Forex.ee: Daily economic news digest

Daily economic digest from Forex.ee


NZD/USD was pushed up today to 0.6600 level by the New Zealand PM John Key’s comment that Kiwi has fallen faster than expected. Currently the price trades at 0.6569 level. The main focus this week is on the RBNZ police meeting on Thursday and interest rate decision. Resistance is at 0.6575 level with support at 0.6535.

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Monday, August 3rd

USD/CAD was rising this morning after breaking through the important 1.3063 resistance level last Friday. The market is closely watching the current movement of this instrument as this week’s Canadian economic data and expected GDP report are likely to give a start to a new long-term trend. Consolidation of prices above 1.3063 would be a reliable signal for opening long positions. Today is a national holiday in Canada.

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Tuesday, August 4th

GBP/USD was falling yesterday despite stronger than expected manufacturing PMI data. Although, the cable climbed back above 1.5600 this morning. On the daily graph, a considerable price consolidation can be observed forming a flag figure from July 13. This means that breaking through the resistance level at 1.5693 will give a start to a new bullish trend in mid-term. The forthcoming economic data from UK will likely become the fundamental reason for either supporting this prediction or forming a turnaround. British Construction PMI is out shortly.

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Wednesday, August 5th

The Australian dollar fell despitestrong AIG Services Index and Chinese Caixin Services PMI data coming out higher than expected. This was happening amid strengthening of the dollar after broad rise of US factory orders in June and hawkish comments from Fed, implying coming close to short-term rate hikes. Currently, AUD/USD is at 0.7365, but there are no indications that lows have been reached as of now. Strong psychological support level is at 0.7006 and intraday resistance level at 0.7432.


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Thursday, August 6th

AUD/USD slips lower after mixed Australian jobs data. The pair already hit 0.7320 level and continues to lower even further, as demand for the dollar is starting to pick up after yesterday’s non-farm private employment did not reach the expected levels. . In June, Australian unemployment figure ticket up to 6.3% employment change figure was at 38.5K against the forecast of 10K. The support can be found at 0.7261. Closest resistance is located close to 0.7429.

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Friday, August 7th

EUR/USD inched up to 1.0920 extending gains of the previous session, as U.S. Treasury prices surged ahead of today’s Non-Farm Payrolls data. The single currency was relatively flat against the US dollar during the previous month and has remained below 1.10 for the last eight sessions. The pair is likely to gain support at 1.0808 (lows of July 20) and resistance at 1.1114.

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Monday, August 10th

GBP/USD keeps declining after the stress imposed by “Super Thursday” and “Super Friday”. It is clear that the bulls are lacking strength especially after breaking through the trend line formed by lows of April 13, 2015 and July 8, 2015. The current market price is 1.5479, which is very close to the support level of consolidation corridor between 1.5690 and 1.5467. The expectations are mostly bearish. This week, economists are expecting to see the data from UK on Employment and wages.

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Tuesday, August 11th

The Australian dollar fell sharply after publication of downbeat NAB Business confidence survey. The aussie lost 0.63% declining to 0.7317. Technically, AUD/USD has dropped away from the previous resistance levels it was heading to, so the new resistance levels to watch are located in between 0.7418 and 0.7437. The support is likely to be found at 0.7311.

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Wednesday, August 12th

EUR/USD is broadly up breaking through the 1.10 level. Greece has agreed on the terms of a multi-year €86 billion bailout from its international creditors, which hopefully will make it possible for the country to make the critical repayment due next week. Today, we will see euro zone’s Industrial Production data. The support and resistance levels to watch are 1.0946 and 1.1129, respectively.

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Thursday, August 13th

EUR/USD is showing correction after considerable gains of previous days when the pair managed to break through the 1.10 level to reach the highs of the month at 1.1213. One day after Greece agreed on the framework of the multiyear bailout the Greek Parliament is still expected to approve the deal. Today, German, French and Spanish CPI came out in green colour and market is expecting to see the European account of Monetary Policy Meeting in the afternoon. The pair will find support at 1.1036 and resistance at 1.1310.

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Friday, August 14th

USD/CHF struggled to rise above 0.98 level after suffering significant losses on Wednesday. Yesterday, the pair rose modestly by 0.0007 points even though Swiss PPI was showed even more considerable contraction in numbers than expected. Next week, Swiss Trade Balance data is published. Currently trading at 0.9755, the pair has immediate resistance at 0.9815 and support at 0.9697.


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Monday, August 17th

USD/JPY was weaker in Asia despite GDP data showing the economy growth contracted less than expected. This was due to the strengthening seen in dollar after upbeat data on producer prices and industrial output on Friday. The U.S. dollar index rose 0.11% to 96.71. The pair is currently erasing the morning losses changing hands at 124.39. Support can be found at 123.92, while resistance is located at 125.05.


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Tuesday, August 18th

USD/JPY is slightly down today but no major fluctuations are observed ahead of today’s news release from the United States. Ahead in the day, the market is viewing the Building Permits and Housing Starts data. Markets believe that any break below 124 level should be considered as a good buying opportunity which could once again take the pair higher to retest 125 level. The current quote is 124.30.


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Wednesday, August 19th

Japanese yen fell slightly after the country’s Adjusted Balance figure came out in red colour at -0.37T against -0.16T expected. Meanwhile, exports rose more than expected in July, while imports contracted less than predicted by economists. USD/JPY is changing hands at 124.29, which means the ongoing consolidation is still active with support and resistance levels located immediately at 124.06 and 124.60, respectively. The pair is likely to reach the 125 level if, having fallen to 124, it tests the 124.60 area.


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Thursday, August 20th

USD/CHF suffered considerable losses amid FOMC minutes not giving any clear indications on the rate hike timing. This morning, the frank was also supported by the positive Trade Balance figure from Switzerland. The pair fell below 0.97 level to its lowest since August 1 and having found support near 0.9637, rebounded to 0.9660.

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Friday, August 21st

EUR/USD surged more than 1% amid Fed rate hike uncertainty as currency traders analyze the outcome of FOMC minutes that were published on Friday. The pair traded between 1.1107 and 1.1244 on Thursday, before settling at 1.1239, which indicated a 1.08% rise. The PMI data from Europe showed stable growth and currently EUR is trading at 1.1242 against the US dollar, with support and resistance levels at 1.1119 and 1.1342, respectively. Euro zone consumer confidence is expected by economists later in the day.


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Monday, August 24th

EUR/USD is celebrating considerable gains currently trading at 1.1459. The pair is now likely to test the February highs of 1.1533, which serves as current resistance level. The moves in Euro were mostly driven by stronger demand caused by another crash in the Chinese stocks. The support can be found at 1.1308.

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Tuesday, August 25th

EUR/USD surged more than 2% amid Chinese equity sell-off. The pair reached its eight month highs at 1.1713 subsequently consolidating close to 1.1566. The U.S. dollar index fell to its lowest since January reaching the 92.54 level. Today, German GDP came out in line with expectations at 0.4%. Ahead in the day, investors are viewing CB Consumer Confidence and New Home Sales data from the US. The support and resistance can be found at 1.1437 and 1.1840, respectively.

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Wednesday, August 26th

GBP/USD is trading close to the support level located at 1.5690 with current quote 1.5697. The pair suffered considerable losses overnight and today is likely to be a volatile session with UK data coming out later today – BBA Mortgage Approvals and CBI Distributive Trades Survey figures. Technically, expectations are mostly bullish with the target set at 1.5793. If cable falls below the 1.5690 level, correction will be expected shortly.


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Thursday, August 27th

USD/JPY is up today after yesterday’s release of US news supported the greenback. Crude Oil Inventories figures came out in green colour shortly after publication of Core Durable Goods numbers, which were higher than expected at 0.6% versus 0.4% expected. Bank of Japan governor said that Japan will contribute to raising the growth potential of the economy through QE. The yen reacted immediately with the price rallying to 120.360, subsequently consolidating at 120.180. The support and resistance levels are located at 119.18 and 121.36, respectively.

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