Forex.ee: Daily economic news digest from Forex.ee

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Daily economic digest from Forex.ee
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Tuesday, May 17th

EUR/USD is still keeping its position above 1.13, trading modestly flat. Due to lack of fundamentals from Euroland, focus will remain on US macro releases. Looking forward, traders will expect trade balance provided by EU and building permits, core CPI and housing starts from US. Currently the pair is trading at 1.1316 spot, staying directionless. Todays support and resistance levels are located at 1.1278 and 1.1362.


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Friday, May 20th

EUR/USD traded in flat this morning hovering in a 15-pips narrow range. The pair remains directionless, waiting for the upcoming economic events that could set up the tone for the pair. Today Eurozone data calendar is empty while US will provide home sales data along with Fed’s member D. Tarullo speech. Also, the G7 summit will be watched today, which also will imbue some sentiments in further direction. Currently the pair is trading at 1.1208 with its support and resistance levels located at 1.1153 and 1.1253 marks.


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Monday, May 23rd

USD/JPY has fallen from Fridays highs, marked at 110.58 level and now is hovering in the upper half of 109 level. The pair failed to hold on above 110 level witnessed at the end of last week as risk-off sentiments dragged it back to 109 area. With light economic calendar, investors will focus today on Fed members J. Bullard speech later during New York session that could provide some further directions for the pair. Meanwhile, risk sentiment across equity markets will also influence pairs direction. Currently the pair is trading at 109.79 spot, meeting resistance as getting closer to 110 level. The approximate support and resistance levels are located at 109.43 and 110.91 spots.


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Tuesday, May 24th

EUR/USD traded in flat mode this morning, in 15 pips narrow range, around 1.12 level. Pair got support from unchanged data of German quarter GDP, reaching 1.1227 spot, with quick return to flat corridor. Now traders are awaiting for German ZEW economic sentiment survey to set up further actions direction. Moreover, pair will stay under the pressure as Fed and ECB have divergent monetary policy outlooks with more than just possible a Fed June rate hike. Today the pair will gain some fresh winds after German ZEW economic sentiment survey with US new home sales data coming ahead. Now pair is trading at 1.1212, with approximate support and resistance levels located at 1.1161 and 1.1301


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Wednesday, May 25th

EUR/USD is recovering from multi-week lows marked yesterday. Yesterday the pair fell to 1.1133 level, kept under strong bearish pressure on the back of strengthened dollars positions, growth of stock indexes and fall of EUR/GBP. Now the pair is consolidating a slight recovery near 1.1150 level, limited by the interest of market participants to risky assets. Today traders will closely watch for German Ifo Business Climate Index, as expected that the data will remain intact, but the fall is not excluded, considering yesterdays pessimistic German ZEW survey. Also, further directions will be set up by EU Finance Ministers Meeting with US crude oil inventories and FOMC Members R. Kaplan speech coming ahead. The pair is currently trading at 1.1151 with the approximate support and resistance levels located at 1.1062 and 1.1212.



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Thursday, May 26th

EUR/USD has rebounded from it multi-week lows, witnessed yesterday at 1.1130 spot, recovering part of its positions lost in the first half of this week. Euro bulls are taking major support from dollars weakening positions as traders are performing profit-taking actions today. This Thursday US will release significant economic data, such as Durable goods orders, Initial jobless claims and Pending home sales. While speeches from FOMC members J. Powell and J. Bullard will also remain in focus. Currently the pair has entrenched around 1.1180 level and now is trading at 1.1179 spot. Support and resistance levels for the pair are located at 1.1114 and 1.1209.


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Friday, May 27th

GBP/USD was trading in 25-pips narrow range between 1.4659 and 1.4682 handling throughout the Asian session. The pair has retreated from almost four-week highs above 1.47 level and now consolidates entrenched positions. As the UK data calendar is empty for today traders will focus on Q1 US GDP print and hawkish comments from Fed Chair Yellen that will provide fresh incentives for the pair. At the moment the pair trades at 1.4666 spot with todays approximate support and resistance levels at 1.4582 and 1.4782


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Monday, May 30th

GBP/USD undergoing correction process, keeping downside trend for the third day in a row. Cable remains vulnerable to its counterpart as FOMC chair J. Yellen said on Friday that a rate hike is appropriate in June. Also the pair is still suffering from the Brexit sentiments, as less then month is left to EU referendum. Today the pair will stay directionless as both the US and UK markets remain closed. At the moment the pair is trading at 1.4624 finding support at 1.46 level. Todays support and resistant levels are located at 1.4552 and 1.4720



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​

Tuesday, May 31st

EUR/USD is losing its positions, down from 1.1150 level on the back of weak German retail sales. Today Eurozone will publish Consumer prices that expectedly will show 0.1% dip on a yearly basis. If expectations come true than Eurozone will keep deflation for a fourth consecutive month. Today traders will see some local macro data from Eurozone, while US will introduce Personal Spending/Income with CB Consumer Confidence. At the moment pair is trading at 1.1133 with its approximate support and resistance levels located at 1.1079 and 1.1173

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Monday, June 1st


GBP/USD has been floating in upper half of 1.44 level since this Tuesday. The pair fell sharply breaking through key resistance levels 1.47, 1.46 and 1.45 after the latest Brexit poll results showed growth in number of “leave” voted participants. Also the pair has received some bearish pressure as dollar is strengthening its positions across the market this Wednesday. Today traders will focus on Manufacturing PMI from UK with upcoming Manufacturing PMI form US. At the moment the pair is trading at 1.4493. Todays approximate support and resistance levels are located at 1.4297 and 1.4815.


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