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

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Thursday, September 17th


GBP/USD was seen as one of the biggest gainers yesterday, as the price rallied to 1.5528 amid strong labor market data. The pair promises to show some volatile trades later in the day as retail sales data is out before the significant news from the US including Building permits , Philadelphia Fed Manufacturing Index and, of course, the Interest rate decision. The support is seen at 1.5334, while resistance is located at 1.5690.


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Friday, September 18th


USD/CHF was down on Thursday amid weaker dollar and SNB leaving interest rates at their current. SNB stated that Swiss franc is still significantly overvalued, despite slight depreciation, which has been putting significant brake on the Swiss economy since mid-January. The pair eased even more when as Fed left the interest rates at their current level between zero and 0.25%. It was noted that recent global economic and financial developments may restrain economic activity and are likely to put pressure on inflation. J. Yellen said that the bank will begin monetary policy normalization when it sees further improvements in the labor market. The pair is changing hands at 0.9615 easing from its one-month highs of 0.9823.



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Monday, September 21st


AUD/USD slipped lower as US dollar continued to recover from the losses it suffered after Fed left the interest rates unchanged. The pair is currently changing hands at 0.7172 after two weeks of rising seen in aussie. Although, it is not expected that this instrument will be going up above 0.7314, where strong resistance is located. On the downside, support can be found at 0.7140.



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Tuesday, September 22nd

AUD/USD was moving up in Asia as Australian House Price Index for Q2 was out in green colour, higher than expected. Analysts forecasted a 2.5% growth, but the actual figure was at 4.7%.Meanwhile, the Chinese slowdown remains in the focus of attention as investors are expecting to see if any additional stimulus measures will be implemented by the Chinese government. Tomorrow, the market is viewing the CB Leading Index from Australia and Caixin Manufacturing PMI from China. On the US side, there will be Crude Oil Inventories and Manufacturing PMI figures. The aussie is currently changing hands at 0.7146 against its American counterpart with a strong support level at 0.7054, while resistance is located at 0.7202. Long-term expectations remain bearish as lower oil prices and unavoidable rate hike in the US will cause the AUD price to go down. Moving averages have not yet crossed and are pointing down.



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Wednesday, September 23rd


EUR/USD continued to fall reaching 1.1126 level. The single currency has dropped ahead of Mario Draghi’s and Fed members’ speeches, as market awaits further indications on the possible divergences between policies of the two largest central banks. Meanwhile, manufacturing and services PMI are expected from euro zone, as well as Markit Composite PMI. On the US side, Manufacturing PMI and Crude Oil Inventories data is expected. The support and resistance levels are located at 1.1014 and 1.1220, respectively.


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Thursday, September 24th


NZD/USD price rallied despite downbeat N.Z. Trade Balance data. The Trade Balance deficit widened more than expected reaching the 3.331M figure over 3M anticipated. The rise of NZD was stipulated by the fact that US dollar was falling from its “overbought” zone, which was entered amid rate hike expectations in the US, so investors started abandoning their long positions on dollar. The pair is currently trading at 0.6290. The support is seen ar 0.6188, while resistance is located at 0.6322.


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Friday, September 25th


GBP/USD is going down reaching its current 1.5223 level. With no significant news releases on Thursday and Friday, the pair was mostly driven by the fluctuations in dollar. Higher volatility is expected this afternoon as US GDP numbers will be reported. The pair will gain support at 1.5101. Resistance can be found at 1.5343.


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Monday, September 28th


EUR/USD is slightly lower at 1.1174. The expected data from euro zone this week includes Industrial sentiment, Business and Consumer Survey, CPI and Manufacturing PMI. Today, the main focus is likely to be on the speeches from Fed officials. The pair may find support at 1.1040 and resistance at 1.1270, respectively.


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Tuesday, September 29th


GBP/USD was having a volatile session on Monday amid the comments from BoE and fluctuations of the dollar. The pair opened trades at 1.5184, and then rose as high as 1.5241, subsequently falling to 1.5171. It is expected that the cable will end this week at 1.50 or just below in case NFP data will provide some solid ground for the Fed to start looking at raising interest rates next month while BoE continues to provide controversial indications from its several members. Today’s data from UK includes M4 money supply, Mortgage approvals and net lending to individuals. The key support and resistance levels to watch today are 1.5047 and 1.5284, respectively.


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Wednesday, September 30th


USD/JPY is lower just below 119 as Japanese data was out in red colour. Industrial production fell 0.5% month-on-month in August, compared to a 1.0% gain seen. Retail sales gained 0.8% YoY in the same month, below the 1.1% rise expected. The support is seen at 118.43 and resistance can be found at 120.55.



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