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Investors Buz Forex Market Update

Investors Buz Forex Market Update

Daily Forex Market Roundup

Forex Market Update This morning, the greenback is trading lower against most of the major currencies, ahead of US Dallas Fed manufacturing business index, slated to release in a few hours.

The EUR is trading higher against the USD. Macroeconomic data indicated that Germany’s Ifo business climate and business expectations declined in July, thus adding further evidence that Europe’s largest economy is facing downside pressure in the wake of Brexit. Meanwhile, the nation’s Ifo current assessment unexpectedly advanced in July.

The Yen is trading lower against the USD. Overnight data indicated that, Japan posted a merchandise trade surplus in June. Meanwhile, the nation’s annual exports fell for ninth straight month in June. Also, the imports recorded its eighteenth straight decline on an annual basis in the same month, thus indicating that continuous strength in the Japanese Yen is hampering the economy that is already struggling with weak demand. Also, the nation’s final coincident and leading economic indices eased in May.

On Friday, the greenback traded higher in the New York session, against the key currencies, after data indicated that the flash Markit manufacturing PMI advanced more than expected in July, notching its highest level in nine-months, thus indicating that the nation’s manufacturing sector is on a solid footing.
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EURUSD

This morning at 09:40 GMT, the EUR is trading at 1.0984 against the USD, 0.08% higher from the New York close. On the data front, Germany’s Ifo business climate and business expectations fell less than expected in July. This morning, the pair traded at a high of 1.0990 and a low of 1.0950. The Euro traded 0.37% lower against the US Dollar in the New York session on Friday, with the pair closing the session at 1.0975. The pair is expected to its find support at 1.0945 and its first resistance at 1.1027.

 

GBPUSD

At 09:40 GMT, the pair is trading at 1.3157, with the Pound trading 0.38% higher against US Dollar from the New York close. With no major economic releases in UK today, investors would await the release of UK’s flash 2Q GDP data, slated to release on Wednesday. The pair witnessed a high of 1.3164 and a low of 1.3102 during the session. On Friday, the Pound traded marginally lower against the US Dollar in the New York session and ended at 1.3107. Immediate downside, the first support level is seen at 1.3099, while on the upside, the first resistance level is situated at 1.3192.

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USDJPY

This morning, at 09:40 GMT, the US Dollar is trading at 106.31 against the Yen, 0.12% higher from the New York close. Overnight data indicated that, Japan’s merchandise trade balance posted a more than expected surplus in June. During the session, the pair traded at a high of 106.71 and a low of 105.99. On Friday, the US Dollar traded 0.07% higher against the Yen in the New York session and ended at 106.18.  The pair is expected to its find support at 105.80 and its first resistance at 106.76.

 

USDCHF

The US Dollar is trading at 0.9856 against the Swiss Franc at 09:40 GMT this morning, 0.12% lower from the New York close. The pair traded at a high of 0.9894 and a low of 0.9849 this morning. On Friday, the USD traded 0.15% higher against the CHF in the New York session and ended at 0.9868.  The pair is expected to its find support at 0.9833 and its first resistance at 0.9887.

 

USDCAD

The pair is trading at 1.3169 at 09:40 GMT this morning, with the USD trading 0.28% higher against CAD from the New York close. Amid no economic releases in Canada today, investor sentiment would be governed by global macroeconomic news. The pair traded at a high of 1.3171 and a low of 1.3121 this morning. The US Dollar advanced against the Canadian Dollar in the New York session on Friday, closing 0.44% higher at 1.3132. The pair is expected to its find support at 1.3086 and its first resistance at 1.3218.

 

AUDUSD

The pair is trading at 0.7481 at 09:40 GMT this morning, with the Australian Dollar trading 0.2% higher against US Dollar from the New York close. This morning, the pair traded at a high of 0.7492 and a low of 0.7452. The Australian Dollar traded 0.07% lower against the US Dollar in the New York session on Friday, with the pair closing the session at 0.7466. The pair is expected to its find support at 0.7449 and its first resistance at 0.7502.

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Gold

Gold is trading at $1322.70 per ounce at 09:40 GMT this morning, 0.56% lower from the New York close. This morning, the precious metal traded at a high of $1331.20 per ounce and a low of $1321.20 per ounce. On Friday, gold traded 0.2% lower in the New York session and closed at $1330.10 per ounce, amid strength in the greenback. Immediate downside, the first support level is seen at $1317.77 per ounce, while on the upside, the first resistance level is at $1331.07 per ounce.

 

Silver

The precious metal is trading at $19.49 per ounce at 09:40 GMT this morning, 1.02% lower from the New York close. During the session, silver traded at a high of $19.69 per ounce and a low of $19.41 per ounce. In the New York session on Friday, silver fell 0.18% and closed at $19.69 per ounce, tracking losses in gold prices. Immediate downside, the first support level is seen at $19.32 per ounce, while on the upside, the first resistance level is at $19.76 per ounce.

 

Oil

The commodity is trading at $43.87 per barrel at 09:40 GMT this morning, 0.88% lower from the New York close. Crude oil witnessed a high of $44.37 per barrel and a low of $43.82 per barrel during the session. In the New York session on Friday, crude oil fell 1.03% to close at $44.26 per barrel, after Baker Hughes indicated that US oil rig count rose by 14 to a level of 371 last week, recording its fourth staright weekly rise, thus reigniting supply glut concerns. Immediate downside, the first support level is seen at $43.42 per barrel, while on the upside, the first resistance level is at $44.65 per barrel.

 

Economic Snapshot

 

German Ifo business climate index slid in July

In July, the Ifo business climate index recorded a drop to 108.30 in Germany, compared to a level of 108.70 in the previous month. Markets were expecting the Ifo business climate index to fall to 107.50.

 

German Ifo current assessment index rose unexpectedly in July

The Ifo current assessment index in Germany recorded an unexpected rise to a level of 114.70 in July, higher than market expectations of a drop to 114.00. The Ifo current assessment index had registered a revised level of 114.60 in the previous month.

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German Ifo business expectations index fell in July

The Ifo business expectations index recorded a drop to 102.20 in July, in Germany, compared to market expectations of a drop to 101.60. In the previous month, the Ifo business expectations index had registered a level of 103.10.

 

Japan posted merchandise (total) trade surplus in June

Merchandise (total) trade surplus in Japan recorded a reading of ¥692.80 billion in June, following a revised merchandise (total) trade deficit of ¥40.60 billion in the previous month. Markets were anticipating the nation to register a merchandise (total) trade surplus of ¥474.40 billion.

 

Japanese imports dropped less than expected in June

Imports in Japan fell 18.80% in June on an annual basis, less than market expectations for a drop of 20.00%. Imports had fallen 13.80% in the previous month.

 

Japanese exports fell less than expected in June

In June, on an annual basis, exports in Japan recorded a drop of 7.40%, compared to a drop of 11.30% in the prior month. Markets were anticipating exports to fall 11.30%.

 

Japanese leading economic index declined in May

In Japan, the final leading economic index registered a drop to 99.70 in May. The leading economic index had recorded a reading of 100.00 in the previous month. The preliminary figures had indicated an unchanged reading.

 

Japanese coincident index dropped in May

The final coincident index eased to 109.90 in Japan, in May. The coincident index had registered a level of 112.00 in the previous month. The preliminary figures had indicated a fall to 110.50.

 

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Founder.Editor at Investors Buz
Richard Dambrosi (JADTECNIC)Has Been Sharing Forex Analysis Trending Markets News since 2011. Editors and Founder of InvestorsBuz.com , has a passion for Forex Social Sharing analysis and Market Trends Such as Self Driving Cars , Electric Cars, Medical Marijuana , 3d printing and Cloud computing , Refers to Readers as BUZ INVESTORS.
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