Forex.ee: Daily economic news digest

Forex.ee: Daily economic news digest

24 October 2016, 12:35
EEAnalytics
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Daily economic digest from Forex.ee

Stay informed of the key economic events 

 

Monday, October 24th

 

EUR/USD

 

Current price:                                                  1,0892 (0,1%)

Session range:                                                 Open 1.0883 High 1.0894 Low 1.0859

Latest trend:                                                    Bullish

Expected trend:                                               Bullish

Daily volatility:                                                 High

Support and resistance levels:                        S. 1.0819 R. 1.0961

Main drivers:                                                   FOMC Member W.Dudley’s Speech, FOMC Member J.Bullard’s Speech

Overview:                                                        The euro is trimming losses this morning as dollar’s upward rally is losing its pace. Adding to that, upbeat preliminary           German Manufacturing PMI report seen in early Europe is also supporting common currency. Next on tap remains Eurozone preliminary PMI’s with FOMC member speeches that will be able to provide the pair with further direction during this Monday.

 

GBP/USD

 

Current price:                                                  1,2242 (0,1%)

Session range:                                                 Open 1.2228 High 1.2249 Low 1.2185   

Latest trend:                                                    Bullish

Expected trend:                                               Bullish

Daily volatility:                                                 Low

Support and resistance levels:                        S. 1.2129 R. 1.2307

Main drivers:                                                   UK CBI Industrial Trends Orders, FOMC Member W.Dudley’s Speech, FOMC Member J.Bullard’s Speech

Overview:                                                        Currently the pair is extending its recovery from overnight lows marked at 1.2185 as fresh wave of risk sentiment hits the market thereby supporting the higher-yielding UK currency. Moreover, seems that US bulls have run out of steam also granting some support to the pound. Next of note for the pair remains UK CBI Industrial Trends Orders and several Fedspeaks that could bring some impetus to the pair.

 

USD/JPY

 

Current price:                                                  103,89 (0,1%)

Session range:                                                 Open 103.84 High 104.03 Low 103.71

Latest trend:                                                    Bullish

Expected trend:                                               Bullish

Daily volatility:                                                 Low

Support and resistance levels:                        S. 103.15 R. 104.53

Main drivers:                                                   FOMC Member W.Dudley’s Speech, FOMC Member J.Bullard’s Speech

Overview:                                                        Today pair’s bears have declined all attempts of the US currency to break through the resistance level of the 104.00. Despite strong demand for the greenback and prevailing risk-on sentiments across the market bulls couldn’t take control over the pair as positive Japanese Trade Balance data witnessed this morning is supporting JPY thereby forcing the pair to erase todays tepid gains. Nothing much is scheduled in today’s data calendar so the pair will remain tracing risk sentiments for further direction.  

 

USD/CAD

 

Current price:                                                  1.3331 (0.0%)

Session range:                                                 Open 1.3328 High 1.3360 Low 1.3325

Latest trend:                                                    Bearish

Expected trend:                                               Bearish

Daily volatility:                                                 Moderate

Support and resistance levels:                        S. 1.3171 R. 1.3435

Main drivers:                                                   FOMC Member W.Dudley’s Speech, FOMC Member J.Bullard’s Speech, BoC Governor S.Poloz’s Speech

Overview:                                                        The USD/CAD pair continues to keep its firm note at the start of the week. The pair is still trading near its 7-week highs as Canadian dollar remains vulnerable to its American neighbor as downbeat data released last Friday continues to weigh Loonie, Moreover, the latest comments from BoC Governor S.Poloz that central bank was close to cut its rate also negatively affecting Canadian currency. Only secondary releases are scheduled in data calendar for today, so investors will focus their attention on the BoC Governor S.Poloz’s speech that could provide the pair with momentum later in NA session.

 


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