Daily economic digest from Forex.ee

Daily economic digest from Forex.ee

20 February 2017, 12:11

Daily economic digest from Forex.ee

Stay informed of the key economic events 


Monday, February 20th  


The euro failed several attempts to recover against its American peer in Asia and now is trading just a few pips above the level 1.06. Today slightly better sentiments around the US currency are weighing the pair, capping EUR/USD near 1.0615 level and driving it away from its overnight peaks, marked at 1.0633 spot. Moreover, positive German PPI data, seen in early european session, also couldn’t bring any bullish impetus to the pair. At the start of this week economic calendar remains absolutely empty, while the US market will stay closed today in observance of Presidents' Day, thereby leaving the pair at the mercy of USD price dynamics.


Today the AUD/USD pair has managed to regain a smile, reversing part of its losses, after two consecutive sessions of decline. Currently the pair is trading within striking distance of its daily highs, marked at 0.7690, despite minor recovery of the US dollar. Seems that Australian bulls are back in business driving the pair in north direction, as higher commodities, especially copper and oil, are significantly supporting Aussie this Monday. Today the pair will continue to follow global market’s sentiments amid thin trading volumes, as the US is celebrating Presidents' Day this Monday.


The dollar is trading on a firm note today, allowing the USD/JPY pair to step back above the level 113, after three consecutive south-directed sessions. Seems that US bulls have regained a smile this Monday, after crucial events on the US political field, seen last week. Moreover, weak Japanese Trade Balance data, released in Asia, are also collaborating with pair’s recent recovery. However, today any sharp movements are not expected, as trading volumes will remain thin in wake of President’s day holiday in the US. Nothing much is scheduled in data calendar for this Monday, so the pair will continue to trace global market’s sentiments to determine its further direction.


The GBP/USD pair is building some gains this Monday, correcting higher after sharp losses, seen last week. Currently the pair is trading near 1.2430, however, any recovery of the pair remains fragile, as the House of Lords will debate on UK PM May’s Brexit plan due later in the week. Looking ahead, the US market is closed today in observance of Presidents’ Day, while data calendar will also keep silence this Monday, leaving the major under the influence of global market’s trend.


The main events of the day:

United States - Presidents' Day

Canada - Family Day


Support and resistance levels for the major currency pairs:

EURUSD               S. 1.0558 R. 1.0702

USDJPY                 S. 112.08 R. 113.86

GBPUSD               S. 1.2311 R. 1.2557

USDCHF               S. 0.9940 R. 1.0074

AUDUSD              S. 0.7621 R. 0.7733

NZDUSD               S. 0.7150 R. 0.7234

USDCAD               S. 1.3024 R. 1.3158

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