Forex.ee: Daily economic news digest

Daily economic digest from Forex.ee
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Tuesday, November 3rd

EUR/USD posted modest losses on Monday remaining above 1.10 amid a wave of mixed manufacturing data around the globe. In Europe, overall export levels surged in October to a four-month high while total order growth across the euro zone rose to its highest level since April, 2014. The Spanish Unemployment change figures camou out in red colour at 82.3K versus 70.3K expected by analysts. Later in the day, the market is expecting a speech from ECB President Mario Draghi. The support is seen at 1.0927, while resistance is located at 1.1091.

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Thursday, November 5th


GBP/USD was rising on Wednesday amid strong Services PMI data, but the cable didn’t manage to withstand the hawkish comments from the Fed. Ahead in the day, Britain is publishing the MPC vote outcome, which will reflect the BoE approach to current monetary policy. Initial jobless claims data is expected on the US side. Current support and resistance levels are located at 1.5254 and 1.5494, respectively.

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Friday, November 6th

AUD/USD gains in Asia currently trading at 0.7149. The aussie rose higher after the Monetary Policy Statement by RBA. The central bank said that Asian growth remained a key uncertainty on future policy and also noted that the scope for easier policy remained in place. AIG Construction Index was higher than last month at 52.1. Current support and resistance levels are located at 0.7076 and 0.7193.

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Thursday, March 31st

EUR/USD gained momentum after the beginning of the American session and climbed to 1.1364, hitting the strongest level since February 11 and now pair is seen struggling just ahead of 1.13 handle. EUR/USD looks to test 1.14 barrier as the US dollar remains on the defensive after dovish Yellen’s comments and a string of mixed Fed speaks, which puts the investors’ confidence in the US currency in disarray.

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Friday, April 1st


USD/CAD has tested multi-month lows in the mid-1.2800s, after auspicious Canadian GDP figures drove CAD higher on Thursday. Now the dollar is posting moderate gains vs. its Canadian neighbor, taking pair to the area of daily highs near 1.3050. Ahead in the session, the greenback will take center stage in light of the release of Marchs US Payrolls.
Now pair holding its regained position over 1.30 and trading at 1.3022 position with expected support and resistance levels at 1.2898 and 1.3118


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Monday, April 4th


GBP/USD is attempting to recover Fridays sell-off after UK manufacturing PMI highlighted weakness in the activity but ran out of steam near 1.4241 in Asia and the spot is now trading around 1.4223 levels largely unchanged on the day.
Traders await the release of UK construction PMI report. This is the least important PMI release compared to manufacturing and service PMI figures.
Apart from Construction PMI, Brexit related news flow and US factory order figures could influence the pair as well.
Pair will meet support and resistance levels at 1.4061 and 1.4335.


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Tuesday, April 5th

NZD/USD trades -0.69% lower at fresh session holding just on 0.6800 with its lowest position at 0.6785. The Kiwi faces heavy selling pressure this session largely on the back of poor sentiment towards riskier/ higher yielding currencies as falling Asian equities and oil prices crush investors risk-appetite. Looking ahead, the bird will continue to get influenced by the broader market sentiment, while the upcoming US data will provide fresh impetus to the NZD/USD pair.
Now pair trades at 0.6797 and support and resistance levels for pair are located at 0.6777 and 0.6887.



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Wednesday , April 6th

EUR/USD trades at the bearish pressure near session lows at 1.1352. Having peaked at 1.1400 levels in the last NY session, major began it bearish move. In the meantime, the EUR bulls didnt get expected push form German industrial production data which indicated negative fall at -0.5%, but still less than expected -1.8%. Further, the Fed March meetings minutes release, which may hint that the Fed could raise rates as early as this June and hence, provide the much-needed impetus to the USD bulls. Now pair trading at 1.1358 in ongoing bearish trend with today support and resistance levels located at 1.1297 and 1.1424.



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Thursday, April 7th

USD/JPY continues its bearish trend, sinking deeper and deeper into the red zone on a break below 109, hitting the lowest levels since Oct 2014. The yen extends its bullish run against the American dollar for the fifth straight session as the JPY bulls continue to cheer comments from a number of Japanese officials and Fx experts, noting that Fx market intervention in a bid to stem the yen’s appreciation looks unlikely at the moment. Now pair USD/JPY trades near eighteen-month lows down -0.88% in early Europe. Moreover, the greenback came under renewed selling pressure as the European traders hit their desks and give up the USD (USD index updated 6 months low at 94.08, -0.43%), reacting to the more dovish FOMC minutes released last US session. Meanwhile, the major will continue to track the broader market sentiment, while US jobless claims will be watched for fresh cues on the buck ahead of Friday’s Yellen’s speech in the Asian morning. Now pair trades at 108.73 extending new depths, support level for pair is located at 108.37 and resistance at 110.50



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Friday, April 8th

EUR/USD pair extends weakness into a second day today as markets continue to weigh the latest more dovish ECB accounts/ minutes in light of Fed Yellens less dovish comments delivered after the Wall Street close. Economy is on path for further rate increases" and "US on solid course, not a bubble economy." Head of Fed announced. Looking ahead, the major will continue to track the broader market sentiment along with the USD moves for further direction as the trading calendar remains data-quiet on the final trading day of this week. Currently, EUR/USD trades lower at 1.1362, near daily lows printed at 1.1359 earlier on the day. Daily support and resistance levels are located at 1.1271 and 1.1445.


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Monday, April 11th

EUR/USD stuck between strength in Yen and resulting weakness in EUR/JPY cross and EUR/GBP strength. Falling Fed rate hike bets is also ensuring the downside remains protected. On the other hand, anti intervention lobby is gaining strength in Japan, hence a technical recovery in USD/JPY is struggling to gather pace. The economic calendar in Europe is empty; hence the pair remains at the mercy of action in EUR/JPY. Later in the US session, Fed speak could influence the pair. Pair is trading at 1.1417 this morning, meeting its support and resistance levels at 1.1345 and 1.1473.



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Tuesday, April 12th

AUD/USD is seen consolidating the recent upmove as we progress towards the early European morning, with the bulls awaiting a reaction to the upbeat Australian business gauge numbers from the European traders. In the day ahead, the major will get influenced by the sentiment on the European stocks as also the oil price movement amid a lack of fresh economic updates. While the main focus remains on Australian employment report this thursday. Currently AUD/USD pair trades at 0.7635 with its new 6-day highs reached at 0.7646 this morning. Support and resistance levels are located at 0.7543 and 0.7685.


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Wednesday, April 13th

EUR/USD is under the bearish pressure this morning after positive results from Chinese trade balance figures that have given extra legs to the risk-on sentiment during the Asian session today, prompting sellers to return to the markets and push spot lower. In addition, the greenback seems to have managed to revert the recent weakness, collaborating with the pair’s correction lower from yesterday’s fresh 2016 top spot at 1.1460. Data wise today, ECB’s E. Nowotny is due to speak ahead of EMU’s Industrial Production during February, while Retail Sales and the EIA’s weekly report on crude inventories will take center stage across the Atlantic. Now pair trades 1.1355 with its todays support and resistance levels located at 1,1278 and 1,1455.


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Thursday, April 14th

EUR/USD continues to lose ground following the general recovery of the dollar, renewing this month lows at 1.1254 spot. The dollar index now trading at multi-day highs. The pair will remain under pressure ahead in the session, as the final March’s CPI figures in the euro area are due ahead of key inflation figures in the US economy tracked by the CPI. Now pair is trading at close to today's low, at 1.1260, with the support level located at 1.1181 and resistance level at 1.1361.


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Friday, April 15th

EUR/USD trades modestly flat in a 20-pips consolidating near its two-week lows reached at 1.1234 on Thursday. The main currency pair keeps its side-ways movement intact as we head into early Europe, with the traders largely unperturbed by upbeat Chinese fundamentals news, including in-line with expectations GDP figures. Moreover, the downside remains capped by the mid-point of 1.12 handle as the USD bulls stalled the recent upsurge and awaits the industrial production for march and The University of Michigan Consumer Sentiment Index data for fresh direction. For the EUR, the macro calendar remains light, with the only second-liner data in the Euro zone trade balance lined up for release later today. Now pair trades at 1.1262 with approximate support and resistance levels at 1.1190 and 1.1310.


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Monday, April 18th

EUR/USD could not sustain the earlier advance beyond the 1.1300 mark at the beginning of the week in response to the fiasco at the meeting in Doha, giving away initial gains and returning to the comfort zone around 1.1280. Risk appetite trends will remain the exclusive driver today in the global markets while traders continue to digest the no deal between OPEC and non-OPEC countries yesterday and amidst a vacuum of data in the euro area. Now the pair is trading at 1.1285 with current support and resistance levels located at 1.1237 and 1.1365.



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Tuesday, April 19th

GBP/USD extends its recovery from below 1.41 handle for the third straight session, with the recent rise in the pound largely attributed to the Brexit poll results. Shifting in favor of the ‘remain’ camp, especially after the treasury analysis on the EU referendum, revealing that a vote to leave would mean Britain would be worse off by £4,300 a year per household. Looking ahead, the UK docket remains empty this session and hence, focus turns towards the US housing data for further incentives on the major. Apart from the data, BOE Governor M. Carney speech will be closely heard for fresh hints on the UK economic as well as interest rates outlook. Remaining under the bullish pressure Pound discovers new highs of this week, while staying near highs of the last week. Now pair is trading at 1.4332 with the current level of support at around 1.4169 and resistance at 1.4401.



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Wednesday, April 20th

GBP/USD is losing ground after 3-week tops at 1.4419, as the greenback is seen recovering some ground and market participants seem biased to some profit taking as well. Later in the session, UKs key labor market figures are due, with consensus expecting the Claimant Count Change to decrease by more than 11K and the jobless rate to stay put at 5.1%. Now the pair is trading at 1.4373, with its todays support and resistance levels at 1.4299 and 1.4521.


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Thursday, April 21th

EUR/USD pair has returned to 1.13 spot after nearly reaching 1.14. Euro lost almost cent against greenback on Wednesday, and now pair is trading in a flat range between 1.1290 and 1.1305. A better tone in crude oil prices has sparked another bout of risk-on trade, while the greenback remains bid for the time being, all weighing on the pair ahead of the ECB meeting due later. Currently pair trades 1.1295 with its support and resistance levels located at 1.1216 and 1.1371.


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Friday, April 22th

USD/JPY pair popped higher from near daily low to hit fresh almost two-week tops in late Asia, after reports hit the wires that BOJ officials are said to discuss lending to banks at negative rate. The Asian markets also found support from the BOJ news, sending the Nikkei into the green territory, which further supports the upside rally in the major. Meanwhile, pair will stay under influence of BOJ headlines and US will release secondary reports later. Currently the pair is trading around todays high at 110.32, with support and resistance levels at 108.89 and 111.32.



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