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Forums > Commercial Zone > Third Party Market Analytics > Forex.ee: Daily economic news digest
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18 May 2015 7:09 AM

    Daily economic digest from Forex.ee
    Stay informed of the key economic events

    Monday, May 18th

    Japan published a report on core machinery orders.
    Despite better than expected readings, The Japanese Yen was holding lower during the Asian session today. Traded at 119.34, USD/JPY was up 0.09%. Japan said core machinery orders gained 2.6% in March, as opposed to the expected rise of 1.8% MoM and a 0.4% drop in February.

    Switzerland released a report on retail sales.
    Worse than expected data showed a drop of -2,8%, beating the -2,0% predictions of economists. The previous release was at -3,1%.

    With EUR/USD standing at 1.1446 before the Friday’s close, the pair seems to be continuing its rise to the 1.15 reading.

    NZD/USD plunged on Monday, but last week’s soft data from US keeps the demand for dollar under pressure.

    There was a decline in AUD/USD on Monday after grim Australian vehicle data. The price of AUD dropped to 0.8004 subsequently reaching the level of 0.8011.

    Markets in Canada are closed for the Victoria day holiday.

     

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    Edited:18 May 2015 9:55 AM
    19 May 2015 4:27 AM

    Daily economic digest from Forex.ee
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    Tuesday, May 19th

    The Australian dollar rebounds after today’s RBA Monetary Policy Meeting Minutes. Traded at 0.7993, Aussie is up 0.03%. 

    Gold was weaker during the Asian session but there is a possibility of turnaround with propensity towards conflict in the Middle East and a growing possibility of a delay with interest rate hike by the Fed.

    Yesterday, the euro showed a sharp decline against the US dollar over continued talks of Greece departure from EU with the prices of Greek bonds plunging. EUR/USD fell 1.18% and continues its downfall. The pair is expected to find support at 1.1065. Today, the market is closely watching the Eurozone CPI data and the German ZEW Index report.

    The dollar is pushing higher against the basket of other major currencies on Monday with the U.S. dollar index 0.75% rise to 94.00. U.S. Building Permits data is due later today.

    Bank of Canada Governor, Stephen Poloz is to speak today. His speech may affect positive or negative short-term moves of USD/CAD.

     

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    20 May 2015 4:52 AM


    Daily economic digest from Forex.ee

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    Wednesday, May 20th

    USD/JPY is traded at 120.93 up 0.02% after today’s report of 0.6% GDP growth in Japan in the first quarter this year. The annual GDP growth pace in Japan was reported to be 2.4%, so the yen is withstanding the recent rise of the dollar price against the basket of major currencies.


    The U.S. dollar index was up 0.51%, quoted at 95.85.
    The bullish move of the dollar continues after yesterday’s U.S. building permits robust data showing the 10.1% increase during the last month.


    The euro continued falling against the dollar, reaching the two-week lows,
    after Benoit Coeure, a senior European Central Bank policymaker, mentioned the ECB’s intention of pushing on its stimulus program before the summer in order to guard against “notably lower market liquidity” in late summer. The concerns over Greek default are still sizable.


    The Australian dollar hit its lowest since May 12
    during the Asian session, consolidating at 0.7893 despite yesterday’s report of 6.4% consumer sentiment increase this month in Australia.

    Investors will be watching the April’s FOMC minutes, due later today, for clues on the timing of the interest rate hike in the United States.


    The Bank of England Monetary Policy Committee minutes are coming.
    The BoE Governor M. Carney mentioned last week the possibility of interest rate being higher in a year’s time. It was also said that the British interest rates would not be raised too soon to avoid slowing down the economy. GBP/USD is traded at 1.5490.

     

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    21 May 2015 5:27 AM

    Daily economic digest from Forex.ee
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    Thursday, May 21st

    The Australian dollar was higher against the U.S. dollar during the Asian session earlier today hitting the level of 0.7911 with further correction to 0.7887. The MI Inflation Expectations in Australia were 0.02% higher compared to the reading of the previous month. Yesterday’s Federal Reserve minutes showed that interest rate hike is unlikely in June, which contributed to a slight weakening of the greenback. Currently, the aussie is up 0.09%.

    On Wednesday, the U.S. dollar index fell 0.1% against the basket of major currencies. Currently, the index is at 95.69. Retail traders will be watching The Philadelphia Federal Reserve Manufacturing Index report, as it might contribute to a short-term price fluctuation of the dollar.


    The single currency was up earlier today reaching the 1.11295 level
    , but the euro continued its recent fall currently traded at 1.1100. The markets are viewing the German Manufacturing PMI and Mario Draghi’s speech due later in the day. The EUR/USD pair might retest 1.1047 whilst below 1.1138.


    GBP/USD was declining earlier this week
    , so the market is paying attention to the U.K. Retail Sales MoM, which is likely to affect the pair’s intraday movement. GBP/JPY declined ahead of today’s news from the UK.


    China’s HSBC Manufacturing PMI was out in the morning with worse than expected reading of 49.1
    indicating the continuing deterioration of the business conditions in China.


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    22 May 2015 5:15 AM

    Daily economic digest from Forex.ee
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    Friday, May 22nd

    Yesterday, the European leaders, including Greece Prime Minister Alexis Tsipras, France president Francois Hollande and Germany chancellor Angela Merkel arrived to Riga, Latvia for a two-day summit in order to discuss extension of the euro zone’s bailout to Greece. EUR/USD moved up 0.15% on Thursday reaching the level of 1.1154. One session earlier, the euro was below 1.11 against the U.S. dollar for the first time in May. Currently, the single currency is traded at 1.1156 and continues its upward move after the positive data on Germany’s GDP (YoY).


    The U.S. dollar index was down 0.01% to 95.46 against the basket of six major currencies. The more dovish data from FOMC meeting on Wednesday still influenced the strength of the greenback. Moreover, the U.S. Department of Labor reported last week’s rise of new jobless claims by 10,000 to 274,000, which was worse than expected.



    USD/JPY was down during the Asian session traded at 121.03.
    The BoJ board voted to keep the monetary policy unchanged earlier today.



    Later in the day, the market will be paying attention to speeches of ECB President Draghi, Bank of England Governor Carney and Fed Chair Yellen.



    Higher volatility is also expected for the USD/CAD
    today along with the release of data for Core Retail Sales (MoM) and the Core CPI (MoM) in Canada.



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    Edited:22 May 2015 5:16 AM
    25 May 2015 4:42 AM

    Daily economic digest from Forex.ee
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    Monday, May 25th  

    The USD/JPY is trading at 121.56 down 0.02% after the release of Japanese Trade Balance data for April, which was better than expected.

    On Friday, the Fed Chair Janet Yellen said that “it will be appropriate” to start raising the interest rate at some stage this year.  


    Today, markets are closed in the United States, Switzerland and the United Kingdom due to Bank Holiday and Memorial Day.


    Euro remains under pressure over talks of a possible Greek default.
    Greece is due to make a 1.6 billion euros debt repayment to IMF next month and it was said that the money is not there to be given unless an agreement with creditors is reached. EUR/USD is traded at 1.0965.


    EUR/GBP continues its decline
    as the demand for Euro is hurt by the bullish trend in the U.S. dollar. Higher volatility is expected on Thursday after the release of UK GDP report. 


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    26 May 2015 5:09 AM

    Daily economic digest from Forex.ee
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    Tuesday, May 26th  

    Yesterday, the Australian dollar held steadily against the U.S. dollar after reaching the three-weeks lows over the growing demand for the greenback. However, there was a decline of the aussie during today’s Asian session in anticipation of the data from U.S. due later in the day. The pair is currently traded at 0.7810.


    NZD/USD is still going down after last week’s positive news from Fed
    on raising interest rates later this year. The pair is likely to find support at 0.7275, the low of March 18.


    The dollar was higher against the basket of major currencies on Monday with the U.S. dollar index reading currently at 97.05.

    After a brief rise of EUR/USD last Thursday caused by Mario Draghi’s announcement that ECB’s policies have proved to be effective for the euro zone’s recovery, the single currency is still going down with concerns over Greek situation still at play. EUR/USD is traded at 1.0915 passing the one-month lows. The U.S. consumer price rise for the third month in row contributed to the strengthening of the dollar.


    The markets are in anticipation of the data from U.S
    . on CB Consumer Confidence (May), New Home Sales in April and the Durable Goods Orders (MoM).



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    27 May 2015 4:53 AM

    Daily economic digest from Forex.ee
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    Wednesday, May 27th   

    The U.S. dollar was broadly higher against the basket of major currencies on Tuesday after the release of data on U.S. total durable goods orders, which fell more than expected in April, while core durable goods orders rose 0.5% the same month. Remaining broadly supported after Fed Chair Janet Yellen’s speech on Friday, the greenback continues its rise. The U.S. dollar index was at five-week highs of 97.12 during the Asian session with the current reading of 97.09.


    EUR/USD hit its one-month lows on Tuesday reaching the level of 1,0862
    after the positive data from U.S. and progressive concerns over Greek default.


    The Japanese yen held slightly stronger today after the USD/JPY rise to eight-year highs on Tuesday
    . Traded at 122.93, the yen rate was stimulated by BoJ Monetary Policy Meeting Minutes indicating there are no intentions of further easing now.


    The markets are watching the Interest Rate Decision in Canada due later in the day.
    Yesterday, USD/CAD was up to 1.2428 reaching its highest this month. The pair is currently trading at 1,2447.



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    28 May 2015 6:13 AM

    Daily economic digest from Forex.ee
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    Thursday, May 28th      

    EUR/USD was down on Wednesday touching the 1.0818 during the European session. It was the pair’s lowest point since April 27. Later in the day, euro received some additional support after the report on improvements in German consumer confidence. The Greek government expressed confidence in ability to make the payment to the IMF due on June 5, which caused the subsequent rise of the single currency. Spanish GDP data is due ahead in the day. EUR/USD is traded at 1.0930.

    The U.S. dollar fell 0.04% against major currencies with the U.S. dollar index currently at 97.24. The demand for the dollar was subtly pushed down by the rise of the euro.

    USD/JPY is still moving down after the positive report on retail sales in Japan for the first time in four months. The pair is trading at 123.73.

    AUD/USD was down after weak Building Capital Expenditure report from Australia.


    Another commodity-backed currency - NZD/USD, was also down during the Asian session earlier today. NZD/USD is trading at 0.7247 and continues its downfall against the strengthening U.S. counterpart.

    Ahead in the day, the markets are watching UK GDP and Canadian data, as well as euro zone’s statistics. In the evening, higher volatility is expected after the release of US pending home sales for April.

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    29 May 2015 5:01 AM

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    Friday, May 29th           

    On Thursday, GBP/USD went down after data release of UK GBP, which was slightly weaker than expected. GBP fell to 1.5259 before consolidating at 1.5323 during the Asian session today.

    EUR/GBP soared to 0.7151 in the late European trade and continued its rise to 0.7162 today after mixed data on German retail sales in April. The pair is currently trading in the narrow range with session lows around 0.7140. The Greek situation remains an important point of attention and EMU’s M3 Money Supply is due later in the day with expectations of 4.9% reading. The pair is likely to find support at 0.7036 (low of March 12) and resistance at 0.7187 (high of May 20).


    EUR/USD was up yesterday, reaching the 1.0958. The single currency found support after the Greek Government reported that it was coming closer to the agreement with its international creditors.
    However, the European Officials later said there was still much work to do with negotiations before reaching the agreement. Today’s retails sales data from Germany pushed EUR/USD even higher to 1.0960 levels, but the pair is erasing its gains currently trading at 1.09336. The closest resistance is seen at 1.0960 after which the psychological resistance is at 1.10. On another side, if a fall below 1.0930 is seen, the pair might find resistance at 1.0866 – the previous session’s low.


    The demand for the dollar remained high after the Fed’s hawkish reports and series of positive reports during the previous weeks, which indicates that American economy is gaining momentum after a slowdown in the first quarter.
    Although, yesterday’s report showed the number of initial jobless claims rose last week, which contributed to the downward movement of the U.S. dollar index.


    USD/JPY was at its highest since June 2002 yesterday, reaching the level of 124.45. Earlier this morning, yen was stronger after mixed data from Japan
    , including National CPI (YoY), Jobs/applications Ratio and household spending. Traded at 123.82, the pair is likely to find support at 122.76 and resistance at 124.47.


    Ahead in the day, the markets are watching the American data, including GDP, and Canadian statistics.



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    Edited:29 May 2015 5:02 AM
    01 Jun 2015 4:24 AM

    Daily economic 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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    02 Jun 2015 4:12 AM

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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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    03 Jun 2015 4:47 AM

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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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    04 Jun 2015 5:08 AM

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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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    05 Jun 2015 4:51 AM

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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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