Daily economic digest from Forex.ee
Stay informed of the key economic events
Tuesday, May 9th
The EUR/USD pair was consolidating its yesterday’s drop during the Asian trading session, having stepped away from its half-year highs, posted at 1.1022 spot. As E.Macron’s win on the French election was a done deal and had already been fully priced in, the pair met fresh offers at the start of this week, losing more than a cent since yesterday’s tops. Pair’s drop can be mainly attributed to improvement in prospects of Fed rate-hike in June, which is remaining as a key driver across the market, thereby supporting the US dollar against its main competitors for the last 2 days. Today Eurozone will release only secondary data reports during European hours, while the US will provide the market with JOLT’s Job Openings data, that will bring some impetus to the pair during NA session.
The AUD/USD pair stuck near its 4-month lows, as the Aussie remains under pressure as of late. The pair came under strong selling pressure this morning after Australian economy once again disappointed the market with awful macro data, sending the pair to the region of 0.7350. Moreover, renewed weakness in copper is additionally weighing commodity linked assets, such as Australian currency. Adding to that, the greenback continues to build some recovery for the second session in a row, thereby collaborating with pair’s bearish trend. Looking ahead, another data quiet session approached the market this Tuesday, so the pair will continue to trace global market’s trend during this Tuesday.
The GBP/USD pair stalled its bullish momentum in early Europe, triggered by positive UK fundamentals, reversing most part its positions, recovered during the Asian trading session. Seems that the US dollar continues to extend its upside correction across the market on the back of increased odds of a June Fed rate hike, sending the GBP/USD pair to refresh its daily lows at 1.2932 spot. Expectedly that talks about Fed’s economic tightening measures will continue to drive the market for a while, however, the main focus now remains on this week's major risky events, that are scheduled on this Thursday and which should assist investors to determine pair's next leg of directional move. But now traders’ attention shifts toward the US fundamental report from the labor market, that expectedly will be able to bring fresh trading opportunities during NA session.
The Bitcoin is showing abnormally fast growing pace for the last few days due to wider acceptance in the world. Today the Bitcoin once again refreshed its tops at its record high level of 1695.00. Cryptocurrency’s rally can be majorly attributed acknowledgment in Japan the use of the electronic payment systems, as Japan’s government officially allowed retailers to accept payments in digital form. Adding to that, Russia and India have also lifted restrictions on the use of electronic payment systems, that significantly boosted Bitcoin’s north directed rally. Recently capitalization of the Bitcoin crossed the mark of 23 billion US dollars.
The main events of the day:
US JOLT’s Job Openings – 17.00 (GMT +3)
Support and resistance levels for the major currency pairs:
EURUSD S. 1.0847 R. 1.1059
USDJPY S. 112.08 R. 113.88
GBPUSD S. 1.2893 R. 1.3011
USDCHF S. 0.9823 R. 1.0073
AUDUSD S. 0.7348 R. 0.7442
NZDUSD S. 0.6856 R. 0.6970
USDCAD S. 1.3598 R. 1.3780
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
