InvestorsBuz Forex Market Roundup 12.1.16

Forex Market Roundup 12.1.16

This morning, the greenback is trading lower against most of the major currencies, ahead of the US ISM and Markit manufacturing PMIs, construction spending and weekly jobless claims data, all scheduled to release in a few hours.

The EUR is trading higher against the USD, after the unemployment rate in the Eurozone surprisingly dropped to a seven-year low in October, fueling hopes that the region’s economic recovery is gaining traction.

The GBP is trading higher against the USD. On the economic front, UK’s manufacturing growth unexpectedly cooled to a four-month low in November.

The AUD nudged higher against the USD. Earlier today, data showed that in China, Australia’s largest trading partner, the NBS manufacturing PMI expanded at its fastest pace in more than two years in November.

Yesterday, the greenback traded higher in the New York session, against the key currencies. Data indicated that US private employers added most number of jobs in five months in November. Additionally, the nation’s personal income increased at its fastest pace in six months in October, while spending rose at a slower pace in the same month. Moreover, the Federal Reserve’s Beige Book reported that activity in most of the districts continued to expand at a modest to moderate pace from early October through mid-November, with labor market tightening further. However, the report also noted that strength in the US Dollar was acting as a drag on manufacturing.

EURUSD Euro Steady as Eurozone, German Mfg. PMIs Meets Expections

 

EURUSD

This morning at 10:40 GMT, the EUR is trading at 1.0624 against the USD, 0.34% higher from the New York close, after the Eurozone’s final Markit manufacturing PMI rose in line with preliminary estimates in November, while Germany’s final Markit manufacturing PMI was revised lower in the same month. This morning, the pair traded at a high of 1.0639 and a low of 1.0583. The Euro traded 0.5% lower against the US Dollar in the New York session yesterday, with the pair closing the session at 1.0588. The pair is expected to its find support at 1.0561 and its first resistance at 1.0676.

READ  Japanese manufacturing PMI registered a drop in June

GBPUSD Moving Toward Support

 

GBPUSD

At 10:40 GMT, the pair is trading at 1.2587, with the Pound trading 0.66% higher against US Dollar from the New York close. On the economic front, UK’s Markit manufacturing PMI unexpectedly fell in November from October. The pair witnessed a high of 1.2590 and a low of 1.2498 during the session. Yesterday, the Pound traded 0.24% higher against the US Dollar in the New York session and ended at 1.2505. Immediate downside, the first support level is seen at 1.2472, while on the upside, the first resistance level is situated at 1.2646.

 

USDJPY Dollar Hits 114 as Yen Slide

USDJPY

This morning, at 10:40 GMT, the US Dollar is trading at 114.26 against the Yen, 0.16% lower from the New York close. Data released overnight revealed that Japan’s final Nikkei manufacturing PMI dropped in November compared to the previous month. During the session, the pair traded at a high of 114.82 and a low of 113.79. Yesterday, the US Dollar traded 1.1% higher against the Yen in the New York session and ended at 114.44. The pair is expected to its find support at 113.17 and its first resistance at 115.08.

 USDCHF remains on the upside for the moment

USDCHF

The US Dollar is trading at 1.0141 against the Swiss Franc at 10:40 GMT this morning, 0.2% lower from the New York close. In economic news, Switzerland’s real retail sales declined less-than-expected in October, whereas the SVME-purchasing managers’ index surprisingly expanded in November. The pair traded at a high of 1.0186 and a low of 1.0126 this morning. Yesterday, the USD traded 0.09% higher against the CHF in the New York session and ended at 1.0161. The pair is expected to its find support at 1.0109 and its first resistance at 1.0188.

 

USDCAD Canadian Dollar Ticks Lower, US Jobless Claims

USDCAD

The pair is trading at 1.3404 at 10:40 GMT this morning, with the USD trading 0.25% lower against CAD from the New York close. The pair traded at a high of 1.3440 and a low of 1.3373 this morning. The US Dollar advanced against the Canadian Dollar in the New York session yesterday, closing 0.4% higher at 1.3437. On the economic front, Canada’s annualized GDP rebounded 3.5% on a quarterly basis in the third quarter of 2016. The pair is expected to its find support at 1.3350 and its first resistance at 1.3460.

READ  GBPUSD first Look for British Pound to 1.3004 on Monday July 3

 AUDUSD  Sell at 0.7530

AUDUSD

The pair is trading at 0.7389 at 10:40 GMT this morning, with the Australian Dollar trading 0.07% higher against US Dollar from the New York close. Overnight data showed that Australia’s AiG performance of manufacturing index advanced in November. This morning, the pair traded at a high of 0.7419 and a low of 0.7369. The Australian Dollar traded 0.81% lower against the US Dollar in the New York session yesterday, with the pair closing the session at 0.7384. The pair is expected to its find support at 0.7350 and its first resistance at 0.7445.

 

Gold Prices Drop to New Reaction Lows

Gold

Gold is trading at $1170.30 per ounce at 10:40 GMT this morning, 0.38% lower from the New York close. This morning, the precious metal traded at a high of $1178.40 per ounce and a low of $1163.80 per ounce. Yesterday, gold traded 0.81% lower in the New York session and closed at $1174.80 per ounce, after the release of upbeat economic data in the US stoked a fresh rally in the greenback. Immediate downside, the first support level is seen at $1159.33 per ounce, while on the upside, the first resistance level is at $1185.73 per ounce.

 Silver looking to make good on the bearish reversal

Silver

The precious metal is trading at $16.45 per ounce at 10:40 GMT this morning, 0.69% lower from the New York close. During the session, silver traded at a high of $16.64 per ounce and a low of $16.30 per ounce. In the New York session yesterday, silver fell 0.9% and closed at $16.56 per ounce, tracking weakness in gold prices Immediate downside, the first support level is seen at $16.23 per ounce, while on the upside, the first resistance level is at $16.73 per ounce.

READ  Euro Dollar Finish Line Friday June 16

 

OIL RALLIES TO MORE THAN $50 US A BARREL ON OPEC PLAN TO CUT OUTPUT

Oil

The commodity is trading at $49.90 per barrel at 10:40 GMT this morning, 1.88% higher from the New York close. Crude oil witnessed a high of $50.24 per barrel and a low of $48.96 per barrel during the session. In the New York session yesterday, crude oil rose 0.82% to close at $48.98 per barrel, after the OPEC announced a deal to cut production by 1.2mn bls per day from 33.6mn bls per day, the first output cut since 2008 in a bid to stabilize oversupplied crude markets. Additionally, the EIA recorded that US crude stockpiles fell by 0.9 million barrels to 488.1 million barrels last week. Immediate downside, the first support level is seen at $48.37 per barrel, while on the upside, the first resistance level is at $50.83 per barrel.

 

Economic Snapshot

     

Swiss real retail sales fell in October

Real retail sales in Switzerland dropped 0.50% in October on an annual basis. In the prior month, real retail sales had registered a revised drop of 2.10%.

 

Swiss SVME manufacturing PMI climbed in November

In Switzerland, the SVME manufacturing PMI recorded a rise to 56.60 in November. In the previous month, the SVME manufacturing PMI had registered a level of 54.70.

 

Japanese manufacturing PMI eased in November

The final manufacturing PMI fell to a level of 51.30 in November, in Japan. Manufacturing PMI had registered a level of 51.40 in the prior month. The preliminary figures had recorded a drop to 51.10.

 

Chinese Caixin/Markit manufacturing PMI index fell in November

Caixin/Markit manufacturing PMI index fell to a level of 50.90 in China, in November, lower than market expectations of a drop to a level of 51.00. Caixin/Markit manufacturing PMI index had recorded a reading of 51.20 in the previous month.

  

Chinese NBS non-manufacturing PMI climbed in November

The NBS non-manufacturing PMI registered a rise to 54.70 in November, in China. The NBS non-manufacturing PMI had recorded a level of 54.00 in the prior month.

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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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