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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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