trend:                                               Bearish

Daily volatility:                                                 Low

Support and resistance levels:                        S. 1.2737 R. 1.2997

Main drivers:                                                   UK Construction PMI, FOMC Member J.Lacker’s Speech.

Overview:                                                        The pound is experiencing strong selling pressure since the start of this week following the latest comments of PM of UK T.May noting that Article 50 could be invoked by the end of the March, 2017. Currently the pair is losing almost two cents since this Monday continuing its downside rally and breaking post-Brexit lows under the crucial support level of 1.2800. Moreover, stronger positions seen behind the dollar are additionally boosting pound bears as market is still digesting yesterday’s strong US manufacturing PMI figures. Traders now await for UK Construction PMI which could bring some relief to the pair supporting bulls by positive data.

 

EUR/USD

 

Current price:                                                 1.1174 (-0.3%)

Session range:                                                 Open 1.1211 High 1.1217 Low 1.1165

Latest trend:                                                    Bearish

Expected trend:                                               Bearish

Daily volatility:                                                 Low

Support and resistance levels:                        S. 1.1158 R. 1.1258

Main drivers:                                                   FOMC Member J.Lacker’s Speech

Overview:                                                        The euro remains vulnerable against its major counterpart so far. Currently the pair is extending its Monday’s downside rally as the buying interest around US currency is gathering pace. The dollar continues to keep its firmer note as markets are still digesting better-than expected US manufacturing PMI, which is rising chances of this year Fed rate hike. Today in absence of crucial releases the pair will stay under influence of global market’s sentiment and the latest news about Deutsche bank situation.

 

USD/JPY

 

Current price:                                                  102.37 (0.7%)

Session range:                                                 Open 101.64 High 102.49 Low 101.56

Latest trend:                                                    Bullish

Expected trend:                                               Bearish

Daily volatility:                                                 Low

Support and resistance levels:                        S. 100.96 R. 102.83

Main drivers:                                                   FOMC Member J.Lacker’s Speech

Overview:                                                        The dollar/yen pair is gathering its bullish momentum hitting two-week highs on the back of risk hunger triggered by the latest developments around Brexit. Today the pair is extending its north directed rally for the sixth day in a row breaking through the level of 102.00. Moreover, auspicious US economy results released yesterday are also supporting the pair. Today, strong risk appetite will remain as the key driver for the pair amid data light calendar.

 

AUD/USD

 

Current price:                                                  0.7656 (-0.2%)

Session range:                                                 Open 0.7673 High 0.7691 Low 0.7647

Latest trend:                                                    Bearish

Expected trend:                                               Bearish

Daily volatility:                                                 Moderate

Support and resistance levels:                        S. 0.7623 R. 0.7705

Main drivers:                                                   FOMC Member J.Lacker’s Speech

Overview:                                                        Australian interest rate remained flat at its lowest level of 1.5% leaving bulls unimpressed with RBA’s decision. As it was expected the RBA has left its interest rate flat noting that the rate will remain unchanged until the economy will achieve the inflation target. Today the pair will remain directionless as market is still digesting the latest monetary policy decision. Nothing much is scheduled in today’s data calendar except FOMC Member J.Lacker’s speech and Australian Retail Sales that are expected in early Asian session.


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