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

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Daily economic digest from Forex.ee
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Friday, October 16th


NZD/USD was slightly lower in Asia following the moves of AUD. The losses were limited as higher than expected N.Z. CPI figures provided support to the pair. New Zealand CPI came out at 0.3% (QoQ) versus expectations of 0.2%. The pair is likely to gain support at 0.6785, while resistance is located at 0.6967.


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Monday, October 19th


EUR/USD is aiming up trading at 1.1373 after the losses suffered in the end of last week. On Thursday, ECB stated that additional measures are needed to boost price growth in the euro zone. Data on Friday confirmed that the rate of inflation in the euro area turned negative in September for the first time since the ECB launched its trillion euro asset purchase program in March. Current support and resistance levels are located at 1.1253 and 1.1429.


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Tuesday, October 20th

EUR/USD declined mildly to trade at 1.1330 as investors await a critical meeting by the ECB later this week for hints from M. Draghi of a potential expansion of a comprehensive €1.1 trillion bond buying program. Today, traders are keeping an eye on the euro zone Current Account figures. Outlined from an hourly perspective, the pair is being carried into new low ground without significant volatility. It is well possible for the single currency to break out higher once we see a higher degree of volatility.


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Thursday, October 22nd


GBP/USD is changing hands at 1.5451 ahead of UK Retail sales data. Yesterday, Public Sector Net Borrowing figures came out in green colour at 8.63B verus 9.40B expected. The retail sales figures are expected to show the slowest growth in Q3 sicne Q4 2013. However, the outlook for private consumption remains positive because of increasing employment and positive wage growth. The pair is likely to find support at 1.5304, while resistance is seen at 1.5525.


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Monday, October 26th


AUD/USD is higher at 0.7246 amid Chinese rate cut. In the week ahead, investors will be focusing on Wednesday’s monetary policy announcement by the Federal Reserve for fresh indications on the timing of an initial rate hike. Friday’s monetary policy announcement by the Bank of Japan will also be closely watched. The support is seen at 0.7173 and resistance is expected to be met at 0.7347.


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Tuesday, October 27th


NZD/USD is trading lower at 0.6776 after publication of N.Z. trade balance deficit figures, which came out in red colour. However, the losses were limited due to weaker than expected new home sales data from US on Monday. The disappointing report added to speculation that the Federal Reserve will hold off on raising interest rates until well into 2016. The support and resistance levels are located at 0.6732 and 0.6867.


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Tuesday, October 29th

GBP/USD is changing hands at 1.5260 after yesterday’s fall stipulated by the FOMC comments and stronger than expected data from US as Goods Trade Balance deficit contracted more than anticipated and Crude Oil Inventories also came out in green colour. Ahead in the day, the cable will be affected by the block of British news including mortgage approvals data, let lending to individuals and M4 money supply. Nationwide HPI was higher than last month by 0.1% while the index was not expected to change its reading. Current support and resistance levels are located at 1.5178 and 1.5356, respectively.


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Friday, October 30th



USD/CAD was almost unchanged on Thursday after the release of disappointing U.S. economic growth data, while expectations for a U.S. rate hike before the end of the year lent support to the greenback. USD/CAD hit 1.3238 during early U.S. trade, the session high; the pair subsequently consolidated at 1.3199. Ahead in the day, Canada is releasing its GDP and Budget Balance data. The support is seen at 1.3078, while resistance is likely to be met at 1.3230.


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Monday, November 2nd


USD/JPY was slightly lower this morning amid downbeat Chinese data published this weekend. However, the pair managed to return close to the opening point as Caixin manufacturing index showed more growth than expected by analysts. The economic calendar is not loaded with Japanese economic data this week, so the focus will be on Kuroda’s speech and NFP data publication. Current support and resistance levels are located at 119.24 and 121.67, respectively.


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Tuesday, November 3rd


EUR/USD posted modest losses on Monday remaining above 1.10 amid a wave of mixed manufacturing data around the globe. In Europe, overall export levels surged in October to a four-month high while total order growth across the euro zone rose to its highest level since April, 2014. The Spanish Unemployment change figures camou out in red colour at 82.3K versus 70.3K expected by analysts. Later in the day, the market is expecting a speech from ECB President Mario Draghi. The support is seen at 1.0927, while resistance is located at 1.1091.


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