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


Thursday, October 1st


EUR/USD
was down amid lower CPI numbers on Wednesday and upbeat employment data from US. The ADP Nonfarm Employment Change report showed 200K figure versus 194K expected, while euro zone CPI was negative at 0.1%. The single currency is changing hands at 1.1142 ahead of European Manufacturing PMI data. On the US side, investors are watching ISM Manufacturing PMI. Support and resistance levels are at 1.1057 and 1.1276, respectively.


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Friday, October 2nd


EUR/USD
was falling ahead of NFP data publication later in the day. The US Labor market data is going to be critical news as it is likely to indicate the likelihood of Fed raising the interest rates next month. This stipulated the greenback’s gains overnight. In euro zone, the manufacturing PMI was in line with expectations at 52.0. The support is seen at 1.1109 and resistance at 1.1296.



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Monday, October 5th


USD/JPY
was slightly higher after the volatile session on Friday. In Japan average cash earnings for August rose 0.5%, a second straight rise, but below the gain of 0.7% expected. Later in the week, Japan publishes its current account data. The support and resistance levels are located at 117.83 and 120.77, respectively.


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Tuesday, October 6th


USD/CAD
is broadly down to 1.3083 after reaching its highest point of more than a decade at 1.3453.The loonie is now coming close to the strong support level of 1.3010, which proved to be a hard-to-pass resistance in the past. Breaking through this level, analysts might start talking of the trend reversal. The fundamental stipulators for such moves might be provided by the bureau of statistics of Canada, when it releases the Trade Balance figures and Ivey PMI number later in the day.On the upside, the resistance is seen at 1.3207.



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Wednesday, October 7th

USD/JPY
was slightly weaker as Bank of Japan voted to keep its current monetary base target steady in an 8 to 1 vote on Wednesday. There has been speculation the BoJ may be considering further easing, though the board has contended that underlying inflation is rising and a slump in factory output is not serious enough to derail the path to a modest economic recovery and 2% inflation. The support and resistance levels are located at 119.33 and 121.01, respectively.

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Thursday, October 8th


GBP/USD
showed significant gain on Wednesday, second session in a row, after falling as low as 1.5107 last week. The pair is currently changing hands at 1.5213 ahead of MPC meeting. The members will vote on the interest rate and while the possibility of a rate hike this year remains really low, the ratio of votes is what the market will pay its attention to. Yesterday, the manufacturing production data from UK was in green colour at 0.5% versus 0.3% expected. The support and resistance levels are seen at 1.5194 and 1.5468.



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Friday, October 9th


NZD/USD
prices rallied as lower demand for the dollar was supporting the demand for riskier assets, while causing the rise in the oil prices as well. The Kiwi is changing hands at 0.6692, the pair’s highest since August 21.The recovery of NZD was not even diminished by the lower than expected volume of home loans. Ahead in the day, there is nothing significant on the economic calendar to consider for placing orders in this instrument, apart from US import prices, which may have little effect on NZD. The support and resistance levels are seen at 0.6594 and 0.6776.



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Monday, October 12th


NZD/USD
is higher again currently trading at 0.6730. The U.S. markets are closed today for a national holiday while the greenback remained under pressure after the latest Fed Policy meeting. Tomorrow, N.Z. publishes its Food Price Index, which is likely to affect this instrument’s price. Support and resistance levels are located at 0.6642 and 0.6777, respectively.



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Tuesday, October 13th


AUD/USD
was lower in Asia as Chinese Trade Balance data was out mixed. The export figures came out in green light with 3.7% contraction, while imports declined more than expected by 20.4% totaling the balance to 60.34B. Meanwhile NAB Business Confidence index was beat the expectations with this month’s reading at 5. The pair is currently trading at 0.7320 after reaching one-and-half month peak at 0.7381 in course of Monday trade. Current support and resistance levels are located at 0.7297 and 0.7450, respectively.


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Thursday, October 15th


EUR/USD
surges to monthly high amid downbeat US retail sales data. The retail sales MoM figure showed just 0.1% growth, while core retail sales contracted 0.3%. The PPI also declined 0.5%. There is no significant data expected from euro zone today, but on the US side, investors are viewing Core CPI and Philadelphia Fed Manufacturing Index. The single currency is trading at 1.1490 with support and resistance located at 1.1368 and 1.1596, respectively.



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