Forex.ee: Daily economic news digest

Forex.ee: Daily economic news digest

28 October 2016, 12:51
EEAnalytics
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Daily economic digest from Forex.ee

Stay informed of the key economic events 

 

Friday, October 28th

 

EUR/USD

 

Current price:                                                 1.0910 (0.1%)

Session range:                                                 Open 1.0896 High 1.0926 Low 1.0893

Latest trend:                                                    Bullish

Expected trend:                                               Bullish

Daily volatility:                                                 Low

Support and resistance levels:                        S. 1.0846 R. 1.0966

Main drivers:                                                   US prelim. GDP

Overview:                                                        The euro recovers smile against its American peer this morning and finally breaks above the level of 1.0900. One of the reasons of pair’s positive mood remains small dollar’s correction after yesterday growth. Today center stage for the major currency pair will take flash US GDP report that also will bring fresh insight on Fed meeting results scheduled for December. But Fed’s decision could move both ways as US election results, domestic macro data and world events could still influence US economy.

 

GBP/USD

 

Current price:                                                  1.2176 (0.1%)

Session range:                                                 Open 1.2164 High 1.2190 Low 1.2152   

Latest trend:                                                    Bullish

Expected trend:                                               Bearish

Daily volatility:                                                 Low

Support and resistance levels:                        S. 1.2072 R. 1.2312

Main drivers:                                                   US prelim. GDP

Overview:                                                        The pound once again is losing points against its American counterpart remaining capped under 1.2200 level. Yesterday on the back of the positive UK GDP results the pair refreshed its weekly highs in 1.2250 region. However, the major has slipped to mid-1.21 level as auspicious US Pending Home Sales have increased chances of Fed’s potential hawkish move. Expectedly today the main driver for the pair will remain USD-dynamics as the pound is still vulnerable to any “Brexit” headlines coupled with empty UK’s docket.

 

USD/JPY

 

Current price:                                                  105.24 (0.0%)

Session range:                                                 Open 105.27 High 105.43 Low 105.05

Latest trend:                                                    Bullish

Expected trend:                                               Bullish

Daily volatility:                                                 Low

Support and resistance levels:                        S. 103.91 R. 106.03

Main drivers:                                                   US prelim. GDP

Overview:                                                        Speaking of yen, the USD/JPY pair it is still keeping bullish trend flirting with three-month highs at 105.35 level. Pair’s growth is majorly based on increasing odds of Fed rate-hike by the end of this year which is significantly boosting US currency. Moreover, the US bulls remain underpinned as market is still digesting yesterday’s strong data from US housing market despite upbeat Japanese CPI figures. Today the pair will remain driven by Fed hike prospects as only US GDP is scheduled for the pair that could influence Fed’s decision.

 

AUS/USD

 

Current price:                                                  0.7585 (0.0%)

Session range:                                                 Open 0.7588 High 0.7610 Low 0.7563

Latest trend:                                                    Bullish

Expected trend:                                               Bearish

Daily volatility:                                                 High

Support and resistance levels:                        S. 0.7536 R. 0.7678

Main drivers:                                                   US prelim. GDP

Overview:                                                        The Aussie catches new selling wave extending its bearish trend into Europe fueled by weak Australian data seen this morning. Additionally, the downside momentum also is driven by broadly strengthened US dollar’s positions after yesterday positive results from US housing market. Looking ahead, today market participants will focus their attention on another crucial data report from US economy – preliminary quarter GDP for fresh cues regarding next Fed’s rate step.



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