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Daily economic digest from Forex.ee
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Thursday, August 20th


USD/CHF
suffered considerable losses amid FOMC minutes not giving any clear indications on the rate hike timing. This morning, the frank was also supported by the positive Trade Balance figure from Switzerland. The pair fell below 0.97 level to its lowest since August 1 and having found support near 0.9637, rebounded to 0.9660.


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Friday, August 21st


EUR/USD surged more than 1% amid Fed rate hike uncertainty as currency traders analyze the outcome of FOMC minutes that were published on Friday. The pair traded between 1.1107 and 1.1244 on Thursday, before settling at 1.1239, which indicated a 1.08% rise. The PMI data from Europe showed stable growth and currently EUR is trading at 1.1242 against the US dollar, with support and resistance levels at 1.1119 and 1.1342, respectively. Euro zone consumer confidence is expected by economists later in the day.


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Monday, August 24th

EUR/USD
is celebrating considerable gains currently trading at 1.1459. The pair is now likely to test the February highs of 1.1533, which serves as current resistance level. The moves in Euro were mostly driven by stronger demand caused by another crash in the Chinese stocks. The support can be found at 1.1308.


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Tuesday, August 25th


EUR/USD
surged more than 2% amid Chinese equity sell-off. The pair reached its eight month highs at 1.1713 subsequently consolidating close to 1.1566. The U.S. dollar index fell to its lowest since January reaching the 92.54 level. Today, German GDP came out in line with expectations at 0.4%. Ahead in the day, investors are viewing CB Consumer Confidence and New Home Sales data from the US. The support and resistance can be found at 1.1437 and 1.1840, respectively.


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Wednesday, August 26th


GBP/USD is trading close to the support level located at 1.5690 with current quote 1.5697. The pair suffered considerable losses overnight and today is likely to be a volatile session with UK data coming out later today – BBA Mortgage Approvals and CBI Distributive Trades Survey figures. Technically, expectations are mostly bullish with the target set at 1.5793. If cable falls below the 1.5690 level, correction will be expected shortly.



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Thursday, August 27th


USD/JPY is up today after yesterday’s release of US news supported the greenback. Crude Oil Inventories figures came out in green colour shortly after publication of Core Durable Goods numbers, which were higher than expected at 0.6% versus 0.4% expected. Bank of Japan governor said that Japan will contribute to raising the growth potential of the economy through QE. The yen reacted immediately with the price rallying to 120.360, subsequently consolidating at 120.180. The support and resistance levels are located at 119.18 and 121.36, respectively.


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Friday, August 28th


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


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Monday, August 31st


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


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Tuesday, September 1st


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


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Wednesday, September 2nd


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


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