Daily economic digest from Forex.ee

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

Thursday, March 31^st   

EUR/USD gained momentum after the beginning of the American session and climbed to 1.1364, hitting the strongest level since February 11 and now pair is seen struggling just ahead of 1.13 handle. EUR/USD looks to test 1.14 barrier as the US dollar remains on the defensive after dovish Yellen’s comments and a string of mixed Fed speaks, which puts the investors’ confidence in the US currency in disarray. 
Looking ahead, markets continue to cheer upbeat German CPI figures and now gear up for another eventful European session, with Euro zone CPI in the spotlight. While the German retail sales data remains in immediate focus for fresh incentives on the pair.
Currently the pair is trading at 1.1321, holding its position above 1.30, expected support and resistance levels for the pair are located at levels 1.1283 and 1.1422.

GBP/USD drifted lower back from this and previous weeks high at 1.4459 in Asia and now it is trading at 1.4345.
Governor Carney’s comments are scheduled to hit the wires well ahead of the UK GDP release. Hence, the economic data releases could turn out to be non-event for the markets, especially if Carney warns about the potential destabilizing impact of Brexit. 
Later in the US session, initial jobless claims are due for release. Regional Fed manufacturing index and comments from Fed’s Dudley would be watched out by markets as well. 
Support and resistance levels for the pair today are located at around 1.4284 and 1.4456, respectively.

USD/JPY has been hit hard on the back of Yellen’s speech this Tuesday  and a subsequent sell-off in the greenback from highs on 113.80. Now bears continue to remain in command and attack every attempt to the upside in the USD/JPY pair as the yen remains heavily bid on the back of fiscal year-end repatriation flows.
Meanwhile, markets now await fresh incentives from the European session ahead of the US weekly jobless claims and regional PMI index.
Now USD/JPY trades -0.11% lower at 112.39, heading gradually towards daily lows struck at 112.25 in opening trades, meeting todays support at 111.54 and resistance 112.90.

The NZD/USD pair paused its 3-day massive rally to multi-month tops and now extends the retreat on 0.69 handle as the USD sees a minor pullback across the board.
After hitting fresh multi-month yesterday highs around 0.6970 (last seen in id-June 2015), spot has surrendered part of those gains and has returned to the 0.6900 neighborhood early in the European morning.
Now pair is trading at 0.6902, back from its peak with its support and resistance levels around 0.6864 and 0.7007

Your European ECN-broker,

Forex.ee.