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Tuesday, October 25th
EUR/USD
Current price: 1.0872 (-0.1%)
Session range: Open 1.0881 High 1.0887 Low 1.0866
Latest trend: Bullish
Expected trend: Bullish
Daily volatility: High
Support and resistance levels: S. 1.0840 R. 1.0920
Main drivers: US CB Consumer Confidence, ECB President M.Draghi’s Speech
Overview: Currently the EUR/USD pair remains flat trading in 20 pips narrow range in its comfort zone around 1.0880 spot. Yesterday the pair failed to break through the level of 1.0900 as several Feadspeaks provided market with fresh cues of Fed rate-hike before the end of the year thereby supporting US currency. However, yesterday’s auspicious bloc of PMIs is still supporting common currency thereby preventing pair’s sharp fall. Today center stage will take ECB Chief M.Draghi with his lecture about stability, equity, and monetary policy in Berlin during NA session.
GBP/USD
Current price: 1.2223 (-0.1%)
Session range: Open 1.2239 High 1.2240 Low 1.2210
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 1.2160 R. 1.2286
Main drivers: US CB Consumer Confidence, BoE Governor M.Carney’s Speech
Overview: The British pound remains capped in its narrow range of 20 pips this morning despite broadly based dollar’s strength. Seems that the pair has stuck near the level of 1.2230 as several hawkish speeches of the FOMC members have raised expectations of this year Fed rate hike. However, the ongoing demand for higher-yielding assets coupled with decreasing worries around “hard Brexit” are supporting sterling lately. Nevertheless, today’s speech of BoE Governor M.Carney about the economic consequences of the Brexit will be able to bring some volatility around the sterling and crash pair’s narrow range.
USD/JPY
Current price: 104.43 (0.2%)
Session range: Open 104.17 High 104.50 Low 104.13
Latest trend: Bullish
Expected trend: Bullish
Daily volatility: Low
Support and resistance levels: S. 1.2160 R. 1.2286
Main drivers: US CB Consumer Confidence
Overview: Seems that US bulls have regained a smile after short consolidative phase seen in Asia. Now the pair is eyeing to retake its key resistance level of 104.50 as traders have started to price-in next Fed hawkish move after most of the FOMC members had stated that they are expecting to rise rates this year. Moreover, ongoing risk-on sentiment is additionally weighing on Japanese currency last days. Looking ahead, the pair will remain tracing risk trend until CB Consumer Confidence hits the wire during NA session.
USD/CAD
Current price: 1.3333 (0.3%)
Session range: Open 1.3286 High 1.3364 Low 1.3277
Latest trend: Bearish
Expected trend: Bearish
Daily volatility: Moderate
Support and resistance levels: S. 1.3209 R. 1.3435
Main drivers: US CB Consumer Confidence
Overview: The pair has entered in consolidative phase after sharp rally triggered by BoC Governor S.Poloz, Yesterday S.Poloz stated that his latest comments of further monetary policy easing were not related to rate decrease thereby stimulating demand for Canadian currency. However, risen expectations of this year Fed rate-hike have forced the pair to retreat from its lows to its comfort zone. Expectedly the pair will continue to stay under pressure as growing prospects of this year Fed rate-hike are strongly supporting greenback. On the other hand, higher oil prices are also boosting demand for commodity-linked Loonie limiting pair’s downside traction.
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