Forex.ee: Daily economic news digest

Daily economic digest from Forex.ee
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Monday, September 28th

EUR/USD is slightly lower at 1.1174. The expected data from euro zone this week includes Industrial sentiment, Business and Consumer Survey, CPI and Manufacturing PMI. Today, the main focus is likely to be on the speeches from Fed officials. The pair may find support at 1.1040 and resistance at 1.1270, respectively.

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Tuesday, September 29th

GBP/USD was having a volatile session on Monday amid the comments from BoE and fluctuations of the dollar. The pair opened trades at 1.5184, and then rose as high as 1.5241, subsequently falling to 1.5171. It is expected that the cable will end this week at 1.50 or just below in case NFP data will provide some solid ground for the Fed to start looking at raising interest rates next month while BoE continues to provide controversial indications from its several members. Today’s data from UK includes M4 money supply, Mortgage approvals and net lending to individuals. The key support and resistance levels to watch today are 1.5047 and 1.5284, respectively.

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Thursday, October 1st

EUR/USD was down amid lower CPI numbers on Wednesday and upbeat employment data from US. The ADP Nonfarm Employment Change report showed 200K figure versus 194K expected, while euro zone CPI was negative at 0.1%. The single currency is changing hands at 1.1142 ahead of European Manufacturing PMI data. On the US side, investors are watching ISM Manufacturing PMI. Support and resistance levels are at 1.1057 and 1.1276, respectively.

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Friday, October 2nd

EUR/USD was falling ahead of NFP data publication later in the day. The US Labor market data is going to be critical news as it is likely to indicate the likelihood of Fed raising the interest rates next month. This stipulated the greenback’s gains overnight. In euro zone, the manufacturing PMI was in line with expectations at 52.0. The support is seen at 1.1109 and resistance at 1.1296.


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Monday, October 5th

USD/JPY was slightly higher after the volatile session on Friday. In Japan average cash earnings for August rose 0.5%, a second straight rise, but below the gain of 0.7% expected. Later in the week, Japan publishes its current account data. The support and resistance levels are located at 117.83 and 120.77, respectively.

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Tuesday, October 6th

USD/CAD is broadly down to 1.3083 after reaching its highest point of more than a decade at 1.3453.The loonie is now coming close to the strong support level of 1.3010, which proved to be a hard-to-pass resistance in the past. Breaking through this level, analysts might start talking of the trend reversal. The fundamental stipulators for such moves might be provided by the bureau of statistics of Canada, when it releases the Trade Balance figures and Ivey PMI number later in the day.On the upside, the resistance is seen at 1.3207.


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Thursday, October 8th

GBP/USD showed significant gain on Wednesday, second session in a row, after falling as low as 1.5107 last week. The pair is currently changing hands at 1.5213 ahead of MPC meeting. The members will vote on the interest rate and while the possibility of a rate hike this year remains really low, the ratio of votes is what the market will pay its attention to. Yesterday, the manufacturing production data from UK was in green colour at 0.5% versus 0.3% expected. The support and resistance levels are seen at 1.5194 and 1.5468.


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Friday, October 9th

NZD/USD prices rallied as lower demand for the dollar was supporting the demand for riskier assets, while causing the rise in the oil prices as well. The Kiwi is changing hands at 0.6692, the pair’s highest since August 21.The recovery of NZD was not even diminished by the lower than expected volume of home loans. Ahead in the day, there is nothing significant on the economic calendar to consider for placing orders in this instrument, apart from US import prices, which may have little effect on NZD. The support and resistance levels are seen at 0.6594 and 0.6776.


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Monday, October 12th

NZD/USD is higher again currently trading at 0.6730. The U.S. markets are closed today for a national holiday while the greenback remained under pressure after the latest Fed Policy meeting. Tomorrow, N.Z. publishes its Food Price Index, which is likely to affect this instrument’s price. Support and resistance levels are located at 0.6642 and 0.6777, respectively.


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Tuesday, October 13th

AUD/USD was lower in Asia as Chinese Trade Balance data was out mixed. The export figures came out in green light with 3.7% contraction, while imports declined more than expected by 20.4% totaling the balance to 60.34B. Meanwhile NAB Business Confidence index was beat the expectations with this month’s reading at 5. The pair is currently trading at 0.7320 after reaching one-and-half month peak at 0.7381 in course of Monday trade. Current support and resistance levels are located at 0.7297 and 0.7450, respectively.

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Thursday, October 15th

EUR/USD surges to monthly high amid downbeat US retail sales data. The retail sales MoM figure showed just 0.1% growth, while core retail sales contracted 0.3%. The PPI also declined 0.5%. There is no significant data expected from euro zone today, but on the US side, investors are viewing Core CPI and Philadelphia Fed Manufacturing Index. The single currency is trading at 1.1490 with support and resistance located at 1.1368 and 1.1596, respectively.


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Friday, October 16th

NZD/USD was slightly lower in Asia following the moves of AUD. The losses were limited as higher than expected N.Z. CPI figures provided support to the pair. New Zealand CPI came out at 0.3% (QoQ) versus expectations of 0.2%. The pair is likely to gain support at 0.6785, while resistance is located at 0.6967.

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Monday, October 19th

EUR/USD is aiming up trading at 1.1373 after the losses suffered in the end of last week. On Thursday, ECB stated that additional measures are needed to boost price growth in the euro zone. Data on Friday confirmed that the rate of inflation in the euro area turned negative in September for the first time since the ECB launched its trillion euro asset purchase program in March. Current support and resistance levels are located at 1.1253 and 1.1429.

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Tuesday, October 20th

EUR/USD declined mildly to trade at 1.1330 as investors await a critical meeting by the ECB later this week for hints from M. Draghi of a potential expansion of a comprehensive €1.1 trillion bond buying program. Today, traders are keeping an eye on the euro zone Current Account figures. Outlined from an hourly perspective, the pair is being carried into new low ground without significant volatility. It is well possible for the single currency to break out higher once we see a higher degree of volatility.

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Thursday, October 22nd

GBP/USD is changing hands at 1.5451 ahead of UK Retail sales data. Yesterday, Public Sector Net Borrowing figures came out in green colour at 8.63B verus 9.40B expected. The retail sales figures are expected to show the slowest growth in Q3 sicne Q4 2013. However, the outlook for private consumption remains positive because of increasing employment and positive wage growth. The pair is likely to find support at 1.5304, while resistance is seen at 1.5525.

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Monday, October 26th

AUD/USD is higher at 0.7246 amid Chinese rate cut. In the week ahead, investors will be focusing on Wednesday’s monetary policy announcement by the Federal Reserve for fresh indications on the timing of an initial rate hike. Friday’s monetary policy announcement by the Bank of Japan will also be closely watched. The support is seen at 0.7173 and resistance is expected to be met at 0.7347.

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Tuesday, October 27th

NZD/USD is trading lower at 0.6776 after publication of N.Z. trade balance deficit figures, which came out in red colour. However, the losses were limited due to weaker than expected new home sales data from US on Monday. The disappointing report added to speculation that the Federal Reserve will hold off on raising interest rates until well into 2016. The support and resistance levels are located at 0.6732 and 0.6867.

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Tuesday, October 29th

GBP/USD is changing hands at 1.5260 after yesterday’s fall stipulated by the FOMC comments and stronger than expected data from US as Goods Trade Balance deficit contracted more than anticipated and Crude Oil Inventories also came out in green colour. Ahead in the day, the cable will be affected by the block of British news including mortgage approvals data, let lending to individuals and M4 money supply. Nationwide HPI was higher than last month by 0.1% while the index was not expected to change its reading. Current support and resistance levels are located at 1.5178 and 1.5356, respectively.

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Friday, October 30th


USD/CAD was almost unchanged on Thursday after the release of disappointing U.S. economic growth data, while expectations for a U.S. rate hike before the end of the year lent support to the greenback. USD/CAD hit 1.3238 during early U.S. trade, the session high; the pair subsequently consolidated at 1.3199. Ahead in the day, Canada is releasing its GDP and Budget Balance data. The support is seen at 1.3078, while resistance is likely to be met at 1.3230.

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Monday, November 2nd

USD/JPY was slightly lower this morning amid downbeat Chines4e data published this weekend. However, the pair managed to return close to the opening point as Caixin manufacturing index showed more growth than expected by analysts. The economic calendar is not loaded with Japanese economic data this week, so the focus will be on Kuroda’s speech and NFP data publication. Current support and resistance levels are located at 119.24 and 121.67, respectively.

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