Daily economic digest from Forex.ee
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Tuesday, November 1st
EUR/USD
Current price: 1.0994 (0.1%)
Session range: Open 1.0980 High 1.0996 Low 1.0957
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 1.0913 R. 1.1023
Main drivers: UK Manufacturing PMI, US ISM Manufacturing PMI
Overview: The pair enters Europe in positive note. However, the euro’s attempts to break through key resistance level remain capped as ongoing speculations of H.Clinton’s win in presidential elections are strongly supporting US dollar. Moreover, according to the latest statistics the probability of this year Fed rate-hike has ticked up to 72.5% that also provides the dollar with significant support lately. Nothing much is scheduled in EU data calendar, so the major will stay at the mercy of sentiments around US dollar until ISM Manufacturing PMI will grab traders’ attention in NA session.
AUD/USD
Current price: 0.7668 (0.8%)
Session range: Open 0.7608 High 0.7678 Low 0.7597
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 0.7567 R. 0.7639
Main drivers: UK Manufacturing PMI, US ISM Manufacturing PMI
Overview: A fresh buying wave gripped the Aussie following the announcement of RBA of leaving rates on hold. The Aussie grew up to its 4-day highs after RBA left its interest rate flat at 1.50% level. Moreover, RBA’s positive sentiment around Australian inflation growth level coupled with neutral Rate Statement that has faded market participants’ hopes of further monetary policy easing also have underpinned Australian currency. Additionally, positive Chinese manufacturing PMI contributed to Aussie’s growth as China remains main trading partner of Australia. As RBA decision is out of the way traders will focus on US ISM Manufacturing PMI that will set up further major’s direction.
USD/JPY
Current price: 104.92 (0.1%)
Session range: Open 104.82 High 105.13 Low 104.66
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 103.94 R. 105.66
Main drivers: UK Manufacturing PMI, US ISM Manufacturing PMI
Overview: The market is showing mixed sentiments after BOJ’s status quo on its interest rate during its monetary policy review meeting in Asia. The dollar/yen dipped to its daily lows after BOJ has left its cash rate on the same level. However, the pair reversed part of its losses as BOJ Governor H.Kuroda showed readiness to expand monetary policy easing program to achieve inflation target level. Looking ahead, the market will stay digesting the latest developments around BOJ while US economy will provide market with ISM Manufacturing PMI for fresh impetus later in NA session.
GBP/USD
Current price: 1.2253 (0.1%)
Session range: Open 1.2243 High 1.2281 Low 1.2210
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 1.2105 R. 1.2315
Main drivers: UK Manufacturing PMI, US ISM Manufacturing PMI
Overview: The pound remains firmer against its American peer today finding some support in BoE Governor M.Carney’s announcement that he will stay in the chair of BoE Governor until 2019. However, continuing speculations of Fed rate-hike by the end of this year coupled with upcoming US election will continue to drive the pair in mid-term perspective. Next on tap remains UK Manufacturing PMI while US will also provide the market with crucial macroeconomic data later in NA session.
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