Investors Forex Market BUZ 8.3.16

Investors Forex Market BUZ 8.3.16

Investors Forex Market BUZ  8.3.16

Investors Forex Market BUZ 8.3.16

Forex Market BUZ  8.3.16

This morning, the greenback is trading higher against most of the major currencies, ahead of US ADP employment change and ISM non-manufacturing PMI, slated to release in a few hours.

The EUR is trading lower against the USD. Macroeconomic data indicated that Eurozone’s retail sales remained flat on a monthly basis in June, while final Markit services PMI unexpectedly climbed in July, signaling growth for 37 consecutive months.

The GBP is trading lower against the USD, after UK’s service sector contracted for the first time in more than three years in July, raising concerns over the health of the nation’s economy.

The Yen is trading lower against the USD, after minutes of the Bank of Japan’s (BoJ) June policy meeting disclosed that policymakers clashed over the need to modify stimulus measures. Further, it showed that at least two board members questioned its actions, as one board member suggested that the bank should reduce the program of buying Japanese government bonds while another member called to buy assets in a “flexible manner”.

Yesterday, the greenback traded lower in the New York session, against the key currencies. Macroeconomic data released in the US indicated that personal spending increased for third consecutive month in June, suggesting consumer spending would continue to be the primary driver of economic growth this year.

 

EURUSD

This morning at 09:40 GMT, the EUR is trading at 1.1191 against the USD, 0.26% lower from the New York close. In economic news, data indicated that Eurozone’s final Markit services PMI surprisingly advanced in July. This morning, the pair traded at a high of 1.1225 and a low of 1.1187. The Euro traded 0.17% higher against the US Dollar in the New York session yesterday, with the pair closing the session at 1.1220. The pair is expected to its find support at 1.1172 and its first resistance at 1.1221.

 

GBPUSD

At 09:40 GMT, the pair is trading at 1.3329, with the Pound trading 0.16% lower against US Dollar from the New York close. On the data front, UK’s final Markit services PMI remained steady in July, at par with market expectations. The pair witnessed a high of 1.3357 and a low of 1.3285 during the session. Yesterday, the Pound traded 0.53% higher against the US Dollar in the New York session and ended at 1.3350. Immediate downside, the first support level is seen at 1.3245, while on the upside, the first resistance level is situated at 1.3389.

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USDJPY

This morning, at 09:40 GMT, the US Dollar is trading at 101.23 against the Yen, 0.32% higher from the New York close. The Japanese Yen lost ground, after the BoJ’s latest monetary policy meeting minutes highlighted the need to assess the impact of negative interest rate. During the session, the pair traded at a high of 101.33 and a low of 100.72. Yesterday, the US Dollar traded 0.43% lower against the Yen in the New York session and ended at 100.91. The pair is expected to its find support at 100.64 and its first resistance at 101.82.

 

USDCHF

The US Dollar is trading at 0.9682 against the Swiss Franc at 09:40 GMT this morning, 0.41% higher from the New York close. With no economic releases in Switzerland today, investor sentiment would be governed by global macroeconomic news. The pair traded at a high of 0.9691 and a low of 0.9638 this morning. Yesterday, the USD traded 0.1% lower against the CHF in the New York session and ended at 0.9642. The pair is expected to its find support at 0.9643 and its first resistance at 0.9706.

 

USDCAD

The pair is trading at 1.3127 at 09:40 GMT this morning, with the USD trading 0.18% higher against CAD from the New York close. The pair traded at a high of 1.3146 and a low of 1.3097 this morning. The US Dollar advanced against the Canadian Dollar in the New York session yesterday, closing 0.45% higher at 1.3104. On the data front, Canada’s RBC manufacturing PMI advanced slightly in July. The pair is expected to its find support at 1.3037 and its first resistance at 1.3182.

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AUDUSD

The pair is trading at 0.7581 at 09:40 GMT this morning, with the Australian Dollar trading 0.24% lower against US Dollar from the New York close. Macroeconomic data released overnight indicated that Australia’s AiG performance of services index climbed in July. This morning, the pair traded at a high of 0.7613 and a low of 0.7573. The Australian Dollar traded 0.22% lower against the US Dollar in the New York session yesterday, with the pair closing the session at 0.7599. The pair is expected to its find support at 0.7553 and its first resistance at 0.7623.

 

Gold

Gold is trading at $1370.80 per ounce at 09:40 GMT this morning, marginally higher from the New York close. This morning, the precious metal traded at a high of $1373.10 per ounce and a low of $1368.60 per ounce. Yesterday, gold traded 0.06% lower in the New York session and closed at $1370.30 per ounce, reversing its previous session gains. Immediate downside, the first support level is seen at $1364.60 per ounce, while on the upside, the first resistance level is at $1375.60 per ounce.

 

Silver

The precious metal is trading at $20.67 per ounce at 09:40 GMT this morning, marginally lower from the New York close. During the session, silver traded at a high of $20.77 per ounce and a low of $20.64 per ounce. In the New York session yesterday, silver fell 0.6% and closed at $20.67 per ounce. Immediate downside, the first support level is seen at $20.59 per ounce, while on the upside, the first resistance level is at $20.79 per ounce.

 

Oil

The commodity is trading at $39.82 per barrel at 09:40 GMT this morning, marginally higher from the New York close. Crude oil witnessed a high of $39.89 per barrel and a low of $39.38 per barrel during the session. In the New York session yesterday, crude oil fell 1.97% to close at $39.80 per barrel, extending previous session losses. Separately, the American Petroleum Institute disclosed that US crude oil inventories declined by 1.3 million barrels to 518.7 million barrels during the week ended 29 July. Immediate downside, the first support level is seen at $39.08 per barrel, while on the upside, the first resistance level is at $40.73 per barrel.

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Economic Snapshot

 

UK services PMI dropped in July

In July, the final services PMI in the UK eased to 47.40, compared to a level of 52.30 in the previous month. The preliminary figures had also recorded a fall to 47.40. Market anticipation was for the services PMI to fall to a level of.

 

UK BRC shop price index slid in July

In July, on a YoY basis, the BRC shop price index dropped 1.60% in the UK. In the prior month, the BRC shop price index had recorded a drop of 2.00%.

 

Eurozone services PMI surprisingly advanced in July

The final services PMI rose unexpectedly to a level of 52.90 in July, in the Eurozone, higher than market expectations of a fall to a level of 52.70. In the previous month, services PMI had recorded a level of 52.80. The preliminary figures had indicated a fall to 52.70.

 

Eurozone retail sales remained unchanged in June

On a monthly basis, the seasonally adjusted retail sales remained steady in the Eurozone, in June, at par with market expectations. Retail sales had recorded a rise of 0.40% in the previous month.

  

Japanese Markit composite PMI advanced in July

In July, Markit composite PMI in Japan registered a rise to 50.10. Markit composite PMI had registered a reading of 49.00 in the prior month.

 

Chinese Caixin/Markit services PMI index declined in July

In China, the Caixin/Markit services PMI index dropped to 51.70 in July. In the previous month, the Caixin/Markit services PMI index had recorded a reading of 52.70.

 

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