Investors Forex Market Buzz Today 8.2.16

Investors Forex Market Buzz Today 8.2.16

Investors Forex Market  Buzz Today 8.2.16

Investors Forex Market Buzz Today 8.2.16
Forex Market  Buzz Today 8.2.16 This morning, the greenback is trading lower against most of the major currencies, ahead of the US personal spending and income data for June, slated to release in a few hours.The GBP is trading higher against the USD. Macroeconomic data released in UK revealed that activity in construction industry contracted for the second straight month, after it registered its sharpest downturn in seven years in July, following uncertainty in the wake of Brexit vote.The AUD gained ground against the USD. Earlier today, the Reserve Bank of Australia (RBA), slashed its key interest rates to a record low of 1.5% to combat historically weak inflation and to revive growth in nation’s labor market. In a post meeting statement, the RBA Governor, Glenn Stevens, stated that recent economic data indicated that the nation’s economic growth was continuing at a moderate pace, with inflation returning to target gradually.Yesterday, the greenback traded higher in the New York session, against the key currencies. Macroeconomic data released in the US indicated that the ISM manufacturing activity expanded at a slower than forecasted pace in July. On the other hand, the nation’s construction spending declined for a third straight month on a monthly basis in June, marking its lowest level since June 2015. Moreover, the final Markit manufacturing PMI climbed in July.


EURUSD

This morning at 09:40 GMT, the EUR is trading at 1.1194 against the USD, 0.3% higher from the New York close. In economic news, Eurozone’s producer price index advanced more-than-forecasted on a monthly basis in June. This morning, the pair traded at a high of 1.1207 and a low of 1.1153. The Euro traded marginally lower against the US Dollar in the New York session yesterday, with the pair closing the session at 1.1160.  The pair is expected to its find support at 1.1162 and its first resistance at 1.1216.


GBPUSD

At 09:40 GMT, the pair is trading at 1.3242, with the Pound trading 0.46% higher against US Dollar from the New York close. Macroeconomic data indicated that, UK’s Markit construction PMI fell less-than-expected in July. The pair witnessed a high of 1.3255 and a low of 1.3169 during the session. Yesterday, the Pound traded marginally lower against the US Dollar in the New York session and ended at 1.3181.  Immediate downside, the first support level is seen at 1.3183, while on the upside, the first resistance level is situated at 1.3278.

READ  Eurozone retail sales rose more-than-expected in May


USDJPY

This morning, at 09:40 GMT, the US Dollar is trading at 101.72 against the Yen, 0.63% lower from the New York close. Earlier in the session, data indicated that Japan’s consumer confidence index unexpectedly dropped in July.  During the session, the pair traded at a high of 102.81 and a low of 101.45. Yesterday, the US Dollar traded marginally lower against the Yen in the New York session and ended at 102.36.  The pair is expected to its find support at 101.18 and its first resistance at 102.54.


USDCHF

The US Dollar is trading at 0.9660 against the Swiss Franc at 09:40 GMT this morning, 0.16% lower from the New York close. On the data front, Switzerland’s real retail sales declined more-than-anticipated on an annual basis in June.  The pair traded at a high of 0.9688 and a low of 0.9650 this morning. Yesterday, the USD traded marginally higher against the CHF in the New York session and ended at 0.9675.  The pair is expected to its find support at 0.9640 and its first resistance at 0.9689.


USDCAD

The pair is trading at 1.3079 at 09:40 GMT this morning, with the USD trading 0.36% lower against CAD from the New York close. Going ahead, investors would keep a close eye on Canada’s RBC manufacturing PMI data for July, due to release in a few hours. The pair traded at a high of 1.3141 and a low of 1.3073 this morning. The US Dollar advanced against the Canadian Dollar in the New York session yesterday, closing 0.35% higher at 1.3126.  The pair is expected to its find support at 1.3045 and its first resistance at 1.3127.

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AUDUSD

The pair is trading at 0.7571 at 09:40 GMT this morning, with the Australian Dollar trading 0.53% higher against US Dollar from the New York close, after the Reserve Bank of Australia (RBA) cut its key interest rate by 25 basis points to a record low of 1.5%. This morning, the pair traded at a high of 0.7578 and a low of 0.7495. The Australian Dollar traded 0.42% lower against the US Dollar in the New York session yesterday, with the pair closing the session at 0.7531.  The pair is expected to its find support at 0.7515 and its first resistance at 0.7606.


Gold

Gold is trading at $1365.30 per ounce at 09:40 GMT this morning, 0.35% higher from the New York close. This morning, the precious metal traded at a high of $1367.80 per ounce and a low of $1353.70 per ounce. Yesterday, gold traded 0.42% higher in the New York session and closed at $1360.60 per ounce, amid decline in global equities.  Immediate downside, the first support level is seen at $1356.40 per ounce, while on the upside, the first resistance level is at $1371.00 per ounce.


Silver

The precious metal is trading at $20.67 per ounce at 09:40 GMT this morning, 0.73% higher from the New York close. During the session, silver traded at a high of $20.72 per ounce and a low of $20.39 per ounce. In the New York session yesterday, silver fell marginally and closed at $20.52 per ounce.  Immediate downside, the first support level is seen at $20.46 per ounce, while on the upside, the first resistance level is at $20.79 per ounce.


Oil

The commodity is trading at $40.41 per barrel at 09:40 GMT this morning, 0.8% higher from the New York close. Crude oil witnessed a high of $40.46 per barrel and a low of $39.85 per barrel during the session. In the New York session yesterday, crude oil fell 2.22% to close at $40.09 per barrel, amid mounting fears about ongoing global supply glut. Immediate downside, the first support level is seen at $39.71 per barrel, while on the upside, the first resistance level is at $41.21 per barrel.
Economic Snapshot

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UK construction PMI dropped in July

The construction PMI fell to a level of 45.90 in the UK, in July, compared to a level of 46.00 in the prior month. Market expectation was for the construction PMI to drop to 44.00.


Eurozone producer price index (
PPI) rose more than expected in June

On a monthly basis in the Eurozone, the producer price index (PPI) rose 0.70% in June, higher than market expectations for a rise of 0.40%. In the previous month, the producer price index (PPI) had climbed 0.60%.


Swiss real retail sales dropped more than expected in June

Real retail sales in Switzerland recorded a drop of 3.90% on an annual basis in June, compared to a revised drop of 1.70% in the prior month. Markets were expecting real retail sales to fall 2.00%.


Japanese consumer confidence index eased unexpectedly in July

The consumer confidence index fell unexpectedly to 41.30 in July, in Japan, lower than market expectations of an advance to 42.00. The consumer confidence index had recorded a reading of 41.80 in the prior month.


Australian trade deficit rose in June

The seasonally adjusted trade deficit in Australia expanded to A$3195.00 million in June, compared to a revised trade deficit of A$2418.00 million in the previous month. Market expectation was for the nation to register a trade deficit of A$2000.00 million.


Australian building approvals unexpectedly eased in June

The seasonally adjusted building approvals unexpectedly eased 2.90% on a monthly basis in June, in Australia, less than market expectations for an advance of 0.80%. In the prior month, building approvals had dropped by a revised 5.40%.


Reserve Bank of Australia slashed its key interest rate

The Reserve Bank of Australia cut its benchmark interest rate by 25 basis points to 1.50%, in line with market expectations 1.50%.

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