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


Thursday, September 3rd

AUD/USD
continued its decline falling as low as 0.6992 this morning.Australian retail sales data showed contraction in retail sales in July, while trade balance deficit narrowed more than expected. Meanwhile, the US dollar index was up 0.09% at 95.98, which indicates that dollar pushed higher tonight despite release of disappointing data. The pair is currently trading at 0.7003, with immediate support at 0.6982 and resistance at 0.7061.


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Friday, September 4th


EUR/USD
is changing hands at 1.1129 after highly volatile trade this morning. Ahead in the day, we will see some harsh moves on euro zone GDP numbers publication and Non-Farm Payrolls data. The single currency came under pressure after ECB indicated on Thursday that it could expand it quantitative easing program amid increased downside risks to its inflation outlook. The support and resistance levels are located at 1.0971 and 1.1239, respectively.


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Monday, September 7th


EUR/USD
is lower at 1.1137. The pair rebounded on NFP publication, but subsequently fell even lower. Ahead in the week, euro zone GDP is published. On the US side the market expects data on Initial Jobless Claims and PPI.


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Tuesday, September 8th

GBP/USD
is erasing losses after uninterrupted fall of the previous two weeks. The pair added more than 200 points since market opening on Monday with the main point of attention now at Wednesday block of news. Tomorrow, investors are viewing the British Manufacturing Production, Industrial Production and Trade Balance data coming out at the same time, so high degree of volatility is expected.


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Wednesday, September 9th

EUR/USD
rose after the opening bell in Europe, reverting the spike down to the 1.1150 area amidst an increasing risk-on environment seen during the Asian trading hours. Results above expectations from GDP during the second quarter released yesterday failed to ignite a solid recovery in the pair, which remains confined to the USD-dynamics as almost the exclusive catalyst and the Fed timing of a rate hike.



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Thursday, September 10th


Today is an important day for GBP/USD and the session promises to be very volatile as BoE MPC meeting is held this afternoon. The British Halifax House Price Index showed some healthy growth numbers, so the point of attention has now turned to the outcome of the MPC meeting, which will show the ratio of votes on the interest rate hike. The pair is currently changing hands at 1.5350 with support and resistance levels located at 1.5270 and 1.5505, respectively.


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Friday, September 11th


GBP/USD
continued compensating its recent losses after despite a small contraction on Wednesday over negative manufacturing data. The pair has returned to its previous consolidation corridor in between 1.5690 and 1.5425. Ahead in the day, investors are viewing the British Inflation Expectation and the forecasts are mostly bullish.


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Monday, September 14th


USD/JPY
was mostly flat this morning despite Japanese industrial production contracting more than expected by 0.8%. The Capacity Utilization rate was down 0.2%. Markets now await Tuesday’s BOJ rate decision for more cues on further QQE amid no significant data to be reported later today. The pair is trading at 120.27.


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Tuesday, September 15th


USD/JPY
showed some downside on Tuesday after BoJ left its monetary policy unchanged and investors remained cautious ahead of the Fed policy statement expected later in the week. The officials called for ¥80 trillion in annual asset purchases by central bank to help raise the inflation and support growth. Yesterday’s Japanese data showed that Industrial Production in Japan was lower by 0.8% in July. On the US side, Fed Chair Janet Yellen has said that an interest rate increase solely depends on the data but it is highly anticipated that the rates will be raised before the end of this year. The yen might go as low as 118.94, where it will meet the support eventually rebounding to the 120.54 area with next resistance at 121.15.


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Wednesday, September 16th


NZD/USD
is moving up for the fourth consecutive session as NZ current account data comes out in green colour. The market opened at 0.6352 this morning and eventually reached its current level at 0.6360. Analysts had expected the current account figures to fall into a deficit of NZ$ 1.50B but the actual figure was 1.22B. Tomorrow, markets are watching the GDP number of New Zealand. Current support and resistance levels are located at 0.6292 and 0.6435, respectively.


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