Daily economic digest from Forex.ee
Stay informed of the key economic events
Monday, January 9th
The GBP/USD pair shows one of the weakest performances at the start of this week, sliding down below the level of 1.2200. Today the pair stepped down to the region of its two-month lows, as continued concerns around hard “Brexit”, that will be triggered this March, are gathering pace. Moreover, ongoing interest around the US dollar after Friday’s reports, that gave no clues on this year Fed rate-hike’s number reduction, continues to support broadly the greenback. Today, data calendar from both sides will remain empty leaving the pair on the mercy of US dollar’s price dynamics.
The EUR/USD pair is showing lack of momentum at the start of this week hovering in the region of 1.0520-40. Currently the pair is consolidating its Friday’s drop triggered by underpinned data from the US labor market. Moreover, the major remained indifferent to positive German reports of industrial production and trade balance data seen this morning showing no signs of direction. Nothing much is scheduled in data calendar for this Monday, as only EU Unemployment Rate and couple of speeches from Fed’s officials will be able to bring short-term trading opportunities to investors.
The USD/CAD pair recovered part of its gains during Tokyo at the start of this week. Broadly strengthened greenback’s positions and oil prices’ correction from last week highs are supporting the pair today. However, pair’s recovery appears to be fragile as stronger data from the Canadian labor market and Ivey PMI overshadowed neutral Friday’s US NFP thereby limiting pair’s further northern traction. Only second-tier data are scheduled for release in Monday’s docket, so expectedly oil prices will continue to navigate the pair during this day.
The Aussie has picked up its bullish momentum lost in Asia against its American peer leaving the AUD/USD pair within striking distance of its daily highs posted at 0.7327 level. One of the weakest segments of the Australian economy – housing market showed surprisingly strong results this morning, forcing the AUD/USD pair to recover part of its Friday’s losses. However, better tone around the USD will continue to set up pair’s further direction during this day amid totally empty data calendar for the major.
The main events of the day:
None
Support and resistance levels for the major currency pairs:
EURUSD S. 1.0464 R. 1.0652
USDJPY S. 114.28 R. 118.50
GBPUSD S. 1.2154 R. 1.2494
USDCHF S. 1.0058 R. 1.0240
AUDUSD S. 0.7246 R. 0.7378
NZDUSD S. 0.6891 R. 0.7075
USDCAD S. 1.3137 R. 1.3317
The best conditions for making a start on STP only at Forex.ee! Register an account now
and feel the difference from the first trade!
Your European ECN-broker,
Forex.ee
