Forex.ee: Daily economic news digest

Forex.ee: Daily economic news digest

7 November 2016, 12:09
EEAnalytics
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Daily economic digest from Forex.ee

Stay informed of the key economic events 

 

 Monday, November 7th

 

According to the latest polls H.Clinton is back in the lead as FBI has cleared Democratic candidate form recently reopened H.Clinton’s email case. The FBI has noted that the email case is nothing more than carelessness, but not the criminal case. That comments have triggered a new buying wave of the greenback across the market this Monday as less than two days remain until we find out who will be next president of US. Nothing as much important as US presidential elections is scheduled in event calendar for this week, so market participants will stay watching for the latest developments surrounding US political situation.

 

The US dollar regains pace at the start of this week as markets moved past mixed US jobs data and now are eagerly eyeing on developments around US presidential elections. Last Friday US economy has shown hesitant results of the NFP. Nevertheless, traders’ reaction wasn’t so negative as US labor market for the two previous months has shown more positive results restraining dollar’s fall. However, the latest developments around US election are driving the greenback higher against its major peers, as H.Clinton again is getting ahead in US election race.

 

Last weekend OPEC Secretary-General M.Barkindo has noted that Russia shares OPEC's intentions of arranging the control over the oil production question thereby majorly supporting oil prices coupled with resource-linked currencies such as CAD and Aussie. However, M.Barkindo refused to disclose any further details on the same.

 

Revival of H.Clinton’s leadership in election race has caused risk appetite expansion during Monday’s Asia. Safe-haven currencies such as Japanese yen and Swiss franc have ticked to its weekly lows against its American peer. Since economic calendar contains only secondary tier data, today main drivers for the market will remain risk-on sentiment and not less important US dollar’s dynamic.

 

The main events of the day:

EU Retail Sales – 12.00 (+2 GMT)

Eurogroup Meetings – 15.00 (+2 GMT)

 

Support and resistance levels for the major currency pairs

EURUSD         S. 1.1059 R. 1.1181

USDJPY           S. 102.56 R. 103.60

GBPUSD          S. 1.2398 R. 1.2616

USDCHF         S. 0.9627 R. 0.9783

AUDUSD        S. 0.7628 R. 0.7718

NZDUSD         S. 0.7281 R. 0.7361

USDCAD         S. 1.3334 R. 1.3448




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