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Daily economic digest from Forex.ee​

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Tuesday, August 30th

EUR/USD

Current price: 1.1168 (-0.2%)
Session range: Open 1.1189 High 1.1193 Low 1.1155
Latest trend: Bearish
Expected trend: Bullish
Daily volatility: Moderate
Support and resistance levels: S. 1.1136 R. 1.1234
Main drivers: US CB Consumer Confidence
Overview: Currently the common currency is still losing positions against its American counterpart, sliding down for nearly 200 pips since Friday Fed Chairwoman J.Yellen’s hawkish speech at Jackson Hole Symposium. Furthermore, fresh wave of speculations around this year Fed rate-hike is supporting further growth of the American currency across the board.

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Wednesday, August 31st

EUR/USD

Current price: 1.1140 (0.0%)
Session range: Open 1.1142 High 1.1163 Low 1.1129
Latest trend: Bearish
Expected trend: Bearish
Daily volatility: Moderate
Support and resistance levels: S. 1.1094 R. 1.1216
Main drivers: EU CPI, US ADP Nonfarm Employment Change, US Pending Home Sales
Overview: Seems that USD bulls are slowly running out of steam allowing the pair to retreat from session lows. Today the pair won’t stay immovable as Euroland will post several local releases with German Unemployment Change and EMU’s CPI during Europe session. Moreover, today US will also add some oil into the fire by showing significant data from housing market thereby adding some directional impetus to the pair.

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Thursday, September 1st

GBP/USD

Current price: 1.3141 (0.0%)
Session range: Open 1.3137 High 1.3156 Low 1.3128
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 1.3024 R. 1.3268
Main drivers: UK Manufacturing PMI, US ISM Manufacturing PMI
Overview: Despite that the pound is still growing against its American peer, pair’s bullish impetus is running of steam forcing the pair to consolidate near mid-1.3100 level. Moreover, upcoming UK Manufacturing PMI is also taking away part of volatility as traders are staying vigilant expecting to see growth in activity level of purchasing managers in the manufacturing sector despite Brexit-vote outcome.

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Friday, September 2nd

GBP/USD

Current price: 1.3274 (0.1%)
Session range: Open 1.3268 High 1.3294 Low 1.3265
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 1.3047 R. 1.3427
Main drivers: UK Construction PMI, US Nonfarm Payrolls, US Unemployment Rate.
Overview: The pair looks extremely strong today, as bulls remain winged on the back of upbeat data form UK and disappointing PMI figure from US side. Currently the pair is navigating to the level of 1.3300 gaining more than 2 cents since weekly lows witnessed near 1.3165 spot. However, in the nearest future we won’t see any sharp rally as upcoming NFP is tying up traders hands limiting pair’s actions.

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Friday, September 2nd

GBP/USD

Current price: 1.3274 (0.1%)
Session range: Open 1.3268 High 1.3294 Low 1.3265
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 1.3047 R. 1.3427
Main drivers: UK Construction PMI, US Nonfarm Payrolls, US Unemployment Rate.
Overview: The pair looks extremely strong today, as bulls remain winged on the back of upbeat data form UK and disappointing PMI figure from US side. Currently the pair is navigating to the level of 1.3300 gaining more than 2 cents since weekly lows witnessed near 1.3165 spot. However, in the nearest future we won’t see any sharp rally as upcoming NFP is tying up traders hands limiting pair’s actions.

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Monday, September 5th

GBP/USD

Current price: 1.3300 (0.0%)
Session range: Open 1.3300 High 1.3329 Low 1.3290
Latest trend: Bullish
Expected trend: Bullish
Daily volatility: Low
Support and resistance levels: S. 1.3198 R. 1.3398
Main drivers: UK Services PMI
Overview: Currently the pound is trading on a firm note against American currency on the back of broadly based dollars’ sell-off seen after poor data from US labor market released last Friday. However, talks around further Fed rate-hike have limited pairs rally, sending it back to the region of 1.3300 spot. Today traders will closely watch for UK Services PMI, taking into account that both previous manufacturing and construction PMIs’ have showed positive data.

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Tuesday, September 6th

AUD/USD

Current price: 0.7638 (0.7%)
Session range:
Open 0.7584 High 0.7656 Low 0.7580
Latest trend:
Bullish
Expected trend:
Bullish
Daily volatility:
Moderate
Support and resistance levels: S. 0.7540 R. 0.7648
Main drivers:
US ISM Non-Manufacturing PMI, Australian GDP
Overview: Today RBA has left its cash rate flat at record low level 1.5% leaving bulls unimpressed by uneventful decision. However, the pair has performed moderate growth over the Asia as RBA in its monetary policy announcement provided traders with neutral hints of Australian economic growth. Moreover, positive data from Australian released earlier also has breathed in some bullish sentiment to the pair. Now all focus shifts to data from US that will be released in NY session and Australian GDP that will also set up further pair’s direction. But for now markets will continue to digest RBA monetary policy decision leading the pair in north direction.


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Thursday, September 8th

EUR/USD

Current price: 1.1267 (0.3%)
Session range: Open 1.1238 High 1.1271 Low 1.1234
Latest trend: Bullish
Expected trend: Bullish
Daily volatility: Moderate
Support and resistance levels: S. 1.1203 R. 1.1289
Main drivers: EU Deposit Facility Rate, EU Interest Rate Decision, Speech of ECB President M.Draghi
Overview: The dollar extends its weakness witnessed since the beginning of this week this time suffering from US PMI from ISM released last Tuesday. The pair continues to consolidate its gains currently hovering near the level of 1.1250 as traders are refraining from making important decisions on the back of upcoming ECB Interest Rate Decision followed by M.Draghi’s Speech. Most probably, ECB will leave its rate unchanged but M.Draghi’s comments definitely will be closely watched in view of EU economy growth and inflation outlook.


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Friday, September 9th

EUR/USD

Current price: 1.1271 (0.1%)
Session range: Open 1.1257 High 1.1286 Low 1.1257
Latest trend: Bearish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 1.1181 R. 1.1367
Main drivers: Speech of FOMC Member E.Rosengren, Speech of FOMC Member R.Kaplan, Eurogroup Meetings.
Overview: Currently the pair is keeping its steady recovery mode refreshing daily highs near the region of 1.1280, as the dollar remains defensive this morning. Yesterday the pair rose on expectations of ECB Interest Rate Decision climbing above 1.1300 handle. However, the pair lost its ground facing strong resistance near the level of 1.1330 after ECB disappointing announcement of lowering its projections for further inflation growth.


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Monday, September 12th

GBP/USD

Current price: 1.3275 (0.1%)
Session range: Open 1.3269 High 1.3287 Low 1.3254
Latest trend: Bearish
Expected trend: Bullish
Daily volatility: Low
Support and resistance levels: S. 1.3183 R. 1.3375
Main drivers: FOMC Member L.Brainard Speech
Overview: The pair GBP/USD now is re-attempting to take back the level of 1.3300 after solid rally seen last Friday after hawkish comments of Fed E.Rosengren. However, following dovish speech of Fed N.Kashkari has limited pair’s downside jerk and now is supporting the pair as markets are still digesting his announcement that monetary policy is doing what it can to support US economic growth. Today traders will await for speech of Fed Governor L.Brainard for another dose of speculative impetus.


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