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

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Monday, June 1st

The Australian dollar fell against its U.S. counterpart on Friday closing the session at 0.7642. Altogether, the pair lost 2.41% during the previous week. This morning, Australian dollar went up despite the disappointing data on building approvals in April. The pair is currently trading at 0.7654.

NZD/USD declined 2.82% last week, closing at 0.7106 on Friday after weaker than expected data on business confidence. The pair was gradually rebounding this morning reaching the 0.7110 level.

The pound closed at 1.5286 on Friday, down 1.2% comparing to the previous week. GBP/USD is under pressure with growing concerns over U.K. referendum on EU membership and weaker than expected GDP report indicating that the British economy growth might be losing momentum. Investors are watching the release of data on manufacturing sector activity later today.

The euro went up 0.37% to 1.0991 on Friday against the U.S. dollar, but the pair was down 1.89% in May. The single currency remains under pressure over Greek negotiations. Meanwhile, the dollar strengthened in May after more positive U.S. economic data. EUR/USD was down this morning and is currently traded at 1.0938. Later in the day, Germany is to release the manufacturing purchasing managers’ index and the consumer price index. In the U.S., The Institute of Supply Management Manufacturing Purchasing Managers Index is also reported today.

The U.S. dollar index was down to 96.94 on Friday, which was below the Wednesday’s five week peaks of 97.88. The index was 0.92% up for the week ending the month with 2.35% gains.

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Tuesday, June 2nd


After yesterday’s lows at 1.0886, EUR/USD was up this morning reaching 1.0944 mark. The European leaders met with Greece’s international creditors on Monday to move the debt negotiations forward. Ahead in the day, the markets are viewing the German and Spanish unemployment rates and euro zone’s CPI (YoY). The pair is currently trading at 1.0942 with support located at 1.0867 and 1.0819 (low of May 27). The resistance can be found at 1.0990 ahead of 1.1002.

The Australian dollar is broadly higher today after unchanged interest rate (2%) and current account deficit at A$10.7 billion, which is slightly less than the reading of the first quarter – A$10.8 billion. AUD/USD is trading at 0.7700.

The yen was considerably weaker on Monday with USD/JPY rising to its 12-and-a-half year highs. Yesterday’s positive data on U.S. manufacturing activity sent the dollar higher. Although, the yen was recovering this morning after the release of stronger monetary base data and average cash earnings. The current rate is at 123.50.

The U.S. dollar index was up against the basket of major currencies hitting the 97.34 level. The U.S. consumer spending was flat in April, but the construction spending rose 2.2% to an annual rate of $1.0 trillion.

Investors are waiting for the British Construction PMI due later in the day.


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Wednesday, June 3rd

EUR/USD pushed higher after euro zone consumer price index rose by 0.3% beating the expectations of economists. The mixed data from US, which was mostly weaker, also contributed to the strengthening of the single currency. Core inflation, which excludes energy, alcohol and food, also picked up indicating that ECB’s quantitative easing program that was launched in January is proving to be effective. EUR/USD is trading at 1.1142.

The dollar was also weaker against the yen with USD/JPY falling from the 12-and-a-half-year highs to 124.12. The resistance levels are located at 124.34 and 124.81. Support levels can be found at 124.00 and 123.70.

Yesterday, the U.S. dollar index plunged over 1% to 96.09 as investors were closing their long positions in the dollar after new orders for factory goods dipped 0.4%.

The Australian dollar continued its rise to the current reading of 0.7792, which is the highest this week, after strong data on GDP.

Today, markets are watching the data on British Services PMI, euro zone interest rate decision, ADP Nonfarm Employment change in the U.S. in May, American Non-Manufacturing PMI and ECB Press Conference all due later in the day.

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Thursday, June 4th

EUR/USD surged on Mario Draghi’s yesterday’s press conference speech that indicated upbeat expectations on Europe’s economy in 2015. Earlier on Wednesday, ECB kept its benchmark interest rate at 0.05%. After series of positive data from euro zone, including strong retail sales and fall of unemployment rate, the single currency soared to 1.1285. The pair is currently trading at 1.1243. Ahead in the day there will be a release of euro zone’s Retail PMI. EUR/USD is likely to find support at 1.1121 and the resistance at 1.1384.

In the U.S., the report on non-farm private employment showed the rise by 201,000 last month, which was slightly higher than expected. Meanwhile, the U.S. trade balance deficit narrowed to $40.88 billion with expectations of -44.00 billion. However, overall data was mixed with Services PMI and ISM Non-Manufacturing PMI lower than expected, which turned dollar lower against the basket of major currencies. The U.S. dollar index is currently at 95.59, down 0.53%.

Today’s data from Australia pushed the aussie down as retail sales came in flat and trade deficit widened. AUD/USD is traded at 0.7714.

Later in the day, the markets are viewing the British interest rate decision and Canadian Ivey PMI.

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Friday, June 5th

USD/CAD was growing yesterday hitting the session’s highs of 1.2503 over the upbeat U.S. data. The U.S. Department of Labor reported the number of individuals claiming initial jobless benefits declined by 8,000 to 276,000. USD/CAD is trading at 1.2517. Investors are looking for Non-Farm Payrolls later in the day.

The U.S. dollar index, which measures the greenback’s strength against the basket of major currencies, held steady at 95.47.

The euro was falling during the Asian session earlier today after Greece delayed its debt payment to IMF. It was the first time in five years of Greek crisis that the government postponed the payment to its creditors. EUR was down 0.28% today, currently trading at 1.1246 against the U.S. dollar.

The yen was weaker today over yesterday’s strong data from the U.S. and today’s mixed data from Japan. USD/JPY is changing hands at 124.68. The pair is likely to find support at 123.45 and resistance at 125.61.

Yesterday, the Halifax House Price Index (YoY) was out higher than expected in the U.K. and the interest rate was left unchanged. However, the cable was falling today and is currently trading at 1.5317 against the greenback.

Ahead in the day, the markets are viewing the euro zone’s GDP, American Non-Farm Payrolls and Unemployment rate as well as the Unemployment Change in Canada in May.


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Monday, June 8th

The U.S dollar rose higher against the basket of major currency pairs on Friday after release of strong data on Non-Farm Payrolls that bolstered the expectations that the Fed will start raising the interest rates later this year. The U.S. dollar index rose 0.96% to 96.50.

USD/JPY hit the level of 125.85, which was the highest since June 2002. The pair was slightly down this morning, after Japanese data on GDP, which was higher than expected. Although, the reading of Japanese Current Account did not match the forecasts of economists and the dollar remained broadly higher. The Yen is likely to find support at 125.29 (Today’s low) and then at 125.00. The resistance levels are located at 125.68 and 125.86.

EUR/USD erased its gains falling to 1.1048 on Friday. The U.S. Non-Farm Payrolls reading showed a considerable increase, beating the expectations by 55.000. The single currency is trading in the narrow corridor between 1.1136 and 1.1125. The resistance is located at 1.1225. The support is likely to be found at 1.0911.

USD/CAD fell to 1.2426 over the U.S. news on Friday. The pair is currently traded at 1.2433 with investors looking for today’s reports on Canadian Housing Starts and Building Permits.

Later in the week, the market will be watching the euro zone’s revised data on first quarter economic growth, Switzerland’s consumer inflation, the British Trade Balance and manufacturing production. Investors will also be monitoring the reports on initial jobless claims and retail sales from the United States.

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Tuesday, June 9th

The Japanese Yen strengthened yesterday after Japan revised first quarter GDP up to a pace of 1% (QoQ). The preliminary reading was 0.6% with economists expecting the reversion to 0.7%. Japan also published data on M2 Money Aggregate earlier today with a reading of 4.0% as opposed to expectations of 3.6%. The yen is trading at 124.34 against the U.S. dollar, but dollar’s uprise continues after last week’s strong economy data from U.S.

NZD/USD was stronger on Monday, edging up 0.17% to hit the level of 0.7156. However, the pair remained close to its four-and-a-half year lows reached last Friday. The pair is trading at 0.7109 with support level located at 0.7093 and resistance at 0.7248.

EUR/USD rose on Monday and continued recovering during today’s Asian session. The Greek’s debt negotiations remain the point of attention as European Commission President Jean-Claude Juncker warned Greek Prime Minister this weekend that alternative economic reforms need to be planned swiftly so that negotiations could continue this week. The pair is trading at 1.1276.

The U.S. dollar index dropped 0.67% to 95.30 after investors started locking-in the profits after greenback’s recent surge.

Ahead in the day, the market is watching the British Trade Balance data, euro zone’s GDP preliminary release and series of minor reports from the U.S.

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Wednesday, June 10th

The Japanese yen was steadily strengthening this morning after release of strong data from Japan beating expectations of economists. The Core Machinery Orders rose 3.0% (YoY) and 3.8% (MoM) in April as opposed to expectations of -1.3% and -2.0% respectively. The Corporate Goods Price Indices were also positive pushing USD/JPY down to 122.85.

AUD/USD soared on comments from RBA Governor Glenn Stevens hitting the level of 0.7747. The market reacted to the statement that “central bank is open to more easing if it is necessary for economic growth”. AUD/USD can find support at 0.7629 and resistance at today’s highs of 0.7747.

NZD/USD was gradually moving up during today’s Asian session over the decline in the dollar price. The stronger data on Electronic Card Retail Sales contributed to a minor upward movement of NZD/USD.

USD/CAD dropped to its two-week lows. The pair’s upward movement was stimulated by the increase of building permits in Canada by 11.6% in April.

Euro is recovering over the weakening of the U.S. dollar after yesterday’s fall. The single currency is expected to continue its rise over rumors that President Obama told the G7 summit in Germany that the strong dollar was “a problem”.

Later in the day, investors are viewing the British Manufacturing production data and the speech of BoE Governor Mark Carney.



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Thursday, June 11th

The U.S dollar index was down 0.36% at 94.82 yesterday – the lowest since May 19. It indicates the ongoing weakening of the dollar against the basket of major currencies.

USD/CAD dropped to 1.2201 on Wednesday, which was the pair’s lowest since May 22. The dollar’s downfall continued as investors were closing their long positions in USD. Currently, the pair is recovering losses traded at 1.2282.

USD/JPY was going up this morning after downbeat data on business sentiment in Japan’s manufacturing and Bank of Japan Governor’s Haruhiko Kuroda’s comment that the yen is “very weak”. Traded at 123.20, the pair is likely to find support at 120.88 and resistance at 124.28.

NZD/USD plunged after RBNZ lowered the interest rate to 3.25% from the previous 3.50%. The pair is trading at 0.7017 after today’s lowest of 0.6997. The kiwi is on a strongly bearish trend, so trading crosses might be a profitable solution.

EUR/USD remained mostly flat traded at 1.1286. The single currency will remain under pressure following the developments in the Greek negotiations.

GBP/USD pushed higher yesterday hitting the 1.5553 level, but the pair was on straight decline this morning currently changing hands at 1.5444. The support can be found at 1.5373. The resistance level is located at 1.5638.

Later in the day, investors are watching series of reports from the U.S. including Core Retail Sales (MoM) and Retail Sales (MoM). In the evening, Bank of Canada Governor S. Poloz will give a speech.


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Friday, June 12th

The euro fell during the Asian session as talks between Greece and IMF reportedly got into another deadlock situation. The IMF officials ended the Thursday meeting untimely despite the lack of progress. The Greek bailout team commented that the two sides remained far apart from the agreement on a number of important issues. Greek bailout agreement with EU and IMF is expiring at the end of this month and if the deal is not reached by then, the country is going to face default. Traded at 1.1218, EUR/USD will see support at 1.1144 and resistance at 1.1296. The German reports on wholesale price changes were positive and Spanish CPI indices came in exactly as expected. Ahead in the day, investors will be watching the European industrial production reports.

NZD/USD continued its decline after yesterday’s cut of interest rate. This morning, the New Zealand data came in almost flat with PMI at 51.5 as opposed to 51.8 last month and RBNZ Offshore Holdings at 63.00% lower 0.90% than the previous month. The pair is trading at 0.6993.

The U.S. dollar index which measures the dollar’s strength against the basket of major currencies was up 0.72% at 95.12. On Thursday, the reports showed a slightly bigger than expected increase of the U.S. retail prices, but the number of jobless claims also grew higher than it was predicted.

The yen was on the rise earlier today currently traded at 123.65. The Japanese industrial production rose 1.2% beating the expectations of 1.0%. USD/JPY is likely to find support at 122.72 and resistance at 124.88.

Later in the day, investors are viewing the producer price index from the U.S.

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