Daily economic digest from Forex.ee

Daily economic digest from Forex.ee

13 March 2017, 12:16
EEAnalytics
0
28

Daily economic digest from Forex.ee

Stay informed of the key economic events 

 

Monday, March 13th

 

The EUR/USD pair eases from its daily highs, marked above the level of 1.07, after significant rally, performed despite better than expected Friday’s jobs report. Dollar’s weakness can be explained by the fact that market participants had already priced in positive numbers of NFP, while hourly wages came out below estimates. On the other hand, further pair’s growth looks fragile, as better-than-expected Payrolls once again showed green light for March Fed rate hike. Moreover, increased odds for M.Le Pen’s win at French election race are weighing the common currency, as Le Pen’s win in elections might lead to France’s exit from the EU. Today all eyes will be focused on ECB President M.Draghi’s speech, while main risk event of this week remains the FOMC decision, scheduled on Wednesday.

 

The buying interest around the GBP/USD pair has been intensified this morning amid softer tone around the greenback. Seems that American bulls remained unimpressed by Friday’s data from US labor, allowing the pair to correct higher above the level 1.22. However, ongoing uncertainty surrounding the Brexit process is suppressing pound’s further growth. Nothing much is scheduled in today’s docket, so traders will continue closely watching developments surrounding the Brexit process, while USD price dynamics will also be able to provide the pair with some impetus.

 

The dollar/yen extends its Friday’s corrective bearish slide, as softer tone around the greenback continues to drive the market this Monday. Currently the pair is trading around 114.60 level, as NFP, witnessed at the end of the last week, failed to stir up US bulls, allowing the pair to step back from its seven-week highs, posted at 115.50 spot. Moreover, market’s participants remained indifferent to mixed data from Japan, as cautious sentiments are gathering pace across the market ahead of the FOMC decision, forcing traders to lock-in some profits. Today the US data calendar will remain silent, so the pair will continue to trace global markets sentiments during this Monday.

 

The USD/CAD pair consolidates part of its Friday’s huge drop, based on positive data from Canadian labor market. Additionally, traders are closing dollar’s longs, taking some profits off the table ahead of key event of this week, thereby supporting pair’s bearish trend. Also, mild correction around oil prices, seen this morning, is supporting commodity linked Looney. Looking ahead, the calendar remains relatively empty at the start of the week, so USD price actions will continue to determine pair’s further direction. 

 

The main events of the day:

ECB President M.Draghi’s Speech – 15.30 (GMT +2)

 

Support and resistance levels for the major currency pairs:

EURUSD               S. 1.0519 R. 1.0775

USDJPY                 S. 114.10 R. 115.82

GBPUSD               S. 1.2106 R. 1.2214

USDCHF               S. 1.0050 R. 1.0164

AUDUSD              S. 0.7473 R. 0.7589

NZDUSD               S. 0.6864 R. 0.6976

USDCAD               S. 1.3372 R. 1.3560



The best conditions for making a start on STP only at Forex.ee! 
Register an account now

and feel the difference from the first trade!

 

Your European ECN-broker,

Forex.ee



Share it with friends: