Daily economic digest from Forex.ee

Daily economic digest from Forex.ee

17 January 2017, 12:27

Daily economic digest from Forex.ee

Stay informed of the key economic events 


Tuesday, January 17th


Wave of selling pressure on the USD against its main competitors approached the market this Tuesday, helping the EUR/USD pair to refresh its daily highs on 1.0672 spot. Moreover, seems that pair’s rally is still full of steam, despite upcoming UK Prime Minister’s speech. Meanwhile, heavy data session is scheduled for this Tuesday, with ZEW Economic Sentiments for Germany and euroland. However, any sharp movements on the pair will be limited, as market’s participants most likely will prefer to stay out of making any important trading decisions ahead of key event of this day –UK Prime Minister Theresa May’s speech.


Today the pound corrects higher against its American peer, allowing the GBP/USD to step above the level of 1.21, as sharp sell-off around the greenback navigates the market lately. Currently the pair GBP/USD is trading around 1.2127 level with its daily tops, posted at 1.2138, recovering significant part of its positions, lost after strong bearish gap, backed by weekend comments of UK PM T.May. Meanwhile, the immediate focus now remains on a flurry of macro releases from the UK economy, scheduled on Europe. However, expectedly that British data won’t bring strong impetus to the pair, as traders refrain from placing any directional bets on the Sterling, as we move closer to the most awaited event of this Tuesday - UK PM T.May’s speech, that will shed a light on further Brexit developments.


Yen’s bulls have managed to keep control over the dollar/yen pair for the seventh consecutive session. At the moment of writing the pair was trading at 113.03 level, remaining within striking distance of its daily lows on the back of aggressive sell-off around the US dollar. Moreover, the yen was able to benefit from prevalent risk-off sentiments, as broadly based hard Brexit fears have gripped the market. Only secondary US data releases are scheduled for the pair on this Tuesday, so the major will continue to trace global market’s sentiments and RO-RO trends to determine its further direction.


The US dollar extends it overnight bearish rally into Europe, allowing the USD/CAD pair to refresh its daily lows in the region of 1.3066.  Currently the major remains within striking distance of its daily lows, giving away all yesterday’s positions and limiting any greenback’s attempts to recover. Moreover, better tone around oil prices, seen lately, is additional supporting the CAD. Nothing much is scheduled in data docket of this Tuesday, so the pair will stay influenced by strong global market’s sentiments during this trading session.


The main events of the day:

UK CPI – 11.30 (GMT +2)

German ZEW Economic Sentiment – 12.00 (GMT +2)

UK Prime Minister T.May’s speech – 13.45 (GMT +2)


Support and resistance levels for the major currency pairs:

EURUSD               S. 1.0548 R. 1.0686

USDJPY                 S. 112.87 R. 114.92

GBPUSD               S. 1.1938 R. 1.2188

USDCHF               S. 1.0037 R. 1.0160

AUDUSD              S. 0.7433 R. 0.7548

NZDUSD               S. 0.7037 R. 0.7213

USDCAD               S. 1.3063 R. 1.3228


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