Daily economic digest from Forex.ee
Stay informed of the key economic events
Thursday, September 29th
USD/CAD
Current price: 1.3086 (0.1%)
Session range: Open 1.3079 High 1.3104 Low 1.3048
Latest trend: Bearish
Expected trend: Bullish
Daily volatility: Moderate
Support and resistance levels: S. 1.2946 R. 1.3334
Main drivers: US GDP, US Pending Home Sales, Fed Chair J.Yellen’s Speech
Overview: Seems that CAD bulls took a breather after massive downside rally witnessed yesterday. Currently Canadian dollar is trading almost unchanged vs. its American neighbor consolidating its two-cent down surge since yesterday’s highs. Yesterday OPEC members agreed to limit oil production levels that should be executed at its next meeting scheduled for November. This announcement brought massive wave of buying interest to resource-linked Loonie. Looking ahead, the pair will stay in mercy of oil price dynamics until the NA session where US will release its GDP report followed by several Fed speaks.
AUD/USD
Current price: 0.7675 (-0.2%)
Session range: Open 0.7692 High 0.7710 Low 0.7660
Latest trend: Bearish
Expected trend: Bearish
Daily volatility: Moderate
Support and resistance levels: S. 0.7629 R. 0.7723
Main drivers: US GDP, US Pending Home Sales, Fed Chair J.Yellen’s Speech
Overview: The Aussie is retreating from its three-week highs printed at 0.7710 as traders are performing profit-taking actions after yesterday’s strong rally. Yesterday OPEC made an agreement about first output cut in eight years thereby lifting all resource-linked currencies such as Australian dollar. However, the pair has lost its upside momentum giving away part of post-OPEC gains after three consecutive north directed sessions as traders are taking some profits off table sending the pair back under 0.7700 resistance level.
USD/JPY
Current price: 101.51 (0.8%)
Session range: Open 0.7692 High 0.7710 Low 0.7660
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: Moderate
Support and resistance levels: S. 100.02 R. 101.14
Main drivers: US GDP, US Pending Home Sales, Fed Chair J.Yellen’s Speech
Overview: The yen suffers heavy losses as massive wave of risk-on sentiments has approached the market. Yesterday OPEC members on its meeting made a deal of oil output levels cut causing to appear strong risk appetite across the market thereby sending the pair to refresh its weekly highs near the 101.50 region. However, seems that risk associated bulls has took a breath in early Europe giving a chance to the yen to recover some pips. Furthermore, the pair will continue to trace global markets sentiments as interest to risky assets is still on.
EUR/USD
Current price: 1.1221 (0.0%)
Session range: Open 1.1217 High 1.1236 Low 1.1212
Latest trend: Bearish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 1.1156 R. 1.1266
Main drivers: US GDP, US Pending Home Sales, Fed Chair J.Yellen’s Speech
Overview: Currently the pair is consolidating its overnight gains despite prevailing risk-on sentiments across the market triggered by OPEC’s output cut agreement. And again the pair has found strong support near the 1.1185 region and performed solid recovery after as ECB President M.Draghi provided some support to Euro by his slightly hawkish remarks during his speech given to the Bundestag. Moreover, today the pair will stay firmer as broadly based dollar’s weakness also is supporting the pair.
Your European ECN-broker,
Forex.ee
Daily economic digest from Forex.ee
Stay informed of the key economic events
Friday, September 30th
EUR/USD
Current price: 1.1186 (-0.3%)
Session range: Open 1.1221 High 1.1227 Low 1.1168
Latest trend: Bearish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 1.1169 R. 1.1275
Main drivers: EU prelim. CPI, US Personal Spending
Overview: After modestly flat Asian session the pair has faced strong rejection dropping below 1.1200 support as the latest German data had shown slightly worse results as it was expected. Moreover, uncertainty around Deutsche Bank has gripped European market decreasing risk associated sentiments thereby boosting the euro bears. Focus now shifts to the preliminary EU CPI data, that expectedly will provide the pair with fresh impetus.
GBP/USD
Current price: 1.2949 (0.2%)
Session range: Open 1.2967 High 1.2978 Low 1.2936
Latest trend: Bearish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 1.2888 R. 1.3096
Main drivers: US Personal Spending
Overview: Currently the pound is attempting to recover against its American peer bouncing off three-day lows printed near the mid-point of 1.2900 level. However, the pound remains weaker at the end of this week as shrinking risk-on sentiments across the market are leaving the GBP/USD pair in red zone. Moreover, relatively stronger US currency additionally exerting bearish pressure on the pair.
USD/CAD
Current price: 1.3165 (0.2%)
Session range: Open 1.3145 High 1.3195 Low 1.3140
Latest trend: Bullish
Expected trend: Bullish
Daily volatility: Moderate
Support and resistance levels: S. 1.2989 R. 1.3261
Main drivers: US Personal Spending, Canadian GDP
Overview: The pair has caught fresh bids this morning and now is trying to break out of its narrow range on the back of lower oil prices. US dollar’s bulls have taken a breather in Asia but it seems that they are gathering pace as oil extends its profit-taking slide into early Europe. Today traders focus will remain on Canadian GDP report. Meanwhile, the oil price dynamics also will be one of the main drivers for the pair during this day.
USD/JPY
Current price: 100.97 (-0.1%)
Session range: Open 101.03 High 101.78 Low 100.74
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: Moderate
Support and resistance levels: S. 99.98 R. 102.36
Main drivers: US Personal Spending
Overview: The pair breaks out of its consolidation phase this morning performing wild upper swing of 80 pips with no reason for that. However, the spike has faded quickly and now the pair is eyeing to expand its daily lows toward the region of 100.50 amid still strong risk-aversion sentiments. Nothing of note for the major, so the pair will continue to track broader markets sentiment for further momentum.
Your European ECN-broker,
Forex.ee
Daily economic digest from Forex.ee
Stay informed of the key economic events
Monday, October 3rd
GBP/USD
Current price: 1.2858 (-0.9%)
Session range: Open 1.2919 High 1.2947 Low 1.2845
Latest trend: Bearish
Expected trend: Bullish
Daily volatility: Low
Support and resistance levels: S. 1.2847 R. 1.3064
Main drivers: UK Manufacturing PMI, US ISM Manufacturing PMI
Overview: Currently the pair remains just a few pips away from post-Brexit lows leaded generally by Brexit Article 50 impact that approaches the end of UK’s membership in EU. The UK’s PM T.May has stated that control over the migration is more important than “hard Brexit” times that are coming ahead. Today Brexit uncertainty will cause strong influence on the GBP while UK and US PMI’s also will be watched for a short-term impact.
EUR/USD
Current price: 1.1235 (-0.1%)
Session range: Open 1.1230 High 1.1245 Low 1.1226
Latest trend: Bearish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 1.1117 R. 1.1311
Main drivers: US ISM Manufacturing PMI
Overview: Currently the pair is trading in a tight range of 15 pips at the start of this week as German and bloc of Asian markets will remain closed due to holydays. Meanwhile, the pair has consolidated its major gains performed after American economy had released mixed macroeconomic data leaving US bulls unimpressed. Moreover, the pair was supported lately by the latest developments surrounding Deutsche bank as payment amount of a fine hasn’t reached estimated volume, thereby lending support to the common currency. However, lack of investors today will be compensated by upcoming data flow that expectedly will shake the market. The pack of PMI’s will be released during this Monday including EU Manufacturing PMI with bunch of local Eurozone PMI’s and ISM Manufacturing PMI across the pond.
AUD/USD
Current price: 0.7655 (-0.1%)
Session range: Open 0.7658 High 0.7667 Low 0.7640
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: Moderate
Support and resistance levels: S. 0.7557 R. 0.7721
Main drivers: US ISM Manufacturing PMI
Overview: Today Aussie remains slightly negative against its American counterpart however, keeping its gains after massive rebound seen last Friday supported by prevailing risk appetite across the market. Today expectedly the pair will remain in its narrow range as traders prefer to keep stay-and-watch mood ahead of tomorrow’s Australian Interest Rate Decision. Furthermore, most of major Asian markets will remain closed during this day, taking away part of volatility. However, today’s US data coupled with broader risk sentiment will assist traders to catch some pips during this Monday.
USD/JPY
Current price: 101.43 (0,2%)
Session range: Open 101.23 High 101.67 Low 101.20
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 100.25 R. 102.31
Main drivers: US ISM Manufacturing PMI
Overview: The USD/JPY pair is retreating from its session highs posted at 101.65 despite prevalent investors’ interest to risky assets that is limiting major’s trading range. Moreover, disappointing data released this morning are continuing to fuel offered tone around Japanese currency. Today US ISM manufacturing PMI will be closely eyed for a fresh impetus in NY session, but until than risk sentiment will remain as key driver for the pair.
Your European ECN-broker,
Forex.ee
Daily economic digest from Forex.ee
Stay informed of the key economic events
Tuesday, October 4th
GBP/USD
Current price: 1.2773 (-0.5%)
Session range: Open 1.2842 High 1.2861 Low 1.2756
Latest trend: Bearish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 1.2737 R. 1.2997
Main drivers: UK Construction PMI, FOMC Member J.Lacker’s Speech.
Overview: The pound is experiencing strong selling pressure since the start of this week following the latest comments of PM of UK T.May noting that Article 50 could be invoked by the end of the March, 2017. Currently the pair is losing almost two cents since this Monday continuing its downside rally and breaking post-Brexit lows under the crucial support level of 1.2800. Moreover, stronger positions seen behind the dollar are additionally boosting pound bears as market is still digesting yesterday’s strong US manufacturing PMI figures. Traders now await for UK Construction PMI which could bring some relief to the pair supporting bulls by positive data.
EUR/USD
Current price: 1.1174 (-0.3%)
Session range: Open 1.1211 High 1.1217 Low 1.1165
Latest trend: Bearish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 1.1158 R. 1.1258
Main drivers: FOMC Member J.Lacker’s Speech
Overview: The euro remains vulnerable against its major counterpart so far. Currently the pair is extending its Monday’s downside rally as the buying interest around US currency is gathering pace. The dollar continues to keep its firmer note as markets are still digesting better-than expected US manufacturing PMI, which is rising chances of this year Fed rate hike. Today in absence of crucial releases the pair will stay under influence of global market’s sentiment and the latest news about Deutsche bank situation.
USD/JPY
Current price: 102.37 (0.7%)
Session range: Open 101.64 High 102.49 Low 101.56
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 100.96 R. 102.83
Main drivers: FOMC Member J.Lacker’s Speech
Overview: The dollar/yen pair is gathering its bullish momentum hitting two-week highs on the back of risk hunger triggered by the latest developments around Brexit. Today the pair is extending its north directed rally for the sixth day in a row breaking through the level of 102.00. Moreover, auspicious US economy results released yesterday are also supporting the pair. Today, strong risk appetite will remain as the key driver for the pair amid data light calendar.
AUD/USD
Current price: 0.7656 (-0.2%)
Session range: Open 0.7673 High 0.7691 Low 0.7647
Latest trend: Bearish
Expected trend: Bearish
Daily volatility: Moderate
Support and resistance levels: S. 0.7623 R. 0.7705
Main drivers: FOMC Member J.Lacker’s Speech
Overview: Australian interest rate remained flat at its lowest level of 1.5% leaving bulls unimpressed with RBA’s decision. As it was expected the RBA has left its interest rate flat noting that the rate will remain unchanged until the economy will achieve the inflation target. Today the pair will remain directionless as market is still digesting the latest monetary policy decision. Nothing much is scheduled in today’s data calendar except FOMC Member J.Lacker’s speech and Australian Retail Sales that are expected in early Asian session.
Your European ECN-broker,
Forex.ee
Daily economic digest from Forex.ee
Stay informed of the key economic events
Wednesday, October 5th
EUR/USD
Current price: 1.1217 (0.1%)
Session range: Open 1.1204 High 1.1230 Low 1.1199
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 1.1092 R. 1.1294
Main drivers: US ADP Nonfarm Employment Change, US ISM Non-Manufacturing PMI
Overview: Currently the pair is extending its yesterday’s rebound performed after Bloomberg agency had stated that ECB could cut off its further monetary policy easing program. Yesterday on the back of Bloomberg’s announcement the pair has reversed its two-week lows spiking the level of 1.1200. Adding to that, US bulls are out of steam today in wake of American dollar’s price correction actions. Yesterday, USD index hit a new three-month high triggered by risen probability of this year Fed rate hike.
GBP/USD
Current price: 1.2714 (-0.1%)
Session range: Open 1.2727 High 1.2747 Low 1.2685
Latest trend: Bearish
Expected trend: Bullish
Daily volatility: Moderate
Support and resistance levels: S. 1.2626 R. 1.2910
Main drivers: UK Services PMI, US ADP Nonfarm Employment Change, US ISM Non-Manufacturing PMI
Overview: The pound is extremely weak today suppressed by ongoing “hard Brexit” fears. Currently the pair is dipping to the red zone refreshing its three-decade lows at the level of 1.2685. Yesterday, the pair has ignored UK Construction PMI and continued its downside surge pressured by comments of Britain’s PM T.May coupled with strong fall of pound in cross with euro. Today, UK will release single and the most important release of this Wednesday - Services PMI which expectedly will show slight expansion in the service sector but glancing back on yesterday’s situation Brexit fears could mute positive results of UK’s data.
USD/JPY
Current price: 102.85 (0.0%)
Session range: Open 102.90 High 103.02 Low 102.67
Latest trend: Bullish
Expected trend: Bullish
Daily volatility: Low
Support and resistance levels: S. 101.07 R. 103.87
Main drivers: US ADP Nonfarm Employment Change, US ISM Non-Manufacturing PMI
Overview: Continuing risk hunger is still pushing the yen lower against US dollar. Currently the pair has stuck near its monthly highs finding strong resistance at 103.00 level. Moreover, unceasing BOJ talks of further monetary policy easing are also granting extra leg to the USD/JPY further upside. The major will continue to track global market sentiment awaiting for US dataflow for fresh impetus.
AUD/USD
Current price: 0.7615 (0.0%)
Session range: Open 0.7618 High 0.7647 Low 0.7596
Latest trend: Bearish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 0.7557 R. 0.7721
Main drivers: US ADP Nonfarm Employment Change, US ISM Non-Manufacturing PMI, Crude Oil Inventories.
Overview: The pair has performed a solid comeback finding resistance at mid-0.7600 level generally driven by positive Australian Retail Sales that were released today in early Asia. However, the pair trimmed off part of its gains and now is eyeing back on its overnight lows near the level of 0.7600 as US bulls are staying in charge as American dollar is showing strong recovery across the board. On the other hand, continuing demand for higher-yield assets is supporting Aussie capping downside traction.
Your European ECN-broker,
Forex.ee
Daily economic digest from Forex.ee
Stay informed of the key economic events
Thursday, October 6th
EUR/USD
Current price: 1,1185 (-0,2%)
Session range: Open 1.1205 High 1.1214 Low 1.1184
Latest trend: Bearish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 1.1165 R. 1.1253
Main drivers: US Initial Jobless Claims
Overview: Today American dollar trades on a firm note against its rivals majorly supported by risen probability of Fed hawkish interest rate move. Once again the major has broken through the level of 1.1200 as the market is still digesting yesterdays, stronger-than-expected economic data provided by US economy. Only secondary data releases are scheduled in today’s data calendar. Meanwhile, the US NFP report will take center-stage tomorrow.
GBP/USD
Current price: 1.2724 (-0.2%)
Session range: Open 1.2748 High 1.2761 Low 1.2696
Latest trend: Bearish
Expected trend: Bullish
Daily volatility: Low
Support and resistance levels: S. 1.2650 R. 1.2820
Main drivers: US Initial Jobless Claims
Overview: And once again the pound gets under fresh selling pressure on the back of ongoing “hard Brexit” fears triggered by PM of UK T.May last Sunday. The pound has stalled its recovery seen in Asia and now is eyeing to retest its key resistance level of 1.2700. Moreover, the cable stays impervious to recent streak of bullish UK economic releases as pound bears remain extremely strong lately. Today amid lack of relevant macro releases from Britain traders will await for latest data from US labor market due later in NA session.
USD/JPY
Current price: 103.64 (0.1%)
Session range: Open 103.50 High 103.75 Low 103.34
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: Moderate
Support and resistance levels: S. 102.28 R. 104.28
Main drivers: US Initial Jobless Claims
Overview: The pair has regained its bullish momentum trimming yen’s overnight recovery and climbing back above mid-103 level. The pair continues its north directed marathon for the eighth session in a row gaining for 250 pips since the beginning of this week. Moreover, the US dollar remains well bid today as market participants are still digesting yesterday’s strong macro releases from US economy which are rising probability of Fed rate-hike move in this year. Today in absence of any significant data releases risk sentiment will remain as the key driver for the pair.
AUD/USD
Current price: 0.7597 (-0.3%)
Session range: Open 0.7621 High 0.7624 Low 0.7577
Latest trend: Bearish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 0.7567 R. 0.7671
Main drivers: US Initial Jobless Claims
Overview: Today the AUD/USD major extends its bearish trend refreshing its two-week lows below the level of 0.7600 despite better-than-expected Australian Trade Balance released during Asia. Yesterday the pair managed to recover part of its losses majorly supported by drop in Crude Oil Inventories. However, strong releases from US economy have risen chances of this year Fed rate-hike thereby muting all Aussie’s attempts to recover. Today in view of light data calendar all traders will set up their focus on main event of this week – NFP that are scheduled for tomorrow.
Your European ECN-broker,
Forex.ee
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
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
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
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
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
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
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
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
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
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
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
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
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
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
