Forex.ee: Daily economic news digest

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Monday, July 13^th  

The euro was weaker in Asia this morning amid Greece receiving a worse than expected offer from its western creditors. The negotiations that were supposed to be the final seem to be prolonged as Greece’s plan of reforms was rejected on Sunday. Ahead in the day, investors are viewing the Eurogroup meeting and U.S. Federal budget Balance. EUR/USD is currently climbing back near its Friday levels quoted at 1.1127.

NZD/USD is higher today after a sharp fall on Friday amid considerable strengthening of the U.S. dollar. The Food Price Index came out slightly higher than expected at 0.5% with expectations of 0.4%. The Kiwi is traded at 0.6707 with support and resistance levels at 0.6629 and 0.6751, respectively. Ahead in the week, New Zealand CPI reading is expected.

In the meantime, the Australian dollar opened lower today at 0.7412. AUD/USD was not supported by the Chinese trade balance data not meeting the expectations of experts. The pair is trading flat at 0.7420.

GBP/USD is rebounding after falling for the two consecutive weeks. With British CPI, Unemployment rate and Average Earnings index due later in the week, sterling may be well supported by the positive economy data. The current market price is 1.5543.

USD/CAD seems to be reversing after almost hitting the March highs of 1.2833. This might be the beginning of a bearish trend formation, especially if this week’s Canadian data provides good reasons for the loonie to strengthen. Core CPI and Interest rate decision are to be published this week. USD/CAD is at 1.2719.

USD/JPY has fully recovered after last week’s losses changing hands at 123.22. The Japanese data was weaker today as Tertiary Industry Activity Index and Capacity Utilization were lower than expected. This might signify the beginning of a more or less consolidated trade for this pair.

Your European ECN-broker,

Forex.ee