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InvestorsBuz Forex Market Roundup 11.15.16

InvestorsBuz Forex Market Roundup  11.15.16

Forex Market Roundup  11.15.16

This morning, the greenback is trading lower against most of the major currencies, ahead of US advance retail sales, import and export price index, slated to release in a few hours.

The EUR is trading higher against the USD, after the Eurozone’s economy grew by 0.3% on a quarterly basis in the third quarter. Additionally, the region’s trade balance surprised with a wider than expected surplus in September. Moreover, the mood among investors’ across the Eurozone improved more than expected in November.

The GBP is trading lower against the USD, after data revealed that UK’s annualized inflation figures came in weaker than forecasted in October, dragged down by the price of clothing and university tuition fees.

Yesterday, the greenback traded higher in the New York session, against the key currencies, on continued expectations that president-elect, Donald Trump, will enact fiscal and trade policies that will boost growth and spur inflation in the world’s biggest economy. Meanwhile, the Richmond Fed President, Jeffrey Lacker, stated that a possible fiscal stimulus under the Presidency of Donald Trump could prompt a faster pace of interest rate hike. Separately, Dallas Fed President, Robert Kaplan, stated that it is too early to react to potential policy changes by the incoming administration of president-elect Donald Trump and maintained his forecast that the US economy would grow by about 2.0% next year. Further, he added that the central bank may raise interest rates soon.

EURUSD  Euro Climbs as German Economic Sentiment Jumps

 

EURUSD

This morning at 10:40 GMT, the EUR is trading at 1.0794 against the USD, 0.53% higher from the New York close, after the Eurozone’s seasonally adjusted GDP grew by 0.3% on a quarterly basis in  3Q 2016, meeting market expectations. This morning, the pair traded at a high of 1.0816 and a low of 1.0731. The Euro traded 0.27% lower against the US Dollar in the New York session yesterday, with the pair closing the session at 1.0737. The pair is expected to its find support at 1.0728 and its first resistance at 1.0838.

 

GBPUSD Relief Rally as BoE Drops Dovish Tone

GBPUSD

READ  Eurozone services PMI remained flat in January

At 10:40 GMT, the pair is trading at 1.2424, with the Pound trading 0.51% lower against US Dollar from the New York close, after UK’s consumer price inflation rose less than expected on a monthly basis in October. The pair witnessed a high of 1.2528 and a low of 1.2395 during the session. Yesterday, the Pound traded 0.36% lower against the US Dollar in the New York session and ended at 1.2488. Immediate downside, the first support level is seen at 1.2361, while on the upside, the first resistance level is situated at 1.2522.

 

USDJPY Hot Dollar Pushes Above 108 Yen

USDJPY

This morning, at 10:40 GMT, the US Dollar is trading at 108.19 against the Yen, 0.18% lower from the New York close. On the data front, Japan’s machine tool orders dropped in October. During the session, the pair traded at a high of 108.47 and a low of 107.74. Yesterday, the US Dollar traded 0.51% higher against the Yen in the New York session and ended at 108.39. The pair is expected to its find support at 107.73 and its first resistance at 108.59.

 

USDCHF surges through parity mark

USDCHF

The US Dollar is trading at 0.9954 against the Swiss Franc at 10:40 GMT this morning, 0.25% lower from the New York close. Moving ahead, Switzerland’s ZEW expectations survey for November, slated to release tomorrow, would be on investors’ radar. The pair traded at a high of 0.9989 and a low of 0.9923 this morning. Yesterday, the USD traded 0.11% higher against the CHF in the New York session and ended at 0.9979. The pair is expected to its find support at 0.9918 and its first resistance at 0.9996.

 

USDCAD Rally at Risk of Near-Term Exhaustion

USDCAD

The pair is trading at 1.3521 at 10:40 GMT this morning, with the USD trading 0.24% lower against CAD from the New York close. Looking ahead, Canada’s existing home sales for October, scheduled to release in a few hours, would garner a lot of market attention. The pair traded at a high of 1.3562 and a low of 1.3486 this morning. The US Dollar advanced against the Canadian Dollar in the New York session yesterday, closing marginally higher at 1.3554. The pair is expected to its find support at 1.3475 and its first resistance at 1.3577.

READ  Japanese housing starts rose less than expected in August

 

AUDUSD Rebound Hawkish RBA Minutes Fuel

AUDUSD

The pair is trading at 0.7559 at 10:40 GMT this morning, with the Australian Dollar trading 0.12% higher against US Dollar from the New York close. Minutes of the RBA’s recent monetary policy meeting, indicated that Australian labor market is grappled with uncertainty. This morning, the pair traded at a high of 0.7580 and a low of 0.7529. The Australian Dollar traded 0.09% higher against the US Dollar in the New York session yesterday, with the pair closing the session at 0.7550. The pair is expected to its find support at 0.7526 and its first resistance at 0.7586.

 Gold price ‘will be just fine’

Gold

Gold is trading at $1227.50 per ounce at 10:40 GMT this morning, 0.53% higher from the New York close. This morning, the precious metal traded at a high of $1231.40 per ounce and a low of $1219.70 per ounce. Yesterday, gold traded 0.21% lower in the New York session and closed at $1221.00 per ounce, as the greenback surged to its highest level in about a year, following expectations that President-elect Donald Trump will boost inflation in the US. Immediate downside, the first support level is seen at $1215.20 per ounce, while on the upside, the first resistance level is at $1235.60 per ounce.

Silver and Gold Prices Bounce From Monthly Lows 

Silver

The precious metal is trading at $17.04 per ounce at 10:40 GMT this morning, 0.74% higher from the New York close. During the session, silver traded at a high of $17.10 per ounce and a low of $16.88 per ounce. In the New York session yesterday, silver fell 1.74% and closed at $16.91 per ounce, extending its previous session losses. Immediate downside, the first support level is seen at $16.68 per ounce, while on the upside, the first resistance level is at $17.32 per ounce.

 

Oil jumps more than 3% on OPEC hopes

Oil

The commodity is trading at $44.48 per barrel at 10:40 GMT this morning, 1.74% higher from the New York close. Crude oil witnessed a high of $44.53 per barrel and a low of $43.55 per barrel during the session. In the New York session yesterday, crude oil rose 2.03% to close at $43.72 per barrel, giving up its earlier losses, after news emerged that OPEC members were trying to resolve their conflicts over a deal to cut production ahead of a meeting later this month. Immediate downside, the first support level is seen at $42.94 per barrel, while on the upside, the first resistance level is at $45.27 per barrel.

READ  Australia Jobless Rate Down To 51-Month Low Of 5.5% 

 

Economic Snapshot

  

Eurozone GDP rose as expected in 3Q 2016

On a quarterly basis, in 3Q 2016, the seasonally adjusted second estimate of gross domestic product (GDP) climbed 0.30% in the Eurozone, compared to a similar rise in the prior quarter. The preliminary figures had also recorded an advance of 0.30%. Market expectation was for GDP to rise 0.30%.

 

Eurozone trade surplus climbed in September

In September, the seasonally adjusted trade surplus in the Eurozone expanded to €24.90 billion, following a revised trade surplus of €23.40 billion in the prior month. Market anticipation was for the region’s a trade surplus to drop to €22.10 billion.

 

Eurozone economic sentiment index recorded a rise in November

The economic sentiment index rose to a level of 15.80 in November, in the Eurozone. The economic sentiment index had registered a reading of 12.30 in the previous month.

 

German economic sentiment index advanced in November

In November, the economic sentiment index in Germany recorded a rise to 13.80, higher than market expectations of an advance to a level of 8.10. In the previous month, the economic sentiment index had recorded a reading of 6.20.

  

German GDP expanded less than expected in 3Q 2016

The seasonally adjusted preliminary gross domestic product (GDP) registered a rise of 0.20% on a quarterly basis in 3Q 2016, in Germany, compared to an advance of 0.40% in the previous quarter. Market expectation was for GDP to advance 0.30%.

 

 

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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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