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Friday, January 13th
Yesterday the GBP/USD pair fell for about 150 points, stepping back to its red zone, located near mid-point of 1.21. Seems that pound bulls have regained control over the pair, allowing it to refresh its daily tops at 1.2220, as US dollar’s corrective momentum has run out of steam. However, any pair’s positive moves remain fragile, as shadow of “hard Brexit” continues weighing on the GBP without taking into account recent positive UK economic results. Currently the pair is running in a bullish mode near the level of 1.2215, while today’s data calendar contains releases only from US economy due later during NA session.
Today the EUR/USD is gaining positions after minor downslide from its recent maximums. Yesterday the main currency pair picked up some bearish momentum, as the greenback rose higher against its main competitors after significant rally, triggered by disappointing president-elect D.Trump’s speech. However, Fed Chairwoman J.Yellen was unable to bring any support to the US currency, as she refused to give comments about economic and political outlooks, noting only that Fed’s focus now remains on unemployment level and inflation rate. Next of note remains data bloc from the US economy with Retail Sales and PPI reports, while EU docket stays absolutely empty on this Friday.
The Aussie is showing one of the best performances at the end of this week significantly outperforming its American counterpart. The AUD/USD major is keeping its bullish trend for the fifth consecutive session closely eyeing on its key resistance located at 0.75. However, lower-than-expected Chinese Trade Balance and weaker commodities’ prices forced the pair to step back from its today’s highs, posted at 0.7508. Currently the pair is trading at 0.7496 spot, eagerly awaiting for US macro updates, with key focus on the PPI and Core Retail Sales, that will be released during NY session.
The dollar/yen pair has erased is overnight gains unable to sustain its growth above the level 115. Currently the pair is trading at 114.57 level, refreshing its daily lows, as wave of risk-off sentiments, backed by weak results of the Chinese Trade Balance approached the market this morning. Moreover, seems that US dollar’s corrective slide has run out of steam for the time being, collaborating to the pair's reversal from session peak marked at 115.18. Now focus shifts to US macro releases that would be able to bring some fresh short-term trading opportunities for the traders.
The main events of the day:
US Core Retail Sales – 15.30 (GMT +2)
US PPI – 15.30 (GMT +2)
US Retail Sales – 15.30 (GMT +2)
Support and resistance levels for the major currency pairs:
EURUSD S. 1.0509 R. 1.0735
USDJPY S. 112.89 R. 116.41
GBPUSD S. 1.2046 R. 1.2374
USDCHF S. 1.0012 R. 1.0196
AUDUSD S. 0.7389 R. 0.7565
NZDUSD S. 0.6999 R. 0.7195
USDCAD S. 1.2964 R. 1.3272
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