Investors Forex Market Buzz  8.8.16

Investors Forex Market Buzz  8.8.16

Investors Forex Market Buzz  This morning, the greenback is trading mixed against most of the major currencies, ahead of the US labor market conditions index for July, scheduled to release in a few hours.

The EUR is trading higher against the USD, after Eurozone’s Sentix investor confidence index indicated that confidence among investors improved strongly in August, as investors shrugged off fears about potential consequences following the Brexit vote. Additionally, Germany’s seasonally adjusted industrial production rebounded strongly on a monthly basis in June.

The Yen is trading lower against the USD. Macroeconomic data released overnight revealed that, Japan’s current account surplus fell to its lowest level since January in June. Moreover, the nation’s trade surplus on a BOP basis, widened less than anticipated in June. Further, the Eco Watchers Survey for current situation as well as future outlook, both rose more than forecasted in July.

On Friday, the greenback traded higher in the New York session, against the key currencies, after the US nonfarm payrolls advanced more than expected in July, marking its second straight month of gain, thus raising optimism over the health of nation’s labor market and increasing the odds that the US Fed would hike interest rates as early as in September. Meanwhile, the nation’s unemployment rate remained steady at 4.9% in July. Further, the nation’s average hourly earnings rose more than market estimates on a monthly basis in July.

Forex Market

 

EURUSD

This morning at 09:40 GMT, the EUR is trading at 1.1092 against the USD, marginally higher from the New York close, after Eurozone’s Sentix investor confidence rose more than expected in August. This morning, the pair traded at a high of 1.1105 and a low of 1.1075. The Euro traded marginally lower against the US Dollar in the New York session on Friday, with the pair closing the session at 1.1086. The pair is expected to its find support at 1.1036 and its first resistance at 1.1155.

 

GBPUSD

At 09:40 GMT, the pair is trading at 1.3042, with the Pound trading 0.21% lower against US Dollar from the New York close. Moving ahead, investors would await the release of UK’s BRC retail sales monitor data for July, slated to release later today. The pair witnessed a high of 1.3093 and a low of 1.3030 during the session. On Friday, the Pound traded marginally lower against the US Dollar in the New York session and ended at 1.3070. Immediate downside, the first support level is seen at 1.2983, while on the upside, the first resistance level is situated at 1.3138.

READ  EURUSD Forecast Feb. 20-24

 

USDJPY

This morning, at 09:40 GMT, the US Dollar is trading at 102.36 against the Yen, 0.58% higher from the New York close. Overnight data indicated that, Japan’s current account surplus declined more than expected in June. During the session, the pair traded at a high of 102.46 and a low of 101.73. On Friday, the US Dollar traded 0.33% higher against the Yen in the New York session and ended at 101.77. The pair is expected to its find support at 101.37 and its first resistance at 102.91.

 

USDCHF

The US Dollar is trading at 0.9811 against the Swiss Franc at 09:40 GMT this morning, 0.08% higher from the New York close. Earlier today, Switzerland’s consumer price index fell less than forecasted on a monthly basis in July. The pair traded at a high of 0.9821 and a low of 0.9785 this morning. On Friday, the USD traded 0.15% higher against the CHF in the New York session and ended at 0.9803. The pair is expected to its find support at 0.9745 and its first resistance at 0.9854.

 

USDCAD

The pair is trading at 1.3154 at 09:40 GMT this morning, with the USD trading 0.14% lower against CAD from the New York close. The pair traded at a high of 1.3189 and a low of 1.3151 this morning. The US Dollar advanced against the Canadian Dollar in the New York session on Friday, closing 0.08% higher at 1.3173. The Canadian Dollar lost ground, after data indicated that Canada’s unemployment rate rose in July, in line with market expectations. The pair is expected to its find support at 1.3039 and its first resistance at 1.3234.

 

AUDUSD

The pair is trading at 0.7632 at 09:40 GMT this morning, with the Australian Dollar trading 0.21% higher against US Dollar from the New York close. Early morning data indicated that, in China, Australia’s largest trading partner, trade surplus expanded more than anticipated in July. This morning, the pair traded at a high of 0.7636 and a low of 0.7594. The Australian Dollar traded 0.31% lower against the US Dollar in the New York session on Friday, with the pair closing the session at 0.7616. The pair is expected to its find support at 0.7596 and its first resistance at 0.7665.

READ  Switzerland Stock Market SMI Closed Lower on Thursday July 6

 

Gold

Gold is trading at $1336.70 per ounce at 09:40 GMT this morning, 0.35% lower from the New York close. This morning, the precious metal traded at a high of $1343.90 per ounce and a low of $1335.30 per ounce. On Friday, gold traded 0.86% lower in the New York session and closed at $1341.40 per ounce, amid strength in the US Dollar, following better than expected US jobs report. Immediate downside, the first support level is seen at $1325.03 per ounce, while on the upside, the first resistance level is at $1358.63 per ounce.

 

Silver

The precious metal is trading at $19.72 per ounce at 09:40 GMT this morning, marginally lower from the New York close. During the session, silver traded at a high of $19.81 per ounce and a low of $19.64 per ounce. In the New York session on Friday, silver fell 1.35% and closed at $19.73 per ounce. Immediate downside, the first support level is seen at $19.45 per ounce, while on the upside, the first resistance level is at $20.18 per ounce.

 

Oil

The commodity is trading at $42.34 per barrel at 09:40 GMT this morning, 0.86% higher from the New York close. Crude oil witnessed a high of $42.47 per barrel and a low of $41.81 per barrel during the session. In the New York session on Friday, crude oil rose 0.43% to close at $41.98 per barrel. However, gains in crude prices were capped, after the Baker Hughes revealed that US oil rig count advanced for the sixth consecutive week, advancing by 7 to a level of 381 in the last week. Immediate downside, the first support level is seen at $41.44 per barrel, while on the upside, the first resistance level is at $42.85 per barrel.

 

Economic Snapshot

 

Eurozone investor confidence index registered a rise in August

Sentix GmbH has indicated that, in the Eurozone, the investor confidence index registered a rise to 4.20 in August, compared to a level of 1.70 in the previous month. Market expectation was for the investor confidence index to climb to 3.00.

 

German industrial production rose more than expected in June

The seasonally adjusted industrial production in Germany advanced 0.80% on a MoM basis in June, higher than market expectations for an advance of 0.70%. Industrial production had dropped by a revised 0.90% in the prior month.

READ  Dollar advances against Mexican peso, Canadian dollar on reports U.S. may withdraw from Nafta

 

Swiss consumer price index dropped less than expected in July

The consumer price index in Switzerland fell 0.40% in July on a MoM basis, compared to an advance of 0.10% in the prior month. Markets were anticipating the consumer price index to ease 0.50%.

 

Japanese current account surplus declined in June

In June, the non-seasonally adjusted current account surplus in Japan dropped to ¥974.40 billion, following a current account surplus of ¥1809.10 billion in the previous month. Market anticipation was for the nation to record a current account surplus of ¥1100.00 billion.

 

Japanese Eco Watchers Survey for future outlook advanced in July

In July, Eco Watchers Survey for the future outlook advanced to 47.10 in Japan, compared to market expectations of an advance to a level of 42.00. In the prior month, Eco Watchers Survey for the future outlook had registered a level of 41.50.

 

Japanese adjusted (total) current account surplus rose in June

Adjusted (total) current account surplus in Japan widened to ¥1648.40 billion in June, more than market expectations of a adjusted (total) current account surplus of ¥1600.10 billion. Japan had posted a adjusted (total) current account surplus of ¥1414.50 billion in the prior month.

 

Japanese Eco Watchers Survey for current situation recorded a rise in July

Eco Watchers Survey for the current situation in Japan rose to a level of 45.10 in July, compared to market expectations of a rise to 42.50. In the previous month, Eco Watchers Survey for the current situation had recorded a level of 41.20.

  

Chinese trade surplus expanded in July

Trade surplus in China expanded to $52.31 billion in July, compared to a trade surplus of $48.11 billion in the previous month. Market expectation was for the nation to register a trade surplus of $47.30 billion.

 

Chinese imports declined more than expected in July

Imports dropped 12.50% in China on a YoY basis in July, more than market expectations for a fall of 7.00%. In the prior month, imports had dropped 8.40%.

 

Chinese exports dropped more than expected in July

Exports registered a drop of 4.40% in China on a YoY basis in July, compared to a fall of 4.80% in the prior month. Market anticipation was for exports to drop 3.50%.

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Jadtecnic

Richard Dambrosi (JADTECNIC) Has Been Sharing FOREX INVESTORS ANALYSIS FORECAST 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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