Forex.ee: Daily economic news digest

[EEAnalytics]

Daily economic digest from Forex.ee
Stay informed of the key economic events

Friday, October 7th

GBP/USD

Current price: 1.2453 (-1.3%)
Session range: Open 1.2615 High 1.2625 Low 1.1991
Latest trend: Bearish
Expected trend: Bullish
Daily volatility: Low
Support and resistance levels: S. 1.2399 R. 1.2715
Main drivers: UK Manufacturing Production, US Nonfarm Payrolls, US Unemployment Rate
Overview: The pound is consolidating part of its unseen drop of 5 figures. Today in the mid-Asia the GBP/USD pair fell from 1.2610 to its record lows of 1.1991 and there are no direct cues on what caused this collapse. Some analytics believe that it is market’s reaction on French President F.Hollande comments regarding Brexit negotiations, some others think that “Fat finger” or crash in bank liquidity system could cause this type of consequences. But for sure it became possible only after T.May comments of “hard Brexit” that had triggered major sell-off of the pound. Currently the GBP/USD pair is trading near mid-1.24 level partially recovering its position.

EUR/USD

Current price: 1.1124 (-0.2%)
Session range: Open 1.1150 High 1.1153 Low 1.1104
Latest trend: Bearish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 1.1095 R. 1.1241
Main drivers: US Nonfarm Payrolls, US Unemployment Rate
Overview: The EUR/USD pair has followed global markets sentiment and hit its two-month lows at 1.1100 region. Currently euro remains in its bearish trend majorly led by strong demand for US currency triggered by massive dollar’s upsurge in cross with GBP. Moreover, ongoing speculations of a stronger-than-expected NFP are also supporting USD this Friday. However, the downside of the pair remains limited as euro also has refreshed its 7-year highs in cross with pound thereby preventing further drop in the pair.

USD/JPY

Current price: 103.88 (-0.1)
Session range: Open 103.94 High 104.04 Low 103.53
Latest trend: Bearish
Expected trend: Bullish
Daily volatility: Moderate
Support and resistance levels: S. 103.00 R. 104.64
Main drivers: US Nonfarm Payrolls, US Unemployment Rate
Overview: The yen has erased its recovery led by pound’s-crash and now again is eyeing on its yesterday’s highs in the region of 104.00. However, after wave of nervousness triggered by pounds huge drop the pair met fresh bids as BOJ Governor H. Kuroda provided markets with fresh portion of dovish comments regarding Japanese monetary policy. Now focus shifts to the much awaited US Nonfarm Payrolls lending some support to the safe-haven currencies such as Japanese yen.

USD/CHF

Current price: 0.9816 (0.1%)
Session range: Open 0.9809 High 0.9834 Low 0.9800
Latest trend: Bearish
Expected trend: Bullish
Daily volatility: High
Support and resistance levels: S. 0.9702 R. 0.9870
Main drivers: US Nonfarm Payrolls, US Unemployment Rate
Overview: Today the US dollar is trading on a firm note against its Swiss counterpart. The dollar remains well bid across the market lately on the expectations of a stronger NFP report coupled with sharp cable’s fall of 6%. Furthermore, weaker-than-expected Swiss CPI and positive US Initial Jobless Claims released on Thursday additionally are stimulating pair’s bulls. However, the upside also remains capped on the back of expanding risk-off sentiments ahead of crucial NFP release that is lending some support to the safe-haven currency such as Switzerland’s franc.

Your European ECN-broker,
Forex.ee

[EEAnalytics]

Daily economic digest from Forex.ee
Stay informed of the key economic events

Monday, October 17th

GBP/USD

Current price: 1,2160 (-0,2%)
Session range: Open 1.2155 High 1.2198 Low 1.2150
Latest trend: Bearish
Expected trend: Bearish
Daily volatility: High
Support and resistance levels: S. 1.2110 R. 1.2296
Main drivers: US Industrial Production
Overview: The GBP/USD cross has opened today with 30 pips gap thereby attracting major part of investors’ attention. The pound continues to wobble near its record low level remaining under strong selling pressure as rumors of “hard Brexit” are still influencing the market. Moreover, the latest comments from French President F.Hollande and German Chancellor A.Merkel are also adding fuel to “hard Brexit” fears. Meanwhile, growing probability of this year Fed rate-hike is accelerating US bulls limiting pound’s chances of immediate recovery.

EUR/USD

Current price: 1,0986 (0,1%)
Session range: Open 1.0972 High 1.1001 Low 1.0963
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: High
Support and resistance levels: S. 1.0910 R. 1.1086
Main drivers: EU CPI, US Industrial Production, ECB President M.Draghi’s Speech
Overview: Today the euro has recovered a smile against its American peer bouncing-off its three-month lows and getting closer to psychological mark of 1.1000. Seems that USD bulls are out of steam at the start of this week as traders are taking profit off the table after strong rally witnessed last week. Despite the current recovery, the major remains under bearish pressure in light of increasing chances of interest rate-hike by Fed on its meeting in December, 2016. However, the ongoing talks of cutting the ECB monetary policy easing program are supporting the pair allowing the euro to take some advantage over the dollar. Across the pond, the Eurozone’s CPI will take center stage this Monday with ECB President M.Draghi and FOMC Member S.Fischer speeches scheduled later in NA session.

USD/JPY

Current price: 104.05 (-0.1%)
Session range: Open 104.35 High 104.37 Low 103.92
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: High
Support and resistance levels: S. 103.21 R. 104.95
Main drivers: US Industrial Production
Overview: The dollar/yen pair is hovering near 104 level at the beginning of this week posting its daily gains 104.37. Following market’s sentiment the yen stays weaker against its American counterpart as raising chances of this year Fed hawkish move are supporting US currency. Adding to that, disappointing Japanese Industrial Production on the monthly basis released in Asia is helping the pair to hold its current level. Nothing much is scheduled for the pair so it will follow the global market’s direction.

USD/CAD

Current price: 1.3164 (0.2%)
Session range: Open 1.3126 High 1.3184 Low 1.3126
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: Moderate
Support and resistance levels: S. 1.3031 R. 1.3271
Main drivers: US Industrial Production
Overview: The pair has recovered part of its losses this Monday after two consecutive south directed sessions. For two past trading session the pair has lost more than two cents after facing strong resistance near the region of 1.3100. Today Canadian dollar has lost its upbeat mood against its neighbor as softer oil price are dragging the loonie lower at the start of this week. Only secondary data ahead today so the oil price will remain as a key driver for the pair.

Your European ECN-broker,
Forex.ee

[EEAnalytics]

Daily economic digest from Forex.ee
Stay informed of the key economic events

Tuesday, October 18th

GBP/USD

Current price: 1.2246 (0.5%)
Session range: Open 1.2184 High 1.2274 Low 1.2176
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: High
Support and resistance levels: S. 1.2106 R. 1.2274
Main drivers: UK CPI, US CPI
Overview: The greenback is losing its bullish momentum across the board as market is still digesting yesterday’s tepid US macroeconomic data allowing the pair to build some recovery during Asia. Moreover, seems that fears of a ‘hard Brexit’ are slowly cooling-off thereby bringing relief to UK’s currency. Today, center stage will take UK consumer price index which expectedly will show that cost of living ticked higher.

EUR/USD

Current price: 1.1014 (0.1%)
Session range: Open 1.0999 High 1.1027 Low 1.0995
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: High
Support and resistance levels: S. 1.0946 R. 1.1034
Main drivers: US CPI
Overview: The euro/dollar consolidates above key level of 1.1000 amid broadly based USD selling pressure. The euro has managed to build some recovery this morning as the greenback remains weaker today amid worse-than-expected yesterday’s data releases. Next in focus remains US inflation report that will be eagerly watched for fresh clues regarding further Fed rate-hike.

NZD/USD

Current price: 0.7196 (0.9%)
Session range: Open 0.7133 High 0.7199 Low 0.7128
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: Moderate
Support and resistance levels: S. 0.7052 R. 0.7221
Main drivers: US CPI
Overview: The NZD/USD cross extends its growth seen since the beginning of the week refreshing its 7-day highs near 0.7200 region. The kiwi has performed 50 pips jump this morning majorly reacting on better-than-expected NZ CPI report released earlier. Moreover, oil and metals’ prices are also showing moderate growth thereby supporting commodity-linked NZ dollar.

AUD/USD

Current price: 0.7679 (0.7%)
Session range: Open 0.7628 High 0.7692 Low 0.7624
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: Moderate
Support and resistance levels: S. 0.7565 R. 0.7690
Main drivers: US CPI
Overview: The Aussie performs significant upsurge move refreshing to its two-week highs marked near the region of 0.77 in Asia reacting on RBA meeting minutes’ outcome and Governor P.Lowe’s comments. RBA’s Governor noted that AUD current level is suitable for the further economic growth. Moreover, higher commodity prices are also supporting resource-linked Australian currency lately extending its bullish momentum for a fifth-day. Now all focus shifts to US CPI report, while Chinese GDP scheduled on next Asia will also bring some impetus for the major.

Your European ECN-broker,
Forex.ee

[EEAnalytics]

Daily economic digest from Forex.ee
Stay informed of the key economic events

Thursday, October 20th

EUR/USD

Current price: 1,0976 (0,0%)
Session range: Open 1.0973 High 1.0981 Low 1.0951
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: High
Support and resistance levels: S. 1.0928 R. 1.1026
Main drivers: ECB Interest Rate Decision, Philadelphia Fed Manufacturing Index, ECB Press Conference, US Existing Home Sales, EU Leaders Summit
Overview: Today the US dollar extends its bullish mood following H.Clinton’s win on the third and final presidential election debate. However, growing caution across the market ahead of crucial ECB Interest Rate Decision is limiting pair’s movement range. It is widely expected that ECB wont surprise the market with its decision today but the pair could replicate the tone of the statement that will be digested later across the market.

AUD/USD

Current price: 0.7668 (-0.7%)
Session range: Open 0.7721 High 0.7736 Low 0.7654
Latest trend: Bearish
Expected trend: Bullish
Daily volatility: High
Support and resistance levels: S. 0.7634 R. 0.7774
Main drivers: Philadelphia Fed Manufacturing Index, US Existing Home Sales
Overview: The Aussie loses its smile today and breaks six-day winning streak responding on the negative Australian jobs report. As it was said on the last RBA meeting minutes weaker labor market wellness remains a key factor for the next RBA interest rate decision thereby heating concerns of further monetary policy easing. Moreover, minor slide in oil prices combined with growing demand for the greenback are also adding bullish momentum to the pair.

USD/CAD

Current price: 1.3170 (0.4%)
Session range: Open 1.3114 High 1.3178 Low 1.3109
Latest trend: Bullish
Expected trend: Bullish
Daily volatility: Moderate
Support and resistance levels: S. 1.2950 R. 1.3222
Main drivers: Philadelphia Fed Manufacturing Index, US Existing Home Sales
Overview: Currently the USD/CAD pair is giving away the most part of its losses and now is eyeing to refresh its weekly highs. Yesterday the pair has performed significant down surge as BoC interest rate decision met market’s expectations at 0.5% coupled with strong drop in crude oil inventories that supported resource-linked Canadian currency. However, the spike was faded quickly as more dovish comments from BoC Governor S.Poloz of lowering economic growth forecast forced the pair to retreat from its multi-week lows. Moreover, minor correction in oil price and expanding risk-on mood triggered by H.Clinton win in the third election debate are pushing the pair in north direction.

USD/CHF

Current price: 0.9890 (0.0)
Session range: Open 0.9890 High 0.9910 Low 0.9883
Latest trend: Bearish
Expected trend: Bearish
Daily volatility: Moderate
Support and resistance levels: S. 0.9860 R. 0.9920
Main drivers: Philadelphia Fed Manufacturing Index, US Existing Home Sales
Overview: Seems that CHF bulls remain unimpressed by positive Swiss Trade Balance allowing the pair to grow above the level of 0.9900 this morning. Moreover, new wave of risk appetite hits the market as the final US election debates are over with H.Clinton’s lead thereby suppressing Swiss franc’s safe-haven status. While upbeat sentiments around US dollar remain as a main driver for the major, market participants have set up their focus on the upcoming ECB Interest Rate Decision that also could bring some impetus for the pair during Europe.

Your European ECN-broker,
Forex.ee

[EEAnalytics]

Daily economic digest from Forex.ee
Stay informed of the key economic events

Friday, October 21st

EUR/USD

Current price: 1.0882 (-0.4%)
Session range: Open 1.0929 High 1.0931 Low 1.0879
Latest trend: Bearish
Expected trend: Bullish
Daily volatility: High
Support and resistance levels: S. 1.0837 R. 1.1085
Main drivers: EU Leaders Summit, FOMC Member D.Tarullo Speech
Overview: The common currency remains well offered against its American counterpart refreshing its 7-month lows below the level of 1.0900 mainly driven by yesterday’s ECB Governor M.Draghi dovish comments. Yesterday on ECB Press Conference Draghi stated that bank did not discuss monetary policy easing program. Moreover, the ECB President has noted that the question about ending of the monetary policy easing program also has not been discussed so bank will keep it stay-and-see mode to determine further direction despite numerous talks regarding this question. In the day ahead, markets will continue to digest the latest developments around ECB while Europe remains deadly quite.

USD/JPY

Current price: 103.77 (-0.2%)
Session range: Open 103.95 High 104.22 Low 103.74
Latest trend: Bearish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 103.02 R. 104.56
Main drivers: FOMC Member D.Tarullo Speech
Overview: Despite shrinking risk appetite today the dollar/yen pair keeps it buying interest as dollar remains strong lately. The demand for the US dollar was mainly driven by a strong fall of the EUR/USD pair after dovish statement of the ECB President during press conference. However, the upside also remains capped as markets are digesting the latest comments from BOJ Chief H.Kuroda that inflation level is moving toward its goal level of 2% thereby lending support to the Japanese currency.

GBP/USD

Current price: 1.2226 (-0.2%)
Session range: Open 1.2254 High 1.2262 Low 1.2223
Latest trend: Bearish
Expected trend: Bullish
Daily volatility: High
Support and resistance levels: S. 1.2164 R. 1.2340
Main drivers: FOMC Member D.Tarullo Speech
Overview: Currently the major extends its retreat from weekly highs amid broadly based dollar’s strength seen lately. Yesterday US dollar has picked up its bid tone after comments of the ECB President M.Draghi considered by market as dovish. Moreover, the pair is losing points as risk aversion sentiment is gathering pace thereby stimulating major’s bears. Only secondary releases are scheduled in data calendar for Friday, so the pair will remain floating influenced only by global markets sentiment.

AUD/USD

Current price: 0.7630 (0.0%)
Session range: Open 0.7626 High 0.7653 Low 0.7617
Latest trend: Bullish
Expected trend: Bullish
Daily volatility: High
Support and resistance levels: S. 0.7547 R. 0.7773
Main drivers: FOMC Member D.Tarullo Speech
Overview: Seems that US bulls are losing control over the pair as Aussie bounces-off its overnight lows located near the level of 0.7600. Following sharp reversal the Australian dollar performs minor recovery this morning after disappointing jobs report seen on Thursday. However, pair’s recovery remains limited as persisting broadly based USD strength is still weighing the pair. Nothing much is scheduled in economic data calendar from both sides, so the pair will stay under influence of global market’s sentiment during the day.

Your European ECN-broker,
Forex.ee

[EEAnalytics]

Daily economic digest from Forex.ee
Stay informed of the key economic events

Tuesday, October 25th

EUR/USD

Current price: 1.0872 (-0.1%)
Session range: Open 1.0881 High 1.0887 Low 1.0866
Latest trend: Bullish
Expected trend: Bullish
Daily volatility: High
Support and resistance levels: S. 1.0840 R. 1.0920
Main drivers: US CB Consumer Confidence, ECB President M.Draghi’s Speech
Overview: Currently the EUR/USD pair remains flat trading in 20 pips narrow range in its comfort zone around 1.0880 spot. Yesterday the pair failed to break through the level of 1.0900 as several Feadspeaks provided market with fresh cues of Fed rate-hike before the end of the year thereby supporting US currency. However, yesterday’s auspicious bloc of PMIs is still supporting common currency thereby preventing pair’s sharp fall. Today center stage will take ECB Chief M.Draghi with his lecture about stability, equity, and monetary policy in Berlin during NA session.

GBP/USD

Current price: 1.2223 (-0.1%)
Session range: Open 1.2239 High 1.2240 Low 1.2210
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 1.2160 R. 1.2286
Main drivers: US CB Consumer Confidence, BoE Governor M.Carney’s Speech
Overview: The British pound remains capped in its narrow range of 20 pips this morning despite broadly based dollar’s strength. Seems that the pair has stuck near the level of 1.2230 as several hawkish speeches of the FOMC members have raised expectations of this year Fed rate hike. However, the ongoing demand for higher-yielding assets coupled with decreasing worries around “hard Brexit” are supporting sterling lately. Nevertheless, today’s speech of BoE Governor M.Carney about the economic consequences of the Brexit will be able to bring some volatility around the sterling and crash pair’s narrow range.

USD/JPY

Current price: 104.43 (0.2%)
Session range: Open 104.17 High 104.50 Low 104.13
Latest trend: Bullish
Expected trend: Bullish
Daily volatility: Low
Support and resistance levels: S. 1.2160 R. 1.2286
Main drivers: US CB Consumer Confidence
Overview: Seems that US bulls have regained a smile after short consolidative phase seen in Asia. Now the pair is eyeing to retake its key resistance level of 104.50 as traders have started to price-in next Fed hawkish move after most of the FOMC members had stated that they are expecting to rise rates this year. Moreover, ongoing risk-on sentiment is additionally weighing on Japanese currency last days. Looking ahead, the pair will remain tracing risk trend until CB Consumer Confidence hits the wire during NA session.

USD/CAD

Current price: 1.3333 (0.3%)
Session range: Open 1.3286 High 1.3364 Low 1.3277
Latest trend: Bearish
Expected trend: Bearish
Daily volatility: Moderate
Support and resistance levels: S. 1.3209 R. 1.3435
Main drivers: US CB Consumer Confidence
Overview: The pair has entered in consolidative phase after sharp rally triggered by BoC Governor S.Poloz, Yesterday S.Poloz stated that his latest comments of further monetary policy easing were not related to rate decrease thereby stimulating demand for Canadian currency. However, risen expectations of this year Fed rate-hike have forced the pair to retreat from its lows to its comfort zone. Expectedly the pair will continue to stay under pressure as growing prospects of this year Fed rate-hike are strongly supporting greenback. On the other hand, higher oil prices are also boosting demand for commodity-linked Loonie limiting pair’s downside traction.

Your European ECN-broker,
Forex.ee

[EEAnalytics]

Daily economic digest from Forex.ee
Stay informed of the key economic events

Thursday, October 27th

GBP/USD

Current price: 1.2208 (-0.3%)
Session range: Open 1.2246 High 1.2250 Low 1.2200
Latest trend: Bearish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 1.2123 R. 1.2309
Main drivers: UK GBP, US Core Durable Goods Orders, US Pending Home Sales
Overview: The GBP plays defensively this week but nevertheless has recovered from its multi-week lows marked near 1.2080 level. Currently the pound is running in a quiet mode keeping its narrow range of 20 pips as upcoming UK preliminary GDP report expected in early Europe brings cautious sentiment across the market. After UK data traders will shift their focus to the US data bloc scheduled for NA session that also will be able to provide the pair with short term impetus.

EUR/USD

Current price: 1.0907 (0.0%)
Session range: Open 1.0908 High 1.0917 Low 1.0892
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: Moderate
Support and resistance levels: S. 1.0837 R. 1.0981
Main drivers: US Core Durable Goods Orders, US Pending Home Sales
Overview: It seems like buying interest around the greenback has run out of steam however leaving the pair capped near the level of 1.0900. The pair manages to keep its consolidative pattern in anticipation of crucial reports from US side following dollar’s dynamics as it remains the almost exclusive driver during this week. Now traders are awaiting US Durable Goods Orders, US Pending Home Sales and reports from US labor market for a fresh insight on the US interest rates decision.

NZD/USD

Current price: 0.7160 (0.1%)
Session range: Open 0.7153 High 0.7163 Low 0.7144
Latest trend: Bearish
Expected trend: Bullish
Daily volatility: Low
Support and resistance levels: S. 0.7124 R. 0.7198
Main drivers: US Core Durable Goods Orders, US Pending Home Sales
Overview: Seems that Kiwi bulls somehow have fought back control over pair pushing it to its daily highs posted in the region of 0.7160. However, expanding NZ trade deficit released this morning and persisting risk-off moods are capping pair’s upside traction holding it in its comfort zone around the mid-0.71 level. For today NZ’s docket is empty so traders will focus their attention on US Durable Goods Orders and Pending Home Sales that will be released later in NA session.

USD/JPY

Current price: 104.65 (0.2%)
Session range: Open 104.47 High 104.74 Low 104.29
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 103.76 R. 104.96
Main drivers: US Core Durable Goods Orders, US Pending Home Sales
Overview: The dollar/yen pair keeps its minor growth intensity for the fourth session in a row now eyeing on the multi-month highs marked at 104.80 region on Tuesday. Moreover, the yen keeps losing position against its American counterpart despite low risk appetite and the latest hawkish comments of BoJ Governor H.Koruda. Today during interview H.Koruda noted that he doesn’t see immediate need of expanding short-term monetary policy easing program thereby supporting Japanese currency. Strength around greenback is explained by growing expectations of Fed hawkish move regarding its interest rate by the end of the year. Today most likely the pair will continue to keep its upward trajectory, until of US data bloc release, which will be published in the NA session.

Your European ECN-broker,
Forex.ee

[EEAnalytics]

Daily economic digest from Forex.ee
Stay informed of the key economic events

Monday, October 31st

GBP/USD

Current price: 1.2174 (-0.1%)
Session range: Open 1.2178 High 1.2216 Low 1.2171
Latest trend: Bearish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 1.2072, R. 1.2268
Main drivers: US Core PCE Price Index, US Personal Spending
Overview: The pound is still weak at the start of this week unable to break through resistance placed at 1.2200 level and now is sending the pair back to its daily lows near 1.2180 level. Moreover, the latest announcement of BoE Chief M.Carney about his future as governor of the Bank of England has negatively influenced the pound, but the last word of M.Carney’s decision will be spoken on Thursday. Additionally, the sterling will remain pressured today as potential “hard-Brexit” scenario coupled with broadly based dollar’s strength fueled by risen expectations of Fed rate-hike by the end of this year are still majorly boosting pair’s bears.

EUR/USD

Current price: 1.0954 (-0.3%)
Session range: Open 1.0990 High 1.0992 Low 1.0950
Latest trend: Bearish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 1.0857 R. 1.1055
Main drivers: EU CPI, US Core PCE Price Index, US Personal Spending
Overview: The pair has picked up another wave of bearish pressure this morning and now is trading around mid-1.09 level erasing part of Friday’s north directed rally. Last Friday the USD has caught massive selling wave after FBI had reopened investigation of H.Clinton’s email case fueled by the fact that less than a week remain still US election. Additionally, weaker-than-expected German Retail Sales seen this morning have also weighed the pair. Later in the session EU flash inflation report will take center stage, while US will release only secondary tier data during NA session.

USD/JPY

Current price: 104.98 (0.3%)
Session range: Open 104.45 High 105.01 Low 104.41
Latest trend: Bullish
Expected trend: Bullish
Daily volatility: Low
Support and resistance levels: S. 103.79 R. 105.97
Main drivers: US Core PCE Price Index, US Personal Spending
Overview: The pair has recovered its bearish opening gap and now is wobbling near its resistance level of 105.00. However, the pair bounced-off its three-month highs seen last Friday on the back of renewed investigation of FBI on H.Clinton’s emails. Moreover, probe of FBI on H.Clinton’s emails has significantly boosted risk-off sentiments thereby supporting safe-haven Japanese currency. However, disappointing Japanese data seen this morning additionally has helped the pair to recover its losses and will limit pair’s downside traction during this day. Next on tape remains data bloc from US economy, however most part of attention will attract BoJ Interest Rate Decision scheduled on early Asian session on Tuesday.

USD/CAD

Current price: 1.3386 (-0.1%)
Session range: Open 1.3427 High 1.3428 Low 1.3374
Latest trend: Bearish
Expected trend: Bullish
Daily volatility: Moderate
Support and resistance levels: S. 1.3312 R. 1.3472
Main drivers: US Core PCE Price Index, US Personal Spending
Overview: Seems that the pair is extending its bullish momentum seen last week and refreshing its daily highs above the level of 1.3400. Today lower oil prices and broadly higher USD as still growing rates of this year Fed rate-hike will continue to drive the pair during this day. Nothing much is scheduled for the pair this Monday as only US Personal Spending and Core PCE Price Index with Canadian RMPI will be able to bring short-term impetus to the pair.

Your European ECN-broker,
Forex.ee

[EEAnalytics]

Daily economic digest from Forex.ee
Stay informed of the key economic events

Tuesday, November 1st

EUR/USD

Current price: 1.0994 (0.1%)
Session range: Open 1.0980 High 1.0996 Low 1.0957
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 1.0913 R. 1.1023
Main drivers: UK Manufacturing PMI, US ISM Manufacturing PMI
Overview: The pair enters Europe in positive note. However, the euro’s attempts to break through key resistance level remain capped as ongoing speculations of H.Clinton’s win in presidential elections are strongly supporting US dollar. Moreover, according to the latest statistics the probability of this year Fed rate-hike has ticked up to 72.5% that also provides the dollar with significant support lately. Nothing much is scheduled in EU data calendar, so the major will stay at the mercy of sentiments around US dollar until ISM Manufacturing PMI will grab traders’ attention in NA session.

AUD/USD

Current price: 0.7668 (0.8%)
Session range: Open 0.7608 High 0.7678 Low 0.7597
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 0.7567 R. 0.7639
Main drivers: UK Manufacturing PMI, US ISM Manufacturing PMI
Overview: A fresh buying wave gripped the Aussie following the announcement of RBA of leaving rates on hold. The Aussie grew up to its 4-day highs after RBA left its interest rate flat at 1.50% level. Moreover, RBA’s positive sentiment around Australian inflation growth level coupled with neutral Rate Statement that has faded market participants’ hopes of further monetary policy easing also have underpinned Australian currency. Additionally, positive Chinese manufacturing PMI contributed to Aussie’s growth as China remains main trading partner of Australia. As RBA decision is out of the way traders will focus on US ISM Manufacturing PMI that will set up further major’s direction.

USD/JPY

Current price: 104.92 (0.1%)
Session range: Open 104.82 High 105.13 Low 104.66
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 103.94 R. 105.66
Main drivers: UK Manufacturing PMI, US ISM Manufacturing PMI
Overview: The market is showing mixed sentiments after BOJ’s status quo on its interest rate during its monetary policy review meeting in Asia. The dollar/yen dipped to its daily lows after BOJ has left its cash rate on the same level. However, the pair reversed part of its losses as BOJ Governor H.Kuroda showed readiness to expand monetary policy easing program to achieve inflation target level. Looking ahead, the market will stay digesting the latest developments around BOJ while US economy will provide market with ISM Manufacturing PMI for fresh impetus later in NA session.

GBP/USD

Current price: 1.2253 (0.1%)
Session range: Open 1.2243 High 1.2281 Low 1.2210
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 1.2105 R. 1.2315
Main drivers: UK Manufacturing PMI, US ISM Manufacturing PMI
Overview: The pound remains firmer against its American peer today finding some support in BoE Governor M.Carney’s announcement that he will stay in the chair of BoE Governor until 2019. However, continuing speculations of Fed rate-hike by the end of this year coupled with upcoming US election will continue to drive the pair in mid-term perspective. Next on tap remains UK Manufacturing PMI while US will also provide the market with crucial macroeconomic data later in NA session.

Your European ECN-broker,
Forex.ee

[EEAnalytics]

Daily economic digest from Forex.ee
Stay informed of the key economic events

Thursday, November 3rd

News that D.Trump is in the lead of US presidential election race following an ABC/Washington Post poll’s results are still gripping the market negatively influencing US dynamic as investors think that D.Trump’s taxation program will drive US economy back to recession.

Risk-off sentiment is still influencing the market this morning amid uncertainty over US election thereby supporting safe-haven currencies such as JPY and CHF and bringing bearish sentiments to higher-yielding assets like GBP and Aussie. Additionally, tomorrow’s NFP also adds cautiousness to the common basket as it remains one of the riskiest events of this week.

The pound keeps firmer ahead of its crucial Interest Rate Decision. However, it’s unlikely that BOE will change its interest rate today, but further monetary policy easing is expected. Moreover, UK’s Services PMI will also be closely eyed for fresh impetus.

The market mostly ignored yesterday’s flat Fed Interest Rate Decision keeping US dollar against its major peers almost unchanged. Moreover, in its feedback FOMC couldn’t provide market with strong rate-hike signal expanding its stay-and-see mode. However, some market participants could see some hawkish note in FOMC outlook but the market has already significantly priced in December’s Fed rate-hike to somehow react on doubtful hints.

The main events of the day:
UK Services PMI – 11.30 (+2 GMT)
BOE Inflation Report – 14.00 (+2 GMT)
BOE Interest Rate Decision – 14.00 (+2 GMT)
US ISM Non-Manufacturing PMI – 16.00 (+2 GMT)

Support and resistance levels for major currency pairs
EURUSD S. 1.1016 R. 1.1162
USDJPY S. 102.34 R. 104.64
GBPUSD S. 1.2159 R. 1.2425
USDCHF S. 0.9667 R. 0.9785
AUDUSD S. 0.7584 R. 0.7716
NZDUSD S. 0.7128 R. 0.7390
USDCAD S. 1.3326 R. 1.3454

Your European ECN-broker,
Forex.ee

[EEAnalytics]

Daily economic digest from Forex.ee
Stay informed of the key economic events

Thursday, November 3rd

According to the latest polls H.Clinton is back in the lead as FBI has cleared Democratic candidate form recently reopened H.Clinton’s email case. The FBI has noted that the email case is nothing more than carelessness, but not the criminal case. That comments have triggered a new buying wave of the greenback across the market this Monday as less than two days remain until we find out who will be next president of US. Nothing as much important as US presidential elections is scheduled in event calendar for this week, so market participants will stay watching for the latest developments surrounding US political situation.

The US dollar regains pace at the start of this week as markets moved past mixed US jobs data and now are eagerly eyeing on developments around US presidential elections. Last Friday US economy has shown hesitant results of the NFP. Nevertheless, traders’ reaction wasn’t so negative as US labor market for the two previous months has shown more positive results restraining dollar’s fall. However, the latest developments around US election are driving the greenback higher against its major peers, as H.Clinton again is getting ahead in US election race.

Last weekend OPEC Secretary-General M.Barkindo has noted that Russia shares OPEC’s intentions of arranging the control over the oil production question thereby majorly supporting oil prices coupled with resource-linked currencies such as CAD and Aussie. However, M.Barkindo refused to disclose any further details on the same.

Revival of H.Clinton’s leadership in election race has caused risk appetite expansion during Monday’s Asia. Safe-haven currencies such as Japanese yen and Swiss franc have ticked to its weekly lows against its American peer. Since economic calendar contains only secondary tier data, today main drivers for the market will remain risk-on sentiment and not less important US dollar’s dynamic.

The main events of the day:
EU Retail Sales – 12.00 (+2 GMT)
Eurogroup Meetings – 15.00 (+2 GMT)

Support and resistance levels for the major currency pairs
EURUSD S. 1.1059 R. 1.1181
USDJPY S. 102.56 R. 103.60
GBPUSD S. 1.2398 R. 1.2616
USDCHF S. 0.9627 R. 0.9783
AUDUSD S. 0.7628 R. 0.7718
NZDUSD S. 0.7281 R. 0.7361
USDCAD S. 1.3334 R. 1.3448

Your European ECN-broker,
Forex.ee

[EEAnalytics]

Daily economic digest from Forex.ee
Stay informed of the key economic events

Wednesday, November 9th

D.Trump managed to reverse the course of the US election race today and now is expanding his lead over H.Clinton. With D.Trump’s win in key swing states by the poll results most of the popular news agencies have predicted victory of the candidate from Republican Party with a probability of 90%. D.Trump’s leadership in US election race remains a main surprise of this Wednesday, as just yesterday the main candidate for presidential chair was H.Clinton. Leader of the National Front party of the France Marine Le Pen has already congratulated Donald Trump in her twitter.

News that D.Trump is taking a lead in the US presidential election race has trigged huge wave of risk aversion sentiments thereby massively supporting safe-haven currencies such as JPY and CHF, lifting them against its American counterpart for 3.5% and 2% respectively. Moreover, the AUD/JPY pair currently remains one of the most heavily affected pairs by risk-off sentiments showing significant downslide for nearly 6% amid the dual pressure - rising demand for the yen and Aussie’s collapse due to expanding risk-off sentiments.

The gold as safe-haven asset gained today nearly 4% spiking the level of 1330.00. Risk aversion sentiments have made metal to reach tops last seen since September 27th. Experts have already called the current situation - “Brexit 2” as gold chart duplicates figures happened after crucial referendum in UK.

The worst outperformer of this Wednesday remains Mexican peso sending the USD/MXN pair to the record high level of 20.7759 on the back of D.Trump’s lead in the US presidential election. Peso remains extremely vulnerable to the US election results as D.Trump’s radical political views are directed against immigrants from other countries. However, the USD/MXN pair performs price correction moves, sliding down from its 13% upsurge back under the level of 20.0000.

The Euro also follows global markets sentiments and hits nine-week highs as traders have already priced in H.Clinton’s victory in US presidential election. However, seems that the dust around presidential elections is settling down and the euro falls back to the level of 1.1120 down from its tops marked in the region of 1.1300. However, developments around US presidential elections will remain as the main driver across the market overshadowing all major reports scheduled for this day.

The main events of the day:
US Crude Oil Inventories – 17.30 (+2 GMT)
RBNZ Interest Rate Decision– 22.00 (+2 GMT)

Support and resistance levels for the major currency pairs
EURUSD S. 1.0975 R. 1.1091
USDJPY S. 103.98 R. 105.78
GBPUSD S. 1.2316 R. 1.2472
USDCHF S. 0.9713 R. 0.9821
AUDUSD S. 0.7655 R. 0.7831
NZDUSD S. 0.7283 R. 0.7453
USDCAD S. 1.3216 R. 1.3426

Your European ECN-broker,
Forex.ee

[EEAnalytics]

Daily economic digest from Forex.ee
Stay informed of the key economic events

Thursday, November 10th

And so it is. US presidential elections are over and the next president of the US is Donald Trump. D.Trump’s victory in the elections caused mixed sentiments across the market as a large number of politicians and economists do not share next president’s political views. So now all focus shifts to the implications of the past US elections on the economic and political state of America and the US currency in particular. Moreover, uncertainty around D.Trump’s candidacy may also cause some fluster across the market. However, experts do not await large changes in near-term perspective due to resistance from Congress and that is why the US economy will keep its moderate growth pace around 2%.

As it was widely expected RBNZ has cut its rate this morning by 25bps down to the level of 1.75%. Moreover, later RBNZ Governor G.Wheeler additionally has weighed the pair with his dovish speech in parliament noting that the bank is ready for further rate cuts if it would be needed. However, minor recovery in commodities and USD price corrections have supported the bird lately and now the NZD/USD pair is performing slight comeback from its daily lows marked at 0.7235 level.

Seems that dust around the latest events form US is slowly settling down and now traders are rearranging their positions preferring higher-yielding assets. Therefore, GBP and AUD are trading on the upper note against its American counterpart performing minor recovery from yesterday lows. However, risk associated sentiments are negatively influencing safe-haven currencies such us Japanese yen and Swiss franc forcing them to consolidate its losses witnessed yesterday.

The euro/dollar pair is retreating a bit from its daily highs marked in the region of 1.0950 after extremely large rally based on the US election. The pair has recovered part of its losses after facing resistance on the 1.0900 level following USD corrections. However, seems that bulls are out of steam allowing the euro to trim its early recovery and now the pair is falling back to its overnight lows as risk associated moods are weighing the euro. Nothing important is scheduled in economic calendars from both sides, so most likely the pair will continue to follow global market sentiments based on the latest events from US policy.

The main events of the day:
US Initial Jobless Claims – 15.30 (+2 GMT)
FOMC Member J.Bullard’s Speech – 16.15 (+2 GMT)

Support and resistance levels for the major currency pairs
EURUSD S. 1.0645 R. 1.1431
USDJPY S. 99.54 R. 108.94
GBPUSD S. 1.2237 R. 1.2629
USDCHF S. 0.9448 R. 1.0044
AUDUSD S. 0.7468 R. 0.7854
NZDUSD S. 0.7184 R. 0.7440
USDCAD S. 1.3141 R. 1.3663

Your European ECN-broker,
Forex.ee

[EEAnalytics]

Daily economic digest from Forex.ee
Stay informed of the key economic events

Monday, November 14th

The USD continues to show moderate growing pace across the market majorly supported by post-election sentiments. Trump’s win in the US elections continues to drive the market as now investors are awaiting for fresh stimulus of economic growth. D.Trump during his election campaign has made several announcements that imply tax cuts and increased spending on infrastructure. However, Trump’s announcements bring little of clarity on how such programs will be financed.

The euro remains extremely weak at the start of this week expanding its downside rally against American peer. Currently the EUR/USD pair keeps moving in north direction for the sixth session in a row losing more than 300 pips and reaching the lowest level of 1.0728 last seen since January, 2016. Pair’s downside rally is majorly explained by broadly based dollar’s strength triggered by last week’s crucial events. For today US data calendar remains empty while speech of the ECB Governor M.Draghi will grab all traders attention. However, clip of macroeconomic releases that will be able to set up pair’s direction in the short-term perspective remains full for this week

New Zealand is suffering from numerous earthquake attacks happened this morning. Today the market was shocked by the news from New Zealand that natural disaster has hit the country and because of which NZ officials are issuing flood warnings. However, the NZD/USD pair shows minor reaction on the latest news as Kiwi remains week after RBNZ cut its interest rate last week. Moreover, post-election demand for the US dollar and downbeat Chinese data additionally are landing bearish pressure on the pair. Today headlines of the latest situation in NZ will remain as a key driver for the pair.

Today the yen is following global markets sentiment and is losing points vs. its American counterpart. Currently the dollar/yen is consolidating its tops at mid-107 level that is the highest level since June, 2016. Moreover, seems that yen bulls have mostly ignored positive flash Japanese GDP released this morning showing zero reaction. Today the pair will continue following USD dynamic as both dockets remain eventless.

The main events of the day:
Speech by ECB President M.Draghi – 17.00 (GMT +2)
Speech by FOMC Member R.Kaplan – 20.20 (GMT +2)

Support and resistance levels for the major currency pairs:
EURUSD S. 1.0775 R. 1.0961
USDJPY S. 105.62 R. 107.42
GBPUSD S. 1.2451 R. 1.2747
USDCHF S. 0.9804 R. 0.9928
AUDUSD S. 0.7462 R. 0.7670
NZDUSD S. 0.7020 R. 0.7270
USDCAD S. 1.3421 R. 1.3605

Your European ECN-broker,
Forex.ee

[EEAnalytics]

Daily economic digest from Forex.ee
Stay informed of the key economic events

Tuesday, November 15th

Today the dollar is trading broadly weaker as investors have decided to take the profit off the table after massive post-election rally. However, dollar’s weakness remains capped as dust around election has settled down and rumors of this year Fed’s rate-hike are getting control over the market. Moreover, prospects of additional fiscal stimulus during D.Trump’s presidency are also supporting the US dollar. Today the market is expecting for crucial report of US Retail Sales for another hint of next Fed’s move.

Seems that the euro has regained the smile after six session of consecutive north directed rally. Yesterday the EUR/USD pair refreshed this year lows bottoming the level of 1.07 on the back of dollar’s strength triggered by prospects of further inflation growth under D.Trump’s control. However, the pair was able to break out its consolidative phase this morning despite worse-than-expected preliminary German GDP seen in early Europe on the back of profit taking sentiments on the dollar across the board. Next on tap remain German ZEW Economic Sentiment and bloc of American data that most likely will set up further direction for the pair.

The USD/JPY pair is losing points this Tuesday retreating from yesterday’s five-month highs marked at 108.54 spot. Seems that the US bulls took a breather this morning allowing the pair to step down to 108.00 level as investors are performing profit taking actions. Moreover, expanding risk-off moods are supporting yen’s safe-haven status lately. However, increasing odds of a December Fed’s rate-hike will continue to support US currency limiting any sharp corrective slide for the major.

Limited reaction was seen after release of RBA Meeting Minutes. This morning RBA has released its statement providing the market with no surprises. In its statement RBA has declared that Australian economy keeps its moderate growing pace and there is no need to rearrange inflation forecast. However, situation around housing and labor markets in Australia still remains uncertain, but nevertheless chances that current situation in both will trigger any further policy easing remain quite low.

The main events of the day:
UK Inflation Report Hearings - 12.00 (GMT +2)
German ZEW Economic Sentiment - 12.00 (GMT +2)
US Retail Sales – 15.30 (GMT +2)

Support and resistance levels for the major currency pairs:
EURUSD S. 1.0632 R. 1.0892
USDJPY S. 106.07 R. 109.71
GBPUSD S. 1.2364 R. 1.2654
USDCHF S. 0.9829 R. 1.0073
AUDUSD S. 0.7506 R. 0.7590
NZDUSD S. 0.7038 R. 0.7178
USDCAD S. 1.3458 R. 1.3638

Your European ECN-broker,
Forex.ee

[EEAnalytics]

Daily economic digest from Forex.ee
Stay informed of the key economic events

Wednesday, November 16th

The euro continues its streak of defeats against US currency loosing points for eighth session in a raw. The dollar has recovered smile after minor price correction seen yesterday as rising chances of Fed’s hawkish move remain as main support factor for the US dollar. The probability of this year Fed rate-hike has grown up to 90%. Moreover, better risk tone seen last hours also is negatively influencing the EUR/USD pair, sending it to retest key support level of 1.0700 that is the lowest level of this year. Next on tap for the pair remains data bloc from US economy with PPI in the main role.

Despite broadly based US dollar’s strength the GBP/USD pair is still looking in north direction approaching 1.2500 resistance level this morning. The pair gained almost a cent since yesterday’s lows witnessed after excellent US Retail Sales as expanding risk appetite is supporting the pound lately. However, increasing odds of this year Fed rate-hike coupled with uncertainty around “Brexit” and triggering the Article 50 are limiting the pair of any sharp upsurges. All eyes now remain on data reports from UK labor market while US PPI will also grab traders’ attention later in NA session.

Seems that risk-on moods are gathering pace this morning negatively influencing safe-haven currencies such as JPY and CHF. The USD/JPY pair once again has broken through the level of 109 this morning refreshing its multi-month highs on the 109.60 spot. Moreover, Swiss franc is trading near its yesterday’s highs above its key resistance of 1.0000. Today the franc was able to reach the level of 1.0027 which is the highest mark since March 2016.

In wake of Monday’s earthquakes New Zealand’s Bureau of Statistics has announced that economic calendar has been revised and will be published by the end of the week. According to the information posted on its temporary webpage the Statistics NZ website is currently down and office closed. Moreover, today new headlines about another earthquake, witnessed in the same region, have appeared on the network. US, Canada and Australia have already sent their naval vessels to assist NZ. As it was expected the Kiwi is feeling depressed against its American peer due to ongoing situation. Currently the NZD/USD pair is trimming overnight gains and steps down below the level of 0.7100.

The main events of the day:
UK Average Earnings Index +Bonus - 11.30 (GMT +2)
US PPI – 15.30 (GMT +2)
US Crude Oil Inventories – 17.30 (GMT +2)

Support and resistance levels for the major currency pairs:
EURUSD S. 1.0647 R. 1.0853
USDJPY S. 107.19 R. 110.33
GBPUSD S. 1.2304 R. 1.2602
USDCHF S. 0.9895 R. 1.0085
AUDUSD S. 0.7480 R. 0.7620
NZDUSD S. 0.7030 R. 0.7178
USDCAD S. 1.3369 R. 1.3593

Your European ECN-broker,
Forex.ee

[EEAnalytics]

Daily economic digest from Forex.ee
Stay informed of the key economic events

Thursday, November 24th

The dollar is showing extremely strong growth pace lately as US economy provides continuing support to its currency. Yesterday hawkish FOMC Meeting Minutes once again confirmed markets expectations of Fed’s hawkish interest rate decision, allowing the US dollar Index to break through its crucial resistance level of 102 and refresh its 13-years highs. Additionally, yesterday US economy beat market’s expectations with surprisingly strong report of Durable Goods Orders. Today US market will remain closed on the occasion of Thanksgiving Day. However, expectedly that demand for US dollar will continue to dominate across the market.

The euro had ended its recovery phase in Asia and fell to its nearly two-years lows on the back of mixed German GDP, released at the beginning of Europe. Moreover, yesterday’s more hawkish FOMC Meeting Minutes heated up already high expectations of this year Fed’s rate-hike, which in its turn have broadly boosted demand for the US dollar. Meanwhile, popular statistical agencies have shown that chances for a December Fed’s rate-hike now are approximately 95%. Today the euro will continue suffering from broadly based dollar’s strength however, it has all chances on minor recovery if investors decide to take profits off the table.

Seems that pound’s bulls are fighting hard for control over the GBP/USD pair. At the moment the pound continues to show steadiness above the level of 1.24 despite broadly based US dollar’s strength. Yesterday FOMC Statement once again reassured market participants that Fed’s rate-hike in December is a done deal thereby landing strong pressure on the pair. However, hawkish notes in UK’s Autumn Forecast Statement have given strength to the pound to resist dollar’s pressure. Today US market will remain closed due to celebrating Thanksgiving Day so markets will set up their focus on data released by UK economy.

Seems that the dollar/yen has broken out of its consolidative phase and now is eyeing on its yesterday’s highs posted after strong macroeconomic reports from US side. Yesterday the yen remained defenseless as Japanese market was closed due to the celebration of the national holiday, that became the reason for pair’s rally to its eight-month highs. Moreover, preliminary Japanese Manufacturing PMI released this morning also has shown downbeat results thereby limiting pair’s chances on immediate recovery. Today most likely the pair will remain under bullish control as strengthened USD positions coupled with continuing risk-on rally, boosted by overnight rise in oil prices, are strongly influencing the market.

The main events of the day:
US - Thanksgiving Day
German Ifo Business Climate Index – 11.00 (GMT +2)
GfK German Consumer Climate – 14.00 (GMT +2)
NZ Trade Balance – 23.45 (GMT +2)

Support and resistance levels for the major currency pairs:
EURUSD S. 1.0456 R. 1.0690
USDJPY S. 109.98 R. 114.22
GBPUSD S. 1.2313 R. 1.2531
USDCHF S. 1.0057 R. 1.0237
AUDUSD S. 0.7329 R. 0.7473
NZDUSD S. 0.6940 R. 0.7112
USDCAD S. 1.3382 R. 1.3568

Your European ECN-broker,
Forex.ee

[EEAnalytics]

Daily economic digest from Forex.ee
Stay informed of the key economic events

Friday, November 25th

The yen continues to extend its fall against American counterpart after relatively weak inflation reports witnessed in Asia. Today the USD/JPY pair has met another wave of buying pressure nearly reaching the 114 spot and refreshing its 8-months high after Japanese consumer price data met markets expectation showing subsidence of the inflation rate in October and November. Such results cast doubt on BoJ’s forecast of inflation’s 2% growth rate in the next year. However, the pair has rebounded from its multi-month highs and now is trading near the region of 113 on the back of US dollar’s correction across the market. Today the pair will remain under bullish pressure as markets continue to digest the latest Japanese CPI figures.

The pound remains almost unchanged vs. its American peer at the end of this week extending its consolidative phase near the level of 1.2450. However, seems that US bulls have weakened the grip in wake of the dollar’s correction, allowing the pair to catch some pips in early Europe. Today UK flash GDP data will take center stage and expectedly will stay flat comparing with the previous month. However, in addition to the main data report today UK will also release Business Investment stats, that are especially exciting in view of Brexit concerns.

The EUR/USD pair has recovered the smile and now is trading near 1.06 level recovering almost a cent since yesterday’s lows. Pair’s recovery is majorly based on the US Dollar Index corrective downslide after reaching multiyear tops. Looking ahead nothing much is scheduled in economic calendars from both sides. Moreover, activity across the market will also remain reduced in response to shortened day in the US so the pair will continue trading in a quiet mode during this Friday.

The main events of the day:
UK preliminary Business Investment – 11.30 (GMT +2)
UK preliminary GDP – 11.30 (GMT +2)
US preliminary Services PMI – 16.45 (GMT +2)

Support and resistance levels for the major currency pairs:
EURUSD S. 1.0482 R. 1.0618
USDJPY S. 111.84 R. 114.26
GBPUSD S. 1.2354 R. 1.2540
USDCHF S. 1.0119 R. 1.0213
AUDUSD S. 0.7341 R. 0.7451
NZDUSD S. 0.6953 R. 0.7035
USDCAD S. 1.3440 R. 1.3558

Your European ECN-broker,
Forex.ee

[EEAnalytics]

Daily economic digest from Forex.ee
Stay informed of the key economic events

Tuesday, November 29th

Nervousness around upcoming OPEC meeting is significantly influencing the market. This morning became known that Iran is ready to reach a deal in oil production freeze question. Today Iran’s Minister of Petroleum stated that Iran is ready to cut oil production within OPEC quotas. Moreover, Iran’s Minister of Petroleum noted that the US election results did not affect new contracts for oil and gas that is why an agreement could be reached. On the other hand, Russian Minister of energy provided the market with comments that Russia is not going to take part in the OPEC meeting as it remains non-OPEC member. Today market participants will continue to pay attention to developments surrounding the upcoming OPEC meeting that is scheduled for tomorrow, 30th of November.

The EUR/USD pair is trading modestly flat this Tuesday hovering around 1.0600 level. Moreover, today the euro will continue trading under bearish pressure on the back of worries based on Italian constitutional referendum that will be held on this Sunday. The main topic of the referendum remains approval of amending of the Italian Constitution. Moreover, yesterday traders negatively reacted on M.Draghi’s neutral statement in European Parliament sending the pair to retest its Monday’s lows at 1.0564 level. However, rally in oil prices seen lately has triggered risk aversion sentiments across the market rescuing the euro below 1.06 handle. Today US GDP released in NA session will take the most part of investors’ focus.

Yesterday the USD/CAD pair crashed for a cent to its multiday lows marked below 1.34 level on the back of oil price rally. However, the major managed to recover part of its losses, rising to 1.3434 spot, but still staying under bearish pressure as oil prices will continue to drive the pair during this day. Moreover, yesterday head of the BoC S.Poloz said that Canadian economy is experiencing some weakness lately but it was expected and BoC is ready to handle it also providing bullish momentum to Canadian currency. Today traders will continue closely eyeing the latest headlines regarding the OPEC meeting.

The cable remains broadly flat this morning wobbling around 1.24 level in cross with US dollar. Yesterday the GBP/USD fell for a cent reacting on a wave of risk aversion triggered by significant rally in oil prices. Today the pound will continue to trade under bearish pressure following broadly shrinking risk appetite in light of the upcoming tomorrow’s OPEC meeting, Friday’s Non-Farm Payrolls and the Italian Referendum scheduled for the weekend.

The main events of the day:
Prelim. German CPI – 15.00 (GMT +2)
Prelim. US GDP – 15.30 (GMT +2)
US CB Consumer Confidence – 17.00 (GMT +2)

Support and resistance levels for the major currency pairs:
EURUSD S. 1.0498 R. 1.0742
USDJPY S. 110.46 R. 113.70
GBPUSD S. 1.2298 R. 1.2590
USDCHF S. 1.0035 R. 1.0213
AUDUSD S. 0.7409 R. 0.7529
NZDUSD S. 0.6996 R. 0.7140
USDCAD S. 1.3307 R. 1.3587

Your European ECN-broker,
Forex.ee

[EEAnalytics]

Daily economic digest from Forex.ee
Stay informed of the key economic events

Wednesday, November 30th

Wednesday is here and all attention as it was expected is focused on the one of the most important events of this week – OPEC meeting, that will begin today at 11.00 (+2 GMT) in Vienna. The main topic of this meeting remains oil production volume cut. So the market has already started to price in crucial agreement between OPEC members, as even Iranian oil minister has noted that Iran promises to be flexible to reach a deal. The OPEC members are trying to reach a deal for the last 11-months every time promising to agree on oil production issue. So today the market will unlikely accept anything less than oil output cut deal. The result of the OPEC meeting will expectedly provide significant impact on oil prices and eventually on the resource-linked currencies, such as Canadian, Australian and NZ dollars. The press conference, where the final decision will be announced will begin at 17.00 (+2 GMT). However, until then all eyes will remain on developments surrounding the crucial meeting.

The EUR/USD pair keeps its course in north direction as better than expected data provided by the US economy are still supporting the dollar. Yesterday the US economy showed better results of GDP and consumer confidence boosting dollar’s bulls and fueling talks about upcoming Fed’s interest rate decision. Meanwhile, ECB president M.Draghi during his interview has shown concerns about existing risks of the Eurozone’s economy, while noting that ECB has all instruments to reach the target level of the inflation just under 2%. Another volatile session for the pair is scheduled for this Wednesday with German Unemployment Change, EU CPI, another speech of M.Draghi and data from US labor and housing markets.

The Aussie had rebounded from its overnight highs marked just below 0.75 and dropped to mid-0.74 in cross with the US dollar on the back of surprisingly poor housing data released during Asia. However, AUD/USD pair’s drop remains capped as investors has entered in cautious mode ahead of the OPEC meeting. Today OPEC meeting will take center stage, while data from US economy will also have some impact across the market.

The ongoing recovery in of the US dollar is extending GBP/USD pair’s bearish trend. Yesterday, the market participants were pleasantly surprised by the bloc of positive data from US side, forcing the pair to retreat from its daily highs. Moreover, the BoE Financial Stability Report has shown that outlook for UK financial stability remains challenging additionally weighing the pound. Today the pair will continue to follow risk sentiments as OPEC meeting will be able to drive risk-associated assets throughout the session, while US data also will be watched for any impact for the pair.

The main events of the day:
German Unemployment Change – 10.55 (GMT +2)
Prelim. EU CPI – 12.00 (GMT +2)
Speech of the ECB President M.Draghi – 14.30 (GMT +2)
US ADP Nonfarm Employment Change – 15.15 (GMT +2)
Canadian GDP – 15.30 (GMT +2)
US Pending Home Sales – 17.00 (GMT +2)
US Crude Oil Inventories – 17.30 (GMT +2)

Support and resistance levels for the major currency pairs:
EURUSD S. 1.0532 R. 1.0712
USDJPY S. 110.72 R. 114.16
GBPUSD S. 1.2329 R. 1.2605
USDCHF S. 1.0068 R. 1.0200
AUDUSD S. 0.7405 R. 0.7535
NZDUSD S. 0.7041 R. 0.7175
USDCAD S. 1.3355 R. 1.3517

Your European ECN-broker,
Forex.ee