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

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Friday, July 10th

USD/CAD is close to the strong resistance level located at 1.2833 – the highs of March. The possibility of rebound is very high, bearing in mind that the loonie was weakening for over three weeks now. The series of news are coming out from Canada with Employment change and unemployment rate at the focus of investors’ attention. The pair is changing hands at 1.2698.


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Monday, July 13th


GBP/USD is rebounding after falling for the two consecutive weeks. With British CPI, Unemployment rate and Average Earnings index due later in the week, sterling may be well supported by the positive economy data. The current market price is 1.5543.

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Tuesday, July 14th

NZD slips lower against stronger greenback hitting the lows of 0.6666 earlier today. The continuation of a downfall might be at questions as Greece agreement supports the demand for riskier assets. NZD/USD is changing hands at 0.6681.

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Wednesday, July 15th

GBP/USD rallied supported by lower retail sales in the U.S. and hawkish comments from Band of England officials. The cable traders now look for the average earnings in the UK. The market price of GBP is $1.5654.

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Thursday, July 16th

USD/CAD was much higher breaking through the 1.2833resistance level (the highs of March) trading close to the much stronger historical resistance level of 1.3063 (highs of March 2009). The loonie eased as the U.S. PPI sent the pair higher, right before the BoC reported the lowering of interest rate to 0.50%. Ahead in the day the investors will be watching the Foreign Securities Purchases data from Canada. The pair is quoted at 1.2920 with immediate resistance level at 1.2940.

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​

Friday, July 17th

Yesterday, EUR/USD fell, despite the weakening of the dollar caused by lower reading of the Philadelphia Fed Manufacturing Index. Although, the greenback remained supported by the speech of J. Yellen. The interest rate in Europe was kept unchanged at record lows and European Central Bank increased its emergency lending to Greek banks by €900 million. The pair is trading at 1.0884.

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NZD/USD was pushed up today to 0.6600 level by the New Zealand PM John Key’s comment that Kiwi has fallen faster than expected. Currently the price trades at 0.6569 level. The main focus this week is on the RBNZ police meeting on Thursday and interest rate decision. Resistance is at 0.6575 level with support at 0.6535.



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Monday, August 3rd

USD/CAD was rising this morning after breaking through the important 1.3063 resistance level last Friday. The market is closely watching the current movement of this instrument as this week’s Canadian economic data and expected GDP report are likely to give a start to a new long-term trend. Consolidation of prices above 1.3063 would be a reliable signal for opening long positions. Today is a national holiday in Canada.

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Tuesday, August 4th

GBP/USD was falling yesterday despite stronger than expected manufacturing PMI data. Although, the cable climbed back above 1.5600 this morning. On the daily graph, a considerable price consolidation can be observed forming a flag figure from July 13. This means that breaking through the resistance level at 1.5693 will give a start to a new bullish trend in mid-term. The forthcoming economic data from UK will likely become the fundamental reason for either supporting this prediction or forming a turnaround. British Construction PMI is out shortly.

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Wednesday, August 5th

The Australian dollar fell despite strong AIG Services Index and Chinese Caixin Services PMI data coming out higher than expected. This was happening amid strengthening of the dollar after broad rise of US factory orders in June and hawkish comments from Fed, implying coming close to short-term rate hikes. Currently, AUD/USD is at 0.7365, but there are no indications that lows have been reached as of now. Strong psychological support level is at 0.7006 and intraday resistance level at 0.7432.


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