Forex.ee: Daily economic news digest

Forex.ee: Daily economic news digest

18 October 2016, 12:10
EEAnalytics
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Daily economic digest from Forex.ee

Stay informed of the key economic events 

 

Tuesday, October 18th

 

GBP/USD

 

Current price:                                                  1.2246 (0.5%)

Session range:                                                 Open 1.2184 High 1.2274 Low 1.2176   

Latest trend:                                                    Bullish

Expected trend:                                               Bearish

Daily volatility:                                                 High

Support and resistance levels:                        S. 1.2106 R. 1.2274

Main drivers:                                                   UK CPI, US CPI

Overview:                                                        The greenback is losing its bullish momentum across the board as market is still digesting yesterday’s tepid US macroeconomic data allowing the pair to build some recovery during Asia. Moreover, seems that fears of a ‘hard Brexit’ are slowly cooling-off thereby bringing relief to UK’s currency. Today, center stage will take UK consumer price index which expectedly will show that cost of living ticked higher.

 

EUR/USD

 

Current price:                                                 1.1014 (0.1%)

Session range:                                                 Open 1.0999 High 1.1027 Low 1.0995

Latest trend:                                                    Bullish

Expected trend:                                               Bearish

Daily volatility:                                                 High

Support and resistance levels:                        S. 1.0946 R. 1.1034

Main drivers:                                                   US CPI

Overview:                                                        The euro/dollar consolidates above key level of 1.1000 amid broadly based USD selling pressure. The euro has managed to build some recovery this morning as the greenback remains weaker today amid worse-than-expected yesterday’s data releases. Next in focus remains US inflation report that will be eagerly watched for fresh clues regarding further Fed rate-hike.

 

NZD/USD

 

Current price:                                                  0.7196 (0.9%)

Session range:                                                 Open 0.7133 High 0.7199 Low 0.7128

Latest trend:                                                    Bullish

Expected trend:                                               Bearish

Daily volatility:                                                 Moderate

Support and resistance levels:                        S. 0.7052 R. 0.7221

Main drivers:                                                   US CPI

Overview:                                                        The NZD/USD cross extends its growth seen since the beginning of the week refreshing its 7-day highs near 0.7200 region. The kiwi has performed 50 pips jump this morning majorly reacting on better-than-expected NZ CPI report released earlier. Moreover, oil and metals’ prices are also showing moderate growth thereby supporting commodity-linked NZ dollar.

 

AUD/USD

 

Current price:                                                  0.7679 (0.7%)

Session range:                                                 Open 0.7628 High 0.7692 Low 0.7624

Latest trend:                                                    Bullish

Expected trend:                                               Bearish

Daily volatility:                                                 Moderate

Support and resistance levels:                        S. 0.7565 R. 0.7690

Main drivers:                                                   US CPI

Overview:                                                        The Aussie performs significant upsurge move refreshing to its two-week highs marked near the region of 0.77 in Asia reacting on RBA meeting minutes’ outcome and Governor P.Lowe’s comments. RBA’s Governor noted that AUD current level is suitable for the further economic growth. Moreover, higher commodity prices are also supporting resource-linked Australian currency lately extending its bullish momentum for a fifth-day. Now all focus shifts to US CPI report, while Chinese GDP scheduled on next Asia will also bring some impetus for the major.


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