Forex.ee: Daily economic news digest

Forex.ee: Daily economic news digest

2 November 2016, 12:42
EEAnalytics
0
13

Daily economic digest from Forex.ee

Stay informed of the key economic events 

 

Wednesday, November 2nd

 

EUR/USD

 

Current price:                                                 1.1077 (0.2%)

Session range:                                                 Open 1.1055 High 1.1100 Low 1.1049

Latest trend:                                                    Bullish

Expected trend:                                               Bearish

Daily volatility:                                                 Low

Support and resistance levels:                        S. 1.0918 R. 1.1136

Main drivers:                                                   German Unemployment Change, US ADP Nonfarm Employment Change, Fed Interest Rate Decision

Overview:                                                        The pair is showing significant increase lately, erasing the most part of October’s losses and moving toward crucial resistance level of 1.1100. According to the latest polls D.Trump is getting into a lead in presidential election race vs. H.Clinton after recently reopened investigation of H.Clinton’s email is boosting major sell-off of US dollar. Next on tap remain several local EU manufacturing PMIs with German data from labor market that will provide fresh impetus to the major in Europe, while FOMC meeting should grab all the attention later in the NA session.

 

GBP/USD

 

Current price:                                                  1.2270 (0.2%)

Session range:                                                 Open 1.2242 High 1.2285 Low 1.2220   

Latest trend:                                                    Bullish

Expected trend:                                               Bearish

Daily volatility:                                                 Low

Support and resistance levels:                        S. 1.2167 R. 1.2317

Main drivers:                                                   UK Construction PMI, US ADP Nonfarm Employment Change, Fed Interest Rate Decision

Overview:                                                        The pair remains in its consolidative phase witnessed in Asia as bulls and bears are fighting for control over the pair. Uncertainty seen around the US elections is shrinking risk appetite weakening higher-yielding assets such as GBP, on the other hand growing chances of D.Trump’s win in the US presidential elections are boosting sell-off seen around US dollar. Even so, seems that pound’s bulls have appeared slightly stronger as M.Carney’s decision to keep BOE Governor’s chair is still supporting UK’s currency. Today the main risk event remains the Fed decision that will follow UK Construction PMI and US ADP Nonfarm Employment Change scheduled for Europe.

 

NZD/USD

 

Current price:                                                  0.7258 (1.0%)

Session range:                                                 Open 0.7182 High 0.7260 Low 0.7180

Latest trend:                                                    Bullish

Expected trend:                                               Bearish

Daily volatility:                                                 Low

Support and resistance levels:                        S. 0.7129 R. 0.7284

Main drivers:                                                   US ADP Nonfarm Employment Change, US Crude Oil Inventories Fed Interest Rate Decision

Overview:                                                        New Zealand’s economy shows great results this morning extending NZD/USD’s consecutive growth for the forth session in a row. The major keeps growing above the level of 0.7200 this morning as NZ Employment Change has shown strong demand in labor market thereby supporting the Kiwi. However, persisting broadly based risk-off sentiment coupled with RBNZ rate cut expectations are limiting pairs upside traction. Now focus shifts to data from US labor market and weekly EIA report of crude oil inventories while center stage today will take Fed Interest Rate Decision followed by FOMC Statement during NA session.

 

USD/JPY

 

Current price:                                                  103.46 (-0.7%)

Session range:                                                 Open 104.15 High 104.18 Low 103.44

Latest trend:                                                    Bearish

Expected trend:                                               Bearish

Daily volatility:                                                 Low

Support and resistance levels:                        S. 103.03 R. 105.67

Main drivers:                                                   US ADP Nonfarm Employment Change, Fed Interest Rate Decision

Overview:                                                        The dollar/yen pair has dipped to the monthly lows breaking through the 104.00 support level. Moreover, seems that descending rally is not over yet as D.Trump is taking a lead in election race adding offered tone around the greenback and boosting broadly based risk-off sentiment thereby supporting yen’s safe-haven currency status. In the day ahead, FOMC statement will take center stage bringing cautious sentiments across the market and muting part volatility.



The best conditions for making a start on STP only at Forex.ee! 
Register an account now

and feel the difference from the first trade!

 

Your European ECN-broker,

Forex.ee

Share it with friends: