Daily economic digest from Forex.ee

Daily economic digest from Forex.ee

30 December 2016, 12:20

Daily economic digest from Forex.ee

Stay informed of the key economic events 


Friday, December 30th


Another surprisingly strong move was performed by the EUR/USD pair at the last working day of this year. The main currency pair witnessed a momentary spike of almost two cents refreshing its two-week highs at 1.0650 level, straight away after posting its daily lows at 1.0485 spot. However, the spike faded quickly and now the pair is consolidating part of gains in the region of 1.0530. Sharp move across the market could be explained by thin liquidity amid ongoing festive season, what makes swings like this not so unusual. Today at the last working day of this year the pair will continue to float influenced by global trading trends due to low trading activity and empty economic calendar.


This morning the USD/JPY pair fell to its two-week lows posted at 116.04 level in wake of strong dollar’s sell off seen in the pair with the euro. However, the major has managed to reverse its bearish slide and rose to 116.88 level in response to dollar’s recovery across the market. Moreover, slightly increased investors’ appetite for riskier assets is also negatively influencing the traditional safe-haven currency driving the pair away from it today’s low. At the last trading day of 2016 investors will find in calendar only second-tier data, so the pair most likely will continue to trade under the influence of US dollar’s price dynamics during this trading session.


The USD/CAD pair continues to drive in south direction for the third session in a row. Currently the pair remains in negative territory consolidating its weakness below key support 1.3500. Adding to this, better tone around oil prices is also strongly supporting commodity-linked assets, such as Loonie. However, by the time of writing the pair has managed to recover part of its loses that could be explained by broad greenback’s recovery against its major competitors. Further, traders will continue to track the USD price-actions amid lowered trading activity and empty event calendar in a pre-New-Year holiday trading session.


The USD/CHF has almost recovered from its three-week lows marked at 1.0055 spot. This morning the Swiss franc received strong correlative support from the euro forcing the USD/CHF pair to fall for almost two cents. However, the pair didn’t stay long in a red territory and has recovered most part of its losses posting its daily tops at 1.0230 level, as intensifying risk-on moods and broad based US dollar’s recovery are strongly supporting the pair. Today only secondary data reports are scheduled in economic calendar, which most likely won’t have any impact on the pair, so the USD/CHF major will continue to gain traction from global markets sentiments during the last trading session of this year.


The main events of the day:



Support and resistance levels for the major currency pairs:

EURUSD               S. 1.0374 R. 1.0550

USDJPY                 S. 115.70 R. 117.58

GBPUSD               S. 1.2180 R. 1.2314

USDCHF               S. 1.0161 R. 1.0317

AUDUSD              S. 0.7148 R. 0.7258

NZDUSD               S. 0.6893 R. 0.7003

USDCAD               S. 1.3434 R. 1.3592


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