Daily economic digest from Forex.ee

Daily economic digest from Forex.ee

28 March 2017, 12:19
EEAnalytics
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Daily economic digest from Forex.ee

Stay informed of the key economic events 

 

Tuesday, March 28th 

 

The EUR/USD pair stepped down from its four-month highs, posted yesterday at 1.0906 mark, and now is trading in the region of 1.0860 in response to dollar’s attempts to correct its positions against major rivals and improved demand for higher-yielding assets. Yesterday the main currency pair received strong support from better-then-expected German data, however, the main reason of yesterday’s growth of the euro was US dollar’s weakness. Today amid data quiet calendar from Eurozone the pair will continue to trace sentiments around the US currency, while US CB Consumer Confidence and Fed Chair J.Yellen’s speech will also provide some short-term impetus to the pair.

 

The GBP/USD pair came out of its consolidation phase and slumped to its daily lows, marked at 1.2539, in early Europe in wake of greenback’s attempts to recover some ground. However, improved risk appetite is boosting demand for higher-yielding currencies this Tuesday such, as the GBP. On the other hand, better risk tone won’t last long, as the market is turning cautious ahead of historic triggering of Article 50, that could set up a course for the pound in mid-term projection. For today the UK docket remains absolutely empty, so traders will set up their focus on US fundamentals and several Fedspeaks, that are scheduled on NA session.

 

The USD/JPY pair bounced off its four-month lows, marked yesterday at 110.11 spot, amid broad risk reset. However, the dollar is still remaining weak, as traders continue to digest recent healthcare bill failure in the Congress, offered by US president, that fueled concerns surrounding D.Trump’s ability to fulfill his promises. Today USD price dynamics and RO-RO trend will remain as key drivers for the pair during this trading session, while US fundamentals and Fed Chairwoman J.Yellen’s speech, scheduled on NA trading session, will also be able to provide investors with some short-term trading opportunities.

 

The AUD/USD pair extends its bearish run for the sixth consecutive session despite broadly offered tone around the greenback. Yesterday the Aussie came under selling pressure, as strong risk aversion gripped the market, leaving AUD/USD pair resilient to US dollar’s weakness. Moreover, seems that Australian bulls are still out of steam this Tuesday, as ongoing weakness in copper prices is negatively influencing the pair, while minor risk recovery is limiting Aussie’s losses. Looking ahead, today the US economy will provide the market with CB Consumer Confidence report, while Fed Chair J.Yellen will deliver her speech in NY afternoon.

 

The main events of the day:

US CB Consumer Confidence – 17.00 (GMT +2)

BoC Governor S.Poloz’s speech – 17.10 (GMT +2)

Fed Chair J.Yellen’s speech – 19.50 (GMT +2)

 

Support and resistance levels for the major currency pairs:

EURUSD               S. 1.0782 R. 1.0946

USDJPY                 S. 109.66 R. 111.54

GBPUSD               S. 1.2418 R. 1.2684

USDCHF               S. 0.9772 R. 0.9936

AUDUSD              S. 0.7584 R. 0.7664

NZDUSD               S. 0.6993 R. 0.7091

USDCAD               S. 1.3283 R. 1.3449



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