Forex.ee: Daily economic news digest

Forex.ee: Daily economic news digest

26 October 2016, 13:50
EEAnalytics
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Daily economic digest from Forex.ee

Stay informed of the key economic events 

 

Wednesday, October 26th  

 

EUR/USD

 

Current price:                                                 1.0932 (0.4%)

Session range:                                                 Open 1.0888 High 1.0927 Low 1.0874

Latest trend:                                                    Bullish

Expected trend:                                               Bullish

Daily volatility:                                                 High

Support and resistance levels:                        S. 1.0827 R. 1.0965

Main drivers:                                                   US New Home Sales

Overview:                                                        The euro/dollar cross has recovered from overnight lows and refreshed its daily tops above the level of 1.0900 despite upbeat sentiment around US currency. Seems that dollar is back on the horse showing minor recovery against its major peers on Wednesday. However, euro’s funding currency status is supporting the pair last hours as shrinking risk appetite is boosting safe-haven assets. Today amid data-light calendar only US New Home Sales would be able to set up short distance direction for the pair.

 

AUD/USD

 

Current price:                                                  0.7675 (0.6%)

Session range:                                                 Open 0.7646 High 0.7711 Low 0.7627

Latest trend:                                                    Bullish

Expected trend:                                               Bearish

Daily volatility:                                                 High

Support and resistance levels:                        S. 0.7564 R. 0.7694

Main drivers:                                                   US New Home Sales, US Crude Oil Inventories

Overview:                                                        The Aussie remains one of the best performers of the week spiking the level of 0.7700 with 50 pips candle after auspicious inflation figure seen in Asia. This positive data from Australia could stop RBA of further monetary policy easing especially after recent disappointing data bloc from Australian labor market. However, the pair failed to sustain above the level of 0.7700 as renewed demand for US dollar is weighing the pair. Today USD dynamics and oil price movements will remain as key drivers until US economy releases data from housing market and Crude Oil Inventories which will determine further pairs direction.

 

GBP/USD

 

Current price:                                                  1.2175 (-0.1%)

Session range:                                                 Open 1.2189 High 1.2192 Low 1.2155

Latest trend:                                                    Bullish

Expected trend:                                               Bearish

Daily volatility:                                                 Moderate

Support and resistance levels:                        S. 1.2010 R. 1.2332

Main drivers:                                                   US New Home Sales

Overview:                                                        The pound remains defensive so far since the beginning of the week. Yesterday the GBP/USD performed U-turn once again refreshing its 2-week lows below the level of 1.2100. However, after facing strong support near the region of 1.2080 the pair performed solid comeback. After that, the pair came under renewed selling pressure reacting on the latest talks of UK Chancellor P.Hammond of expanding monetary policy easing program. Moreover, buying interest of US dollar will also negatively influence the pair restricting its recovery.

 

NZD/USD

 

Current price:                                                  0.7175 (0.2%)

Session range:                                                 Open 0.7163 High 0.7184 Low 0.7146

Latest trend:                                                    Bullish

Expected trend:                                               Bullish

Daily volatility:                                                 Low

Support and resistance levels:                        S. 0.7084 R. 0.7212

Main drivers:                                                   US New Home Sales, US Crude Oil Inventories

Overview:                                                        The Kiwi remains weaker against its American counterpart unable to benefit from strong Australian CPI. Growing expectations of RBNZ cash rate cut and renewed bid tone around US dollar remain as key factors that are pushing the pair in south direction. Next on tap for the pair remain US New Home Sales with weekly Crude Oil Inventories lined up on NA session and NZ Trade Balance is expected to be released during next Asia.



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