Forex.ee: Daily economic news digest

Forex.ee: Daily economic news digest

7 October 2016, 12:53
EEAnalytics
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Daily economic digest from Forex.ee

Stay informed of the key economic events 

 

Friday, October 7th

 

GBP/USD

 

Current price:                                                  1.2453 (-1.3%)

Session range:                                                 Open 1.2615 High 1.2625 Low 1.1991

Latest trend:                                                    Bearish

Expected trend:                                               Bullish

Daily volatility:                                                 Low

Support and resistance levels:                        S. 1.2399 R. 1.2715

Main drivers:                                                   UK Manufacturing Production, US Nonfarm Payrolls, US Unemployment Rate

Overview:                                                        The pound is consolidating part of its unseen drop of 5 figures. Today in the mid-Asia the GBP/USD pair fell from 1.2610 to its record lows of 1.1991 and there are no direct cues on what caused this collapse. Some analytics believe that it is market’s reaction on French President F.Hollande comments regarding Brexit negotiations, some others think that “Fat finger” or crash in bank liquidity system could cause this type of consequences. But for sure it became possible only after T.May comments of “hard Brexit” that had triggered major sell-off of the pound. Currently the GBP/USD pair is trading near mid-1.24 level partially recovering its position.

 

EUR/USD

 

Current price:                                                  1.1124 (-0.2%)

Session range:                                                 Open 1.1150 High 1.1153 Low 1.1104

Latest trend:                                                    Bearish

Expected trend:                                               Bearish

Daily volatility:                                                 Low

Support and resistance levels:                        S. 1.1095 R. 1.1241

Main drivers:                                                   US Nonfarm Payrolls, US Unemployment Rate

Overview:                                                        The EUR/USD pair has followed global markets sentiment and hit its two-month lows at 1.1100 region. Currently euro remains in its bearish trend majorly led by strong demand for US currency triggered by massive dollar’s upsurge in cross with GBP. Moreover, ongoing speculations of a stronger-than-expected NFP are also supporting USD this Friday. However, the downside of the pair remains limited as euro also has refreshed its 7-year highs in cross with pound thereby preventing further drop in the pair.

 

USD/JPY

 

Current price:                                                  103.88 (-0.1)

Session range:                                                 Open 103.94 High 104.04 Low 103.53

Latest trend:                                                    Bearish

Expected trend:                                               Bullish

Daily volatility:                                                 Moderate

Support and resistance levels:                        S. 103.00 R. 104.64

Main drivers:                                                   US Nonfarm Payrolls, US Unemployment Rate

Overview:                                                        The yen has erased its recovery led by pound’s-crash and now again is eyeing on its yesterday’s highs in the region of 104.00. However, after wave of nervousness triggered by pounds huge drop the pair met fresh bids as BOJ Governor H. Kuroda provided markets with fresh portion of dovish comments regarding Japanese monetary policy. Now focus shifts to the much awaited US Nonfarm Payrolls lending some support to the safe-haven currencies such as Japanese yen.

 

USD/CHF

 

Current price:                                                  0.9816 (0.1%)

Session range:                                                 Open 0.9809 High 0.9834 Low 0.9800

Latest trend:                                                    Bearish

Expected trend:                                               Bullish

Daily volatility:                                                 High

Support and resistance levels:                        S. 0.9702 R. 0.9870

Main drivers:                                                   US Nonfarm Payrolls, US Unemployment Rate

Overview:                                                        Today the US dollar is trading on a firm note against its Swiss counterpart. The dollar remains well bid across the market lately on the expectations of a stronger NFP report coupled with sharp cable’s fall of 6%. Furthermore, weaker-than-expected Swiss CPI and positive US Initial Jobless Claims released on Thursday additionally are stimulating pair’s bulls. However, the upside also remains capped on the back of expanding risk-off sentiments ahead of crucial NFP release that is lending some support to the safe-haven currency such as Switzerland’s franc.

 

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