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Monday, November 14th
The USD continues to show moderate growing pace across the market majorly supported by post-election sentiments. Trump’s win in the US elections continues to drive the market as now investors are awaiting for fresh stimulus of economic growth. D.Trump during his election campaign has made several announcements that imply tax cuts and increased spending on infrastructure. However, Trump’s announcements bring little of clarity on how such programs will be financed.
The euro remains extremely weak at the start of this week expanding its downside rally against American peer. Currently the EUR/USD pair keeps moving in north direction for the sixth session in a row losing more than 300 pips and reaching the lowest level of 1.0728 last seen since January, 2016. Pair’s downside rally is majorly explained by broadly based dollar’s strength triggered by last week’s crucial events. For today US data calendar remains empty while speech of the ECB Governor M.Draghi will grab all traders attention. However, clip of macroeconomic releases that will be able to set up pair’s direction in the short-term perspective remains full for this week
New Zealand is suffering from numerous earthquake attacks happened this morning. Today the market was shocked by the news from New Zealand that natural disaster has hit the country and because of which NZ officials are issuing flood warnings. However, the NZD/USD pair shows minor reaction on the latest news as Kiwi remains week after RBNZ cut its interest rate last week. Moreover, post-election demand for the US dollar and downbeat Chinese data additionally are landing bearish pressure on the pair. Today headlines of the latest situation in NZ will remain as a key driver for the pair.
Today the yen is following global markets sentiment and is losing points vs. its American counterpart. Currently the dollar/yen is consolidating its tops at mid-107 level that is the highest level since June, 2016. Moreover, seems that yen bulls have mostly ignored positive flash Japanese GDP released this morning showing zero reaction. Today the pair will continue following USD dynamic as both dockets remain eventless.
The main events of the day:
Speech by ECB President M.Draghi – 17.00 (GMT +2)
Speech by FOMC Member R.Kaplan – 20.20 (GMT +2)
Support and resistance levels for the major currency pairs:
EURUSD S. 1.0775 R. 1.0961
USDJPY S. 105.62 R. 107.42
GBPUSD S. 1.2451 R. 1.2747
USDCHF S. 0.9804 R. 0.9928
AUDUSD S. 0.7462 R. 0.7670
NZDUSD S. 0.7020 R. 0.7270
USDCAD S. 1.3421 R. 1.3605
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