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InvestorsBuz Forex Market Roundup 11.14.16

InvestorsBuz Forex Market Roundup 11.14.16

Forex Market Roundup 11.14.16

This morning, the greenback is trading higher against most of the major currencies, ahead of speeches by two top Fed officials Jeffrey Lacker and John Williams.

The Yen is trading lower against the USD. Macroeconomic data indicated that, Japan’s economy grew at an annualized pace of 2.2% on a quarterly basis in 3Q 2016, expanding for the third straight quarter, amid a surge in exports. Additionally, the nation’s final industrial production advanced for the second straight month on a monthly basis in September.

Separately, the BoJ Governor, Haruhiko Kuroda, reiterated that Japanese economy is likely to expand moderately and is heading towards the central bank’s 2.0% inflation target. However, he also warned that there are downside risks to consumer prices, given the uncertainties in the global economy.

On Friday, the greenback traded higher in the New York session, against the key currencies, backed by a solid US consumer sentiment report. Data showed that consumer confidence zoomed to a five-month high level in November, driven by an improved economic outlook.

Meanwhile, the Fed Vice Chairman, Stanley Fischer, rooted for gradual interest rate hikes while stating that the central bank has almost reached its goals for maximum employment and price stability, thus strengthening the case for gradual interest rate hikes. However, he stopped short of indicating the timing of the next Fed move and cautioned that future is uncertain and there is no “preset” plan for monetary policy.

 

EURUSD Euro Keeps on Sliding After Trump

EURUSD

This morning at 10:40 GMT, the EUR is trading at 1.0764 against the USD, 0.87% lower from the New York close, after the Eurozone’s seasonally adjusted industrial production dropped less than expected on a monthly basis in September. This morning, the pair traded at a high of 1.0859 and a low of 1.0727. The Euro traded 0.16% lower against the US Dollar in the New York session on Friday, with the pair closing the session at 1.0858. The pair is expected to its find support at 1.0688 and its first resistance at 1.0880.

GBPUSD has managed to gather some traction

GBPUSD

At 10:40 GMT, the pair is trading at 1.2509, with the Pound trading 0.75% lower against US Dollar from the New York close. Overnight data showed that, UK’s Rightmove house price index fell on a monthly basis in November. The pair witnessed a high of 1.2611 and a low of 1.2461 during the session. On Friday, the Pound traded 0.27% lower against the US Dollar in the New York session and ended at 1.2603. Immediate downside, the first support level is seen at 1.2427, while on the upside, the first resistance level is situated at 1.2626.

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USDJPY Yen Slides Continues Despite Strong Japanese GDP

USDJPY

This morning, at 10:40 GMT, the US Dollar is trading at 107.89 against the Yen, 1.17% higher from the New York close. Data released overnight revealed that, Japan’s flash annualized GDP rose 2.2% on a quarterly basis in 3Q 2016. During the session, the pair traded at a high of 107.95 and a low of 106.62. On Friday, the US Dollar traded 0.27% higher against the Yen in the New York session and ended at 106.64. The pair is expected to its find support at 106.61 and its first resistance at 108.56.

USDCHF Moves Sharply Higher

 

USDCHF

The US Dollar is trading at 0.9954 against the Swiss Franc at 10:40 GMT this morning, 0.81% higher from the New York close. In economic news, Switzerland’s producer and import price index rose less than estimated on a monthly basis in October. The pair traded at a high of 0.9973 and a low of 0.9866 this morning. On Friday, the USD traded 0.21% higher against the CHF in the New York session and ended at 0.9874. The pair is expected to its find support at 0.9864 and its first resistance at 1.0009.

 

USDCAD TRUMP VICTORY WEIGHING ON CANADIAN DOLLAR

USDCAD

The pair is trading at 1.3583 at 10:40 GMT this morning, with the USD trading 0.43% higher against CAD from the New York close. With no economic releases in Canada today, investor sentiment is governed by global macroeconomic factors. The pair traded at a high of 1.3586 and a low of 1.3496 this morning. The US Dollar advanced against the Canadian Dollar in the New York session on Friday, closing 0.24% higher at 1.3525. The pair is expected to its find support at 1.3516 and its first resistance at 1.3618.

 

AUDUSD Forecast Nov. 14-18

AUDUSD

The pair is trading at 0.7538 at 10:40 GMT this morning, with the Australian Dollar trading 0.11% lower against US Dollar from the New York close. Early morning data revealed that, in China, Australia’s largest trading partner, annual industrial production advanced less than expected in October, while the nation’s retail sales rose less than forecasted in the same month. This morning, the pair traded at a high of 0.7561 and a low of 0.7518. The Australian Dollar traded 0.76% lower against the US Dollar in the New York session on Friday, with the pair closing the session at 0.7546. The pair is expected to its find support at 0.7501 and its first resistance at 0.7592.

READ  UK net consumer credit advanced less than expected in July

 

Gold price drops again

Gold

Gold is trading at $1223.50 per ounce at 10:40 GMT this morning, 0.32% lower from the New York close. This morning, the precious metal traded at a high of $1229.80 per ounce and a low of $1212.00 per ounce. On Friday, gold traded 2.38% lower in the New York session and closed at $1227.40 per ounce, amid strength in the greenback. Immediate downside, the first support level is seen at $1202.97 per ounce, while on the upside, the first resistance level is at $1253.07 per ounce.

 Silver Resume Plunge as US Dollar Hits 100

Silver

The precious metal is trading at $17.22 per ounce at 10:40 GMT this morning, 0.86% lower from the New York close. During the session, silver traded at a high of $17.48 per ounce and a low of $17.02 per ounce. In the New York session on Friday, silver plunged 6.66% and closed at $17.37 per ounce, tracking losses in gold prices. Immediate downside, the first support level is seen at $16.57 per ounce, while on the upside, the first resistance level is at $18.31 per ounce.

 Oil fell to its lowest in three months

Oil

The commodity is trading at $43.18 per barrel at 10:40 GMT this morning, 0.14% higher from the New York close. Crude oil witnessed a high of $43.59 per barrel and a low of $43.10 per barrel during the session. In the New York session on Friday, crude oil fell 2.13% to close at $43.12 per barrel, after the OPEC, in its monthly report, disclosed that it pumped record high crude oil in October. Additionally, Baker Hughes disclosed that US oil rig count rose by 2 to a total of 452 last week, hitting its highest reading since February 2016. Immediate downside, the first support level is seen at $42.76 per barrel, while on the upside, the first resistance level is at $43.88 per barrel.

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Economic Snapshot




 

UK Rightmove house price index fell in November

The Rightmove house price index fell 1.10% in the UK on a monthly basis, in November. In the previous month, the Rightmove house price index had recorded a rise of 0.90%.

 

Eurozone industrial production declined less than expected in September

On a monthly basis, the seasonally adjusted industrial production in the Eurozone dropped 0.80% in September, compared to a revised rise of 1.80% in the prior month. Markets were anticipating industrial production to fall 1.00%.

 

Swiss producer and import price index rose less than expected in October

In October, on a monthly basis, the producer and import price index in Switzerland recorded a rise of 0.10%, lower than market expectations for an advance of 0.20%. In the previous month, the producer and import price index had advanced 0.30%.

  

Japanese annualized GDP advanced more than expected in 3Q 2016

On a quarterly basis, the flash annualized gross domestic product (GDP) registered a rise of 2.20% in 3Q 2016, in Japan, more than market expectations for an advance of 0.80%. Annualized GDP had risen 0.70% in the previous quarter.

 

Chinese industrial production rose less than expected in October

Industrial production advanced 6.10% on a YoY basis in October, in China, lower than market expectations for an advance of 6.20%. In the previous month, industrial production had registered a similar rise.

 

hinesCe retail sales climbed less than expected in October

Retail sales climbed 10.00% in China on an annual basis in October, compared to an advance of 10.70% in the previous month. Markets were expecting retail sales to rise 10.70%.

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Jadtecnic

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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