Forex.ee: Daily economic news digest

Daily economic digest from Forex.ee
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Friday, August 28th

USD/CAD is trading at 1.3192, as greenback was pairing losses against its Canadian counterpart. The gains were stipulated by stronger than expected GDP reading in the US for the previous quarter. Initial jobless claims numbers were even below the forecasts. However, Pending Home Sales missed the expectations by 0.5%. Canadian Corporate Profits data was out with 12.9% figure after 0.6% contraction in course of the previous month. Strong support is located at 1.3125 and resistance will be found at 1.3213.


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Monday, August 31st

AUD/USD was flat since the beginning of the session when data showed that Company Gross Operating Profits contracted less than expected in the second quarter. Private Sector Credit has also increased in Australia. Despite weaker dollar, the aussie was not able to show any considerable growth, which implies investors still have bearish outlook for the pair. The Chinese Manufacturing PMI is out tomorrow, which will add volatility to the morning trade on Tuesday. The pair is likely to find support at 0.7111 and resistance at 0.7270.

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Tuesday, September 1st

EUR/USD was gaining ground today rising back near 1.13 level currently trading at 1.2920. Yesterday, euro zone CPI was very positive at 0.2%, while Chicago PMI index was lower than expected at 54.4. Ahead in the day, European Manufacturing PMI and unemployment rate is published before ISM Manufacturing PMI numbers are known in the evening.

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Wednesday, September 2nd

USD/CAD continues its consolidated trade above 1.32 with the current quote of 1.3240. Yesterday’s data showed positive Canadian GDP figures, but the bears remain skeptical ahead of Non-Farm Payrolls data. It is expected that the pair will reach as high as 1.3450 in the next two weeks, while support can be found at 1.3124.

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Thursday, September 3rd

AUD/USD continued its decline falling as low as 0.6992 this morning.Australian retail sales data showed contraction in retail sales in July, while trade balance deficit narrowed more than expected. Meanwhile, the US dollar index was up 0.09% at 95.98, which indicates that dollar pushed higher tonight despite release of disappointing data. The pair is currently trading at 0.7003, with immediate support at 0.6982 and resistance at 0.7061.

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Friday, September 4th

EUR/USD is changing hands at 1.1129 after highly volatile trade this morning. Ahead in the day, we will see some harsh moves on euro zone GDP numbers publication and Non-Farm Payrolls data. The single currency came under pressure after ECB indicated on Thursday that it could expand it quantitative easing program amid increased downside risks to its inflation outlook. The support and resistance levels are located at 1.0971 and 1.1239, respectively.

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Monday, September 7th

EUR/USD is lower at 1.1137. The pair rebounded on NFP publication, but subsequently fell even lower. Ahead in the week, euro zone GDP is published. On the US side the market expects data on Initial Jobless Claims and PPI.

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Tuesday, September 8th

GBP/USD is erasing losses after uninterrupted fall of the previous two weeks. The pair added more than 200 points since market opening on Monday with the main point of attention now at Wednesday block of news. Tomorrow, investors are viewing the British Manufacturing Production, Industrial Production and Trade Balance data coming out at the same time, so high degree of volatility is expected.

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Wednesday, September 9th

EUR/USD rose after the opening bell in Europe, reverting the spike down to the 1.1150 area amidst an increasing risk-on environment seen during the Asian trading hours. Results above expectations from GDP during the second quarter released yesterday failed to ignite a solid recovery in the pair, which remains confined to the USD-dynamics as almost the exclusive catalyst and the Fed timing of a rate hike.


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Thursday, September 10th

Today is an important day for GBP/USD and the session promises to be very volatile as BoE MPC meeting is held this afternoon. The British Halifax House Price Index showed some healthy growth numbers, so the point of attention has now turned to the outcome of the MPC meeting, which will show the ratio of votes on the interest rate hike. The pair is currently changing hands at 1.5350 with support and resistance levels located at 1.5270 and 1.5505, respectively.

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Friday, September 11th

GBP/USD continued compensating its recent losses after despite a small contraction on Wednesday over negative manufacturing data. The pair has returned to its previous consolidation corridor in between 1.5690 and 1.5425. Ahead in the day, investors are viewing the British Inflation Expectation and the forecasts are mostly bullish.

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Monday, September 14th

USD/JPY was mostly flat this morning despite Japanese industrial production contracting more than expected by 0.8%. The Capacity Utilization rate was down 0.2%. Markets now await Tuesday’s BOJ rate decision for more cues on further QQE amid no significant data to be reported later today. The pair is trading at 120.27.

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Tuesday, September 15th

USD/JPY showed some downside on Tuesday after BoJ left its monetary policy unchanged and investors remained cautious ahead of the Fed policy statement expected later in the week. The officials called for ¥80 trillion in annual asset purchases by central bank to help raise the inflation and support growth. Yesterday’s Japanese data showed that Industrial Production in Japan was lower by 0.8% in July. On the US side, Fed Chair Janet Yellen has said that an interest rate increase solely depends on the data but it is highly anticipated that the rates will be raised before the end of this year. The yen might go as low as 118.94, where it will meet the support eventually rebounding to the 120.54 area with next resistance at 121.15.

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Wednesday, September 16th

NZD/USD is moving up for the fourth consecutive session as NZ current account data comes out in green colour. The market opened at 0.6352 this morning and eventually reached its current level at 0.6360. Analysts had expected the current account figures to fall into a deficit of NZ$ 1.50B but the actual figure was 1.22B. Tomorrow, markets are watching the GDP number of New Zealand. Current support and resistance levels are located at 0.6292 and 0.6435, respectively.

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Thursday, September 17th

GBP/USD was seen as one of the biggest gainers yesterday, as the price rallied to 1.5528 amid strong labor market data. The pair promises to show some volatile trades later in the day as retail sales data is out before the significant news from the US including Building permits , Philadelphia Fed Manufacturing Index and, of course, the Interest rate decision. The support is seen at 1.5334, while resistance is located at 1.5690.

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Friday, September 18th

USD/CHF was down on Thursday amid weaker dollar and SNB leaving interest rates at their current. SNB stated that Swiss franc is still significantly overvalued, despite slight depreciation, which has been putting significant brake on the Swiss economy since mid-January. The pair eased even more when as Fed left the interest rates at their current level between zero and 0.25%. It was noted that recent global economic and financial developments may restrain economic activity and are likely to put pressure on inflation. J. Yellen said that the bank will begin monetary policy normalization when it sees further improvements in the labor market. The pair is changing hands at 0.9615 easing from its one-month highs of 0.9823.


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Monday, September 21st

AUD/USD slipped lower as US dollar continued to recover from the losses it suffered after Fed left the interest rates unchanged. The pair is currently changing hands at 0.7172 after two weeks of rising seen in aussie. Although, it is not expected that this instrument will be going up above 0.7314, where strong resistance is located. On the downside, support can be found at 0.7140.


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Tuesday, September 22nd

AUD/USD was moving up in Asia as Australian House Price Index for Q2 was out in green colour, higher than expected. Analysts forecasted a 2.5% growth, but the actual figure was at 4.7%.Meanwhile, the Chinese slowdown remains in the focus of attention as investors are expecting to see if any additional stimulus measures will be implemented by the Chinese government. Tomorrow, the market is viewing the CB Leading Index from Australia and Caixin Manufacturing PMI from China. On the US side, there will be Crude Oil Inventories and Manufacturing PMI figures. The aussie is currently changing hands at 0.7146 against its American counterpart with a strong support level at 0.7054, while resistance is located at 0.7202. Long-term expectations remain bearish as lower oil prices and unavoidable rate hike in the US will cause the AUD price to go down. Moving averages have not yet crossed and are pointing down.


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Thursday, September 24th

NZD/USD price rallied despite downbeat N.Z. Trade Balance data. The Trade Balance deficit widened more than expected reaching the 3.331M figure over 3M anticipated. The rise of NZD was stipulated by the fact that US dollar was falling from its “overbought” zone, which was entered amid rate hike expectations in the US, so investors started abandoning their long positions on dollar. The pair is currently trading at 0.6290. The support is seen ar 0.6188, while resistance is located at 0.6322.

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Friday, September 25th

GBP/USD is going down reaching its current 1.5223 level. With no significant news releases on Thursday and Friday, the pair was mostly driven by the fluctuations in dollar. Higher volatility is expected this afternoon as US GDP numbers will be reported. The pair will gain support at 1.5101. Resistance can be found at 1.5343.

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