Daily economic digest from Forex.ee

Daily economic digest from Forex.ee

10 January 2017, 12:33

Daily economic digest from Forex.ee

Stay informed of the key economic events 


Tuesday, January 10th


Today the GBP/USD pair continues to stay pressured despite broadly weakened sentiments around the greenback. Currently the pair continues to wobble in the region of its multi-month lows near the mid-point of 1.21 consolidating its yesterday’s sharp slump backed by UK PM T.May’s comments that re-emerged “hard-Brexit” fears. Even more, growing market’s expectations of potential consequences of “hard Brexit” scenario have overshadowed latest UK’s positive economic results forcing the pair to lose more than three cents since Friday’s tops. Today the major will continue to follow broad market sentiments and US dollar’s dynamics, as only JOLT’s Job Openings will be able to bring impetus to the pair.


Seems that the AUD/USD pair has lost its bullish momentum, although broad sell-off of the buck continues to influence the market. At the moment of writing the major was trading on the level of 0.7360, stepping down from its overnight highs posted at 0.7384 spot, as Australian Retail Sales and Chinese CPI seen this morning missed market’s expectations. However, better tone around commodities, such as oil and copper prices, has limited pair’s fall. Today traders will stay focused on JOLT’s Job Openings, that remains the only first-tier data scheduled for this trading session.


Today the euro remains bullish against its American counterpart as strong sell-off around the greenback continues to drive the market. However, having faced resistance at 1.0627 level, the pair stepped lower to the region of 1.06 amid minor dollar’s correction against basket of its major peers. Moreover, ongoing euro’s rally in the pair with the pound also continues to underpin EUR/USD. Looking ahead, today USD dynamics will remain as a key driver for the major amid data quiet session, as only JOLT’s Job Openings will be released during NA session.


The dollar/yen pair has managed to bounce-off today’s lows posted at 115.20 spot, but still remaining weak as USD bears refuse to give up. Today the pair continues to expand its bearish trend for the second session in a row as sell-off in the US dollar is still full of steam. Moreover, broad risk aversion sentiments, triggered by weak Chinese data, are also supporting yen’s safe-haven status lately. Nothing much is scheduled in data calendar for this Tuesday, so the pair will follow broad market’s moods to determine its further direction during this day.


The main events of the day:

JOLT’s Job Openings – 17.00 (GMT +2)


Support and resistance levels for the major currency pairs:

EURUSD               S. 1.0482 R. 1.0626

USDJPY                 S. 114.92 R. 118.10

GBPUSD               S. 1.2038 R. 1.2332

USDCHF               S. 1.0107 R. 1.0219

AUDUSD              S. 0.7252 R. 0.7424

NZDUSD               S. 0.6914 R. 0.7082

USDCAD               S. 1.3149 R. 1.3309

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