Investors Forex Market Roundup

InvestorsBuz Forex Market Roundup 12.12.16

InvestorsBuz Forex Market Roundup 12.12.16

Forex Market Roundup 12.12.16

This morning, the greenback is trading lower against most of the major currencies, ahead of the US monthly budget statement, slated to release in a few hours.

The EUR is trading higher against the USD. Moving ahead, market participants will be awaiting the release of Germany’s consumer price inflation figures, scheduled tomorrow, to gain fresh insights on how the Eurozone’s largest economy is performing in the final quarter. Additionally, investors would also keep a close watch on the ZEW survey across the Eurozone, which is expected to improve in December.

The GBP is trading higher against the USD. Going ahead, traders will look forward to Britain’s consumer price inflation data, due to release tomorrow, which is expected to have accelerated strongly in November.

The Yen is trading lower against the USD. Overnight data showed that Japan’s machinery orders climbed for the first time in three months in October.

On Friday, the greenback traded higher in the New York session, against the key currencies, after robust consumer confidence data in the US boosted expectations that the Federal Reserve will raise interest rates later this week. The US flash Reuters/Michigan consumer sentiment index soared to its highest level since January 2015 in December, thus indicating that Americans are getting more confident about the nation’s economic outlook. On the other hand, the nation’s final wholesale inventories dropped in October.

 

EURUSD Euro Blunts Slide, Rises to 1.06

EURUSD

This morning at 10:40 GMT, the EUR is trading at 1.0593 against the USD, 0.37% higher from the New York close. With no economic releases in the Eurozone today, investors will look forward to the ZEW survey of economic sentiment index across the Eurozone along with Germany’s consumer price index, all slated to release tomorrow. This morning, the pair traded at a high of 1.0605 and a low of 1.0523. The Euro traded marginally lower against the US Dollar in the New York session on Friday, with the pair closing the session at 1.0554. The pair is expected to its find support at 1.0538 and its first resistance at 1.0634.

 

GBPUSD Pound Moves Higher

GBPUSD

At 10:40 GMT, the pair is trading at 1.2582, with the Pound trading 0.06% higher against US Dollar from the New York close. Overnight data showed that the UK’s Rightmove house price index declined on a monthly basis in December. The pair witnessed a high of 1.2612 and a low of 1.2561 during the session. On Friday, the Pound traded 0.14% lower against the US Dollar in the New York session and ended at 1.2575. Immediate downside, the first support level is seen at 1.2548, while on the upside, the first resistance level is situated at 1.2616.

 

USDJPY Dollar FIirts With 116 Yen

USDJPY

This morning, at 10:40 GMT, the US Dollar is trading at 115.91 against the Yen, 0.52% higher from the New York close. Earlier in the session, data indicated that the Japan’s tertiary industry index rose on a monthly basis in October. During the session, the pair traded at a high of 116.12 and a low of 115.12. On Friday, the US Dollar traded 0.14% higher against the Yen in the New York session and ended at 115.31. The pair is expected to its find support at 114.86 and its first resistance at 116.54.

 

USDCHF Struggling Up Against the November Highs

USDCHF

The US Dollar is trading at 1.0161 against the Swiss Franc at 10:40 GMT this morning, 0.15% lower from the New York close. Amid no economic releases in Switzerland today, investor sentiment would be governed by global macroeconomic news. The pair traded at a high of 1.0198 and a low of 1.0146 this morning. On Friday, the USD traded 0.12% lower against the CHF in the New York session and ended at 1.0176. The pair is expected to its find support at 1.0134 and its first resistance at 1.0201.

 

USDCAD Canadian Dollar Edges Up

USDCAD

The pair is trading at 1.3131 at 10:40 GMT this morning, with the USD trading 0.33% lower against CAD from the New York close. With no economic releases in Canada today, investors will look forward to global events for direction. The pair traded at a high of 1.3177 and a low of 1.3108 this morning. The US Dollar declined against the Canadian Dollar in the New York session on Friday, closing 0.09% lower at 1.3175. The pair is expected to its find support at 1.3095 and its first resistance at 1.3179.

 

AUDUSD COULD SEE NOVEMBER LOW

AUDUSD

The pair is trading at 0.7466 at 10:40 GMT this morning, with the Australian Dollar trading 0.23% higher against US Dollar from the New York close. Looking ahead, investors would focus on Australia’s NAB business confidence and house price indices, both scheduled to release overnight. This morning, the pair traded at a high of 0.7469 and a low of 0.7422. The Australian Dollar traded 0.09% lower against the US Dollar in the New York session on Friday, with the pair closing the session at 0.7449. The pair is expected to its find support at 0.7427 and its first resistance at 0.7500.

 Gold price edges lower, strong dollar

Gold

Gold is trading at $1155.40 per ounce at 10:40 GMT this morning, 0.52% lower from the New York close. This morning, the precious metal traded at a high of $1162.10 per ounce and a low of $1152.50 per ounce. On Friday, gold traded 0.18% lower in the New York session and closed at $1161.40 per ounce, amid gains in the greenback following upbeat US consumer confidence data for December. Immediate downside, the first support level is seen at $1147.93 per ounce, while on the upside, the first resistance level is at $1167.43 per ounce.

 Silver Poised For Near-Term Bullishness

Silver

The precious metal is trading at $16.93 per ounce at 10:40 GMT this morning, 0.09% higher from the New York close. During the session, silver traded at a high of $16.99 per ounce and a low of $16.74 per ounce. In the New York session on Friday, silver fell 0.35% and closed at $16.92 per ounce, tracking losses in gold prices. Immediate downside, the first support level is seen at $16.72 per ounce, while on the upside, the first resistance level is at $17.17 per ounce.

 

Oil price surges to 1½-year high

Oil

The commodity is trading at $53.87 per barrel at 10:40 GMT this morning, 4.64% higher from the New York close, after non-OPEC producers agreed to cut oil output by 558,000 barrels per day to ease global glut. Crude oil witnessed a high of $54.49 per barrel and a low of $51.44 per barrel during the session. In the New York session on Friday, crude oil rose 0.84% to close at $51.48 per barrel, as investors remained optimistic that non-OPEC members would agree to support OPEC in their agreement to curb crude output at an upcoming weekend meeting in Vienna. Immediate downside, the first support level is seen at $51.71 per barrel, while on the upside, the first resistance level is at $55.26 per barrel.

 





 

Economic Snapshot

 

UK Rightmove house price index slid in December

The Rightmove house price index slid 2.10% in the UK on a monthly basis, in December. In the previous month, the Rightmove house price index had fallen 1.10%.

  

Japanese tertiary industry index rose less than expected in October

The tertiary industry index rose 0.20% in Japan, on a MoM basis in October, less than market expectations for a rise of 0.30%. In the prior month, the tertiary industry index had registered a drop of 0.10%.

 

Japanese machinery orders advanced more than expected in October

Machinery orders advanced 4.10% on a MoM basis in Japan, in October, higher than market expectations for a rise of 1.20%. Machinery orders had dropped 3.30% in the prior month.




Investors Forex Market Roundup

InvestorsBuz Forex Market RoundUp 12.9.16

major currencies: (EUR-USD) (USD-JPY) (GBP-USD) (USD-CHF), (USD-CAD), (AUD-USD)

InvestorsBuz Forex Market  RoundUp  12.9.16

Forex Market RoundUp 12.9.16 This morning, the greenback is trading mixed against most of the major currencies, ahead of the US flash Michigan consumer confidence index, due to release in a few hours.

This morning, the greenback is trading mixed against most of the major currencies, ahead of the US flash Michigan consumer confidence index, due to release in a few hours.

The EUR is trading marginally lower against the USD. Macroeconomic data indicated that Germany’s trade surplus came in weaker than expected in October. Yesterday, the European Central Bank (ECB), in its recent monetary policy meeting, stated that it would extend its quantitative-easing (QE) program until at least December 2017, but surprised investors by announcing that it will reduce the size of its monthly bond purchases from €80.0 billion per month to €60.0 billion per month, starting April 2017. The central bank also left interest rates unchanged as expected.

The GBP is trading higher against the USD. On the economic front, Britain’s trade deficit sharply narrowed in October, as exports surged to a record high and imports declined in the same month. On the contrary, the nation’s construction sector  witnessed an unexpected slowdown in October.

The AUD gained ground against the USD. Data revealed that, in China, Australia’s largest trading partner, the annual consumer price inflation advanced for a third straight month in November, Moreover, producer prices jumped at its quickest pace in more than five years in the same month.

Yesterday, the greenback traded higher in the New York session, against the key currencies, after the number of Americans filing for fresh jobless benefits fell last week, underscoring strength in the nation’s labor market.

 

EURUSD Euro slips as ECB Extends QE to December

EURUSD

This morning at 10:40 GMT, the EUR is trading at 1.0613 against the USD, marginally lower from the New York close, after data indicated that Germany’s trade surplus narrowed more-than-expected in October. This morning, the pair traded at a high of 1.0629 and a low of 1.0585. The Euro traded 1.61% lower against the US Dollar in the New York session yesterday, with the pair closing the session at 1.0615, after the ECB announced an extension to its monthly asset purchase program through December 2017, in its latest monetary policy meeting. The pair is expected to its find support at 1.0508 and its first resistance at 1.0795.

 

GBPUSD Pound Steady, British Trade Deficit Shrinks

GBPUSD

At 10:40 GMT, the pair is trading at 1.2597, with the Pound trading 0.1% higher against US Dollar from the New York close, after UK’s total trade deficit narrowed more-than-estimated in October. The pair witnessed a high of 1.2620 and a low of 1.2551 during the session. Yesterday, the Pound traded 0.67% lower against the US Dollar in the New York session and ended at 1.2584. Immediate downside, the first support level is seen at 1.2528, while on the upside, the first resistance level is situated at 1.2684.

 

Fed in focus for USDJPY

USDJPY

This morning, at 10:40 GMT, the US Dollar is trading at 114.49 against the Yen, 0.42% higher from the New York close. Overnight data showed that Japan’s BSI large manufacturing index advanced on a quarterly basis in the fourth quarter of 2016. During the session, the pair traded at a high of 114.56 and a low of 113.94. Yesterday, the US Dollar traded 0.12% higher against the Yen in the New York session and ended at 114.01. The pair is expected to its find support at 113.63 and its first resistance at 114.96.

 

USDCHF Testing the November Highs

USDCHF

The US Dollar is trading at 1.0165 against the Swiss Franc at 10:40 GMT this morning, 0.06% higher from the New York close. Earlier in the session, Switzerland’s seasonally adjusted unemployment rate remained steady at 3.3% in November, meeting market expectations. The pair traded at a high of 1.0181 and a low of 1.0149 this morning. Yesterday, the USD traded 0.83% higher against the CHF in the New York session and ended at 1.0159. The pair is expected to its find support at 1.0062 and its first resistance at 1.0225.

 

USDCAD Canadian Dollar Edges Lower

USDCAD

The pair is trading at 1.3177 at 10:40 GMT this morning, with the USD trading 0.09% lower against CAD from the New York close. The pair traded at a high of 1.3212 and a low of 1.3174 this morning. The US Dollar declined against the Canadian Dollar in the New York session yesterday, closing 0.21% lower at 1.3189. The Canadian Dollar gained ground, after Canada’s building permits unexpectedly jumped on a monthly basis in October. The pair is expected to its find support at 1.3151 and its first resistance at 1.3227.

 AUDUSD remains neutral for the moment

AUDUSD

The pair is trading at 0.7480 at 10:40 GMT this morning, with the Australian Dollar trading 0.23% higher against US Dollar from the New York close. Data released overnight revealed that Australia’s home loan approvals dropped less than anticipated in October. This morning, the pair traded at a high of 0.7484 and a low of 0.7436. The Australian Dollar traded 0.2% lower against the US Dollar in the New York session yesterday, with the pair closing the session at 0.7463. The pair is expected to its find support at 0.7436 and its first resistance at 0.7511.

 Gold prices at standstill as markets look ahead

Gold

Gold is trading at $1171.10 per ounce at 10:40 GMT this morning, 0.11% lower from the New York close. This morning, the precious metal traded at a high of $1173.80 per ounce and a low of $1166.60 per ounce. Yesterday, gold traded 0.2% lower in the New York session and closed at $1172.40 per ounce, amid strength in the greenback. Immediate downside, the first support level is seen at $1164.90 per ounce, while on the upside, the first resistance level is at $1179.00 per ounce.

 

Silver Prices Headed for First Weekly Gain Since the Election

Silver

The precious metal is trading at $17.15 per ounce at 10:40 GMT this morning, 0.29% higher from the New York close. During the session, silver traded at a high of $17.17 per ounce and a low of $16.93 per ounce. In the New York session yesterday, silver fell 0.23% and closed at $17.10 per ounce, tracking losses in gold prices. Immediate downside, the first support level is seen at $16.97 per ounce, while on the upside, the first resistance level is at $17.28 per ounce.

Oil makes shaky gains on optimism

Oil

The commodity is trading at $51.28 per barrel at 10:40 GMT this morning, 0.63% higher from the New York close. Crude oil witnessed a high of $51.50 per barrel and a low of $50.86 per barrel during the session. In the New York session yesterday, crude oil rose 1.86% to close at $50.96 per barrel, amid growing optimism that non-OPEC producers may join the OPEC’s deal to reduce production in an upcoming meeting. Immediate downside, the first support level is seen at $50.20 per barrel, while on the upside, the first resistance level is at $51.93 per barrel.

 




 

 

Economic Snapshot

  

UK total trade deficit fell in October

In October, total trade deficit in the UK dropped to £1.97 billion, following a revised total trade deficit of £5.81 billion in the prior month. Markets were expecting the nation to post a total trade deficit of £4.30 billion.

 

German trade surplus narrowed in October

The seasonally adjusted trade surplus in Germany narrowed to €19.30 billion in October, compared to market expectations of a trade surplus of €22.00 billion. Germany had registered a revised trade surplus of €24.20 billion in the previous month.

  

German exports advanced less than expected in October

In October, the seasonally adjusted exports advanced 0.50% in Germany on a MoM basis, compared to a revised drop of 1.00% in the previous month. Market anticipation was for exports to rise 0.90%.

 

Swiss unemployment rate steadied in November

In November, the seasonally adjusted unemployment rate remained unchanged at a level of 3.30% in Switzerland, meeting market expectations.

  

Chinese producer price index rose more than expected in November

The producer price index in China registered a rise of 3.30% on a YoY basis in November, higher than market expectations for a rise of 2.30%. In the prior month, the producer price index had risen 1.20%.

 

Chinese consumer price index advanced more than expected in November

On an annual basis, the consumer price index recorded a rise of 2.30% in November, in China, higher than market expectations for a rise of 2.20%. In the prior month, the consumer price index had advanced 2.10%.

 

 




Investors Forex Market Roundup

InvestorsBuz Forex Market Roundup 12.8.16

InvestorsBuz Forex Market Roundup 12.8.16

Forex Market Roundup 12.8.16

This morning, the greenback is trading lower against most of the major currencies, ahead of the US weekly jobless claims data, slated to release in a few hours.

The EUR is trading higher against the USD, ahead of the much awaited European Central Bank’s (ECB) interest rate decision. Markets widely expect the central bank to announce an extension to its asset purchase program to boost the region’s stubbornly weak price growth, while keeping the key interest rate unchanged at 0.0%.

The Yen is trading higher against the USD. Earlier in the session, Japan’s final GDP revealed that economy grew much slower than initially estimated on a quarterly basis in the third quarter of 2016, dragged down by weaker business investment and exports, thus adding to signs that the world’s third largest economy is struggling to mount a sustainable recovery.

The CAD gained ground against the USD. Yesterday, the BoC, held the key interest rate steady at 0.50%, stating that economic environment in Canada and global economy had largely moved forward in line with its expectations, despite lingering uncertainty in the US and its other major trading partners.

Yesterday, the greenback traded lower in the New York session, against the key currencies. On the data front, mortgage applications in the US declined last week. Further, the number of job openings in the nation fell less than anticipated in October compared to a revised rise in September. On the other hand, growth in consumer credit marked its slowest rate of increase in 4-months in October.

 EURUSD Euro Punches Above 1.08, Markets Await ECB Rate

EURUSD

This morning at 10:40 GMT, the EUR is trading at 1.0789 against the USD, 0.36% higher from the New York close. Moving ahead, investors will focus on the European Central Bank’s (ECB) interest rate decision, due in some time. This morning, the pair traded at a high of 1.0805 and a low of 1.0745. The Euro traded 0.17% higher against the US Dollar in the New York session yesterday, with the pair closing the session at 1.0750. The pair is expected to its find support at 1.0730 and its first resistance at 1.0826.

 GBPUSD Pound Dips Below 1.26 on Strong US Jobless

GBPUSD

At 10:40 GMT, the pair is trading at 1.2697, with the Pound trading 0.59% higher against US Dollar from the New York close. Overnight data indicated that the Britain’s RICS house price balance advanced more-than-expected in November. The pair witnessed a high of 1.2704 and a low of 1.2610 during the session. Yesterday, the GBP traded 0.08% higher against the USD in the New York session and ended at 1.2623. On the data front, NIESR estimated that UK’s economy expanded 0.4% in the three months to November, compared to a similar rise in the previous period. Immediate downside, the first support level is seen at 1.2608, while on the upside, the first resistance level is situated at 1.2745.

 

USDJPY leaps above 114.00 daily highs

USDJPY

This morning, at 10:40 GMT, the US Dollar is trading at 113.48 against the Yen, 0.24% lower from the New York close. Data released overnight showed that Japan’s final GDP unexpectedly slowed on a quarterly basis in 3Q 2016. During the session, the pair traded at a high of 113.86 and a low of 113.11. In the New York session yesterday, the USD fell 0.22%  against the JPY to close at 113.75. The pair is expected to its find support at 113.01 and its first resistance at 114.04.

 

USDCHF Fails at Attempt to Rebound

USDCHF

The US Dollar is trading at 1.0050 against the Swiss Franc at 10:40 GMT this morning, 0.19% lower from the New York close. Moving ahead, market participants will look forward to Switzerland’s unemployment rate, scheduled to release tomorrow. The pair traded at a high of 1.0087 and a low of 1.0041 this morning. The US Dollar traded 0.26% lower against the Swiss Franc in the New York session yesterday, with the pair closing the session at 1.0069. The pair is expected to its find support at 1.0024 and its first resistance at 1.0092.

 

USDCAD Canadian Dollar Unchanged, Building Permits Sparkles

USDCAD

The pair is trading at 1.3223 at 10:40 GMT this morning, with the USD trading marginally lower against CAD from the New York close. The pair traded at a high of 1.3237 and a low of 1.3203 this morning. In the New York session yesterday, the US Dollar fell 0.32% against the Canadian Dollar to close at 1.3228, after the Bank of Canada (BoC), in a widely expected move, maintained the key interest rate steady at 0.50% at its monetary policy meeting. The pair is expected to its find support at 1.3186 and its first resistance at 1.3278.

AUDUSD Buying pressures are fading

 

AUDUSD

The pair is trading at 0.7489 at 10:40 GMT this morning, with the Australian Dollar trading 0.13% higher against US Dollar from the New York close. Earlier in the session, Australia’s seasonally adjusted trade deficit unexpectedly expanded in October. This morning, the pair traded at a high of 0.7507 and a low of 0.7468. The AUD traded 0.4% higher against the USD in the New York session yesterday, with the pair closing the session at 0.7479. The pair is expected to its find support at 0.7448 and its first resistance at 0.7518.

 

Gold Lower After ECB QE Taper Announcement

Gold

Gold is trading at $1176.70 per ounce at 10:40 GMT this morning, 0.1% higher from the New York close. This morning, the precious metal traded at a high of $1180.70 per ounce and a low of $1175.40 per ounce. The yellow metal traded marginally higher in the New York session yesterday, and closed the session at $1175.50 per ounce, amid weakness in the greenback Immediate downside, the first support level is seen at $1172.17 per ounce, while on the upside, the first resistance level is at $1181.77 per ounce.

 

Silver rallying while dollar weakness sets in

Silver

The precious metal is trading at $17.17 per ounce at 10:40 GMT this morning, 0.12% lower from the New York close. During the session, silver traded at a high of $17.29 per ounce and a low of $17.13 per ounce. Yesterday, silver traded 2.08% higher in the New York session and ended at $17.19 per ounce, reversing its previous session losses. Immediate downside, the first support level is seen at $16.89 per ounce, while on the upside, the first resistance level is at $17.37 per ounce.

OPEC deal will pack little punch in raising oil prices 

Oil

The commodity is trading at $50.05 per barrel at 10:40 GMT this morning, 0.42% higher from the New York close. Crude oil witnessed a high of $50.15 per barrel and a low of $49.61 per barrel during the session. The commodity declined in the New York session yesterday, closing 1.58% lower at $49.84 per barrel, on rising doubts whether OPEC production cuts would be enough to reduce global supply glut. Moreover, the US EIA disclosed that gasoline supplies rose by 3.4mn bls and distillate stockpiles advanced 2.5mn bls, while crude stockpiles eased 2.4mnbls to 485.8mn bls last week. Immediate downside, the first support level is seen at $49.41 per barrel, while on the upside, the first resistance level is at $50.90 per barrel.

 

Economic Snapshot

 

UK house price balance climbed in November

In November, house price balance in the UK rose to a level of 30.00 %, compared to market expectations of a rise to a level of 26.00 %. House price balance had recorded a level of 23.00 % in the previous month.

   

Japanese GDP rose less than expected in 3Q 2016

Cabinet Office Japan has indicated that, in 3Q 2016, the final gross domestic product (GDP) in Japan recorded a rise of 0.30% on a quarterly basis, compared to an advance of 0.20% in the previous quarter. The preliminary figures had recorded a rise of 0.50%. Markets were expecting GDP to climb 0.50%.

  

Chinese trade surplus registered a fall in November

General Administration of Customs of the People’s Republic of China has reported that trade surplus in China dropped to $44.61 billion in November, compared to a trade surplus of $49.06 billion in the prior month. Markets were expecting the nation to record a trade surplus of $46.90 billion.

  

Chinese imports unexpectedly rose in November

In China, imports recorded an unexpected rise of 6.70% on a YoY basis in November, more than market expectations for a fall of 1.90%. Imports had registered a drop of 1.40% in the prior month.

 

Investors Forex Market Roundup

InvestorsBus Forex Market Roundup 12.7.16

InvestorsBus Forex Market Roundup 12.7.16

Forex Market Roundup 12.7.16

This morning, the greenback is trading mixed against most of the major currencies, ahead of the US mortgage applications, JOLTs jobs openings and consumer credit data, slated to release in a few hours.

The GBP is trading lower against the USD, after disappointing economic data in the UK raised fresh doubts on the health of the nation’s economy. Data showed that Britain’s industrial production surprisingly deteriorated to a four-year low in October. Moreover, the nation’s manufacturing production unexpectedly slumped the most in eight months in October.

The AUD lost ground against the USD, after Australia’s GDP data indicated that economy contracted for the first time in more than five years on a quarterly basis in the third quarter of 2016, amid weak construction output and a slump in consumer spending, thus piling pressure on the Reserve Bank of Australia to cut interest rates in the near-term to boost economic growth.

Yesterday, the greenback traded higher in the New York session, against the key currencies, as investors turned more optimistic regarding the rate hike prospects by the Federal Reserve at their upcoming meeting. Data indicated that factory orders in the US grew at its fastest pace in 16-months in October, highlighting the strong domestic demand in the nation. Also, the final durable goods orders came in better-than-expected in October. On the contrary, the nation’s trade deficit recorded its biggest increase since March 2015 in the same month, as imports surged to a 14-month high.

 

EURUSD Euro Shrugs Off Soft German Industrial Production

EURUSD

This morning at 10:40 GMT, the EUR is trading at 1.0725 against the USD, 0.08% higher from the New York close. On the data front, Germany’s industrial production rose less-than-expected on a monthly basis in October. This morning, the pair traded at a high of 1.0732 and a low of 1.0707. The Euro traded 0.25% lower against the US Dollar in the New York session yesterday, with the pair closing the session at 1.0716. The pair is expected to its find support at 1.0689 and its first resistance at 1.0769.

 

GBPUSD to hold 1.2550 as a solid support

GBPUSD

At 10:40 GMT, the pair is trading at 1.2590, with the Pound trading 0.68% lower against US Dollar from the New York close, after both manufacturing and industrial production in the UK surprisingly declined in October. The pair witnessed a high of 1.2683 and a low of 1.2578 during the session. Yesterday, the Pound traded 0.58% lower against the US Dollar in the New York session and ended at 1.2676. Immediate downside, the first support level is seen at 1.2522, while on the upside, the first resistance level is situated at 1.2713.

 

USDJPY Yen Unchanged, Markets Eye Current Account

USDJPY

This morning, at 10:40 GMT, the US Dollar is trading at 113.99 against the Yen, marginally higher from the New York close. In economic news, Japan’s preliminary coincident and leading indices climbed less-than-anticipated in October. During the session, the pair traded at a high of 114.39 and a low of 113.86. Yesterday, the US Dollar traded 0.16% higher against the Yen in the New York session and ended at 113.99. The pair is expected to its find support at 113.62 and its first resistance at 114.38.

USDCHF Clawing Back Following Monday’s Break

 

USDCHF

The US Dollar is trading at 1.0099 against the Swiss Franc at 10:40 GMT this morning, marginally lower from the New York close. Amid no major economic releases in Switzerland today, investors would look forward to global macroeconomic events for direction. The pair traded at a high of 1.0113 and a low of 1.0083 this morning. Yesterday, the USD traded 0.17% higher against the CHF in the New York session and ended at 1.0101. The pair is expected to its find support at 1.0066 and its first resistance at 1.0124.

 

USDCAD BoC Interest Rate Decision: Bank Of Canada Holds Rates

USDCAD

The pair is trading at 1.3273 at 10:40 GMT this morning, with the USD trading slightly lower against CAD from the New York close. Going ahead, traders will keep a close eye on the Bank of Canada’s interest rate decision, due in a few hours. The pair traded at a high of 1.3293 and a low of 1.3258 this morning. The US Dollar advanced against the Canadian Dollar in the New York session yesterday, closing 0.15% higher at 1.3275. On the data front, Canada’s seasonally adjusted Ivey purchasing mangers’ index unexpectedly eased in November. The pair is expected to its find support at 1.3246 and its first resistance at 1.3306.

 

AUDUSD Bullish Pattern Follows Strong Week

AUDUSD

The pair is trading at 0.7453 at 10:40 GMT this morning, with the Australian Dollar trading 0.09% lower against US Dollar from the New York close, after Australia’s seasonally adjusted GDP declined more than anticipated on a quarterly basis in the third quarter of 2016. This morning, the pair traded at a high of 0.7474 and a low of 0.7411. The Australian Dollar traded 0.08% higher against the US Dollar in the New York session yesterday, with the pair closing the session at 0.7460. The pair is expected to its find support at 0.7418 and its first resistance at 0.7481.

 

Gold edges down on US interest rate optimism

Gold

Gold is trading at $1173.30 per ounce at 10:40 GMT this morning, 0.16% higher from the New York close. This morning, the precious metal traded at a high of $1174.50 per ounce and a low of $1167.20 per ounce. Yesterday, gold traded 0.25% lower in the New York session and closed at $1171.40 per ounce, amid strength in global equity markets and a stronger US Dollar.  Immediate downside, the first support level is seen at $1167.97 per ounce, while on the upside, the first resistance level is at $1177.87 per ounce.

 

Silver Prices Hold Ahead of FOMC Meeting

Silver

The precious metal is trading at $16.83 per ounce at 10:40 GMT this morning, 0.3% higher from the New York close. During the session, silver traded at a high of $16.86 per ounce and a low of $16.71 per ounce. In the New York session yesterday, silver fell 0.62% and closed at $16.78 per ounce, tracking losses in gold prices. Immediate downside, the first support level is seen at $16.71 per ounce, while on the upside, the first resistance level is at $16.95 per ounce.

 

Oil prices churn as investors question OPEC deal

Oil

The commodity metal is trading at $51.07 per barrel at 10:40 GMT this morning, 0.31% higher from the New York close. Crude oil witnessed a high of $51.20 per barrel and a low of $50.35 per barrel during the session. In the New York session yesterday, crude oil fell 0.45% to close at $50.91 per barrel, after a report indicated that record high crude production in November by the OPEC, which raised doubts over the cartel’s ability to trim crude output. Immediate downside, the first support level is seen at $50.39 per barrel, while on the upside, the first resistance level is at $51.63 per barrel.

 

 




 

 

Economic Snapshot

  

UK manufacturing production registered an unexpected decline in October

In October, on a MoM basis, manufacturing production recorded an unexpected drop of 0.90% in the UK, compared to a rise of 0.60% in the previous month. Market anticipation was for manufacturing production to rise 0.20%.

  

 

Japanese leading economic index climbed in October

The preliminary leading economic index in Japan advanced to 101.00 in October, compared to market expectations of an advance to 101.40. The leading economic index had recorded a level of 100.30 in the previous month.

 

Japanese coincident index increased in October

Compared to a level of 112.70 in the previous month, the flash coincident index in Japan climbed to 113.90 in October. Market anticipation was for the coincident index to climb to a level of 114.10.

 

Australian GDP fell more than expected in 3Q 2016

The seasonally adjusted gross domestic product (GDP) recorded a drop of 0.50% in Australia on a QoQ basis in 3Q 2016, compared to a revised rise of 0.60% in the prior quarter. Market expectation was for GDP to drop 0.10%.

 

 




Investors Forex Market Roundup

InvestorsBuz Forex Market Roundup 12.6.16

InvestorsBuz Forex Market Roundup 12.6.16

Forex Market Roundup 12.6.16

This morning, the greenback is trading mixed against most of the major currencies, ahead of the US trade balance, factory orders and final durable goods orders data, all due to release in a few hours.

The EUR is trading higher against the USD, after Eurozone’s final GDP data revealed that economic growth advanced as initially estimated on a quarterly basis in the third quarter of 2016. Moreover, Germany’s factory orders grew at its fastest pace in more than two years in October, suggesting that industrial sector will be a driving force of the Eurozone’s economic powerhouse in the fourth quarter. Further, the nation’s construction sector expanded at its fastest pace in eight months in November.

The AUD lost ground against the USD, after the Reserve Bank of Australia (RBA), in a widely expected move, opted to leave key interest rate unchanged at a record low of 1.50%, as the board judged that this stance would remain consistent with its growth and inflation targets.

Yesterday, the greenback traded lower in the New York session, against the key currencies. Data indicated that the ISM non-manufacturing PMI in the US accelerated to its 13-month high in November, pointing towards robust economic growth. Meanwhile, the final Markit services Purchasing Managers’ Index (PMI) showed that activity in services sector was slightly weaker than initially estimated in November, while the labor market conditions index climbed in the same month.

 

EURUSD Euro Takes Wild Ride After Italy Referendum

EURUSD

This morning at 10:40 GMT, the EUR is trading at 1.0771 against the USD, 0.07% higher from the New York close, after Germany’s Markit construction PMI further expanded in November. This morning, the pair traded at a high of 1.0785 and a low of 1.0733. The Euro traded 0.71% higher against the US Dollar in the New York session yesterday, with the pair closing the session at 1.0763. The pair is expected to its find support at 1.0669 and its first resistance at 1.0834.

 

GBPUSD Pound Rally Continues

GBPUSD

At 10:40 GMT, the pair is trading at 1.2756, with the Pound trading 0.2% higher against US Dollar from the New York close. Overnight data revealed that UK’s BRC retail sales across all sectors advanced on an annual basis in November. The pair witnessed a high of 1.2774 and a low of 1.2708 during the session. Yesterday, the GBP traded 0.11% higher against the USD in the New York session and ended at 1.2731. Immediate downside, the first support level is seen at 1.2708, while on the upside, the first resistance level is situated at 1.2789.

 

USDJPY Yen Ticks Higher, Japanese Current Account

USDJPY

This morning, at 10:40 GMT, the US Dollar is trading at 114.04 against the Yen, 0.2% higher from the New York close. Going ahead, investors await the release of Japan’s flash leading and coincident indices, scheduled tomorrow. During the session, the pair traded at a high of 114.18 and a low of 113.46. In the New York session yesterday, the USD fell 0.34%  against the JPY to close at 113.81. The pair is expected to its find support at 113.18 and its first resistance at 114.83.

 

USDCHF Higher Today Following Monday’s Break

USDCHF

The US Dollar is trading at 1.0063 against the Swiss Franc at 10:40 GMT this morning, marginally lower from the New York close. On the data front, Switzerland’s consumer price inflation fell more-than-expected in November. The pair traded at a high of 1.0082 and a low of 1.0045 this morning. The US Dollar traded 0.27% lower against the Swiss Franc in the New York session yesterday, with the pair closing the session at 1.0064. The pair is expected to its find support at 1.0022 and its first resistance at 1.0126.

 

USDCAD Decline Pauses At November Low Support

USDCAD

The pair is trading at 1.3256 at 10:40 GMT this morning, with the USD trading 0.08% lower against CAD from the New York close. Moving ahead, traders will keep an eye on Canada’s Ivey purchasing mangers’ index and international merchandise trade balance figures, slated to release in a few hours. The pair traded at a high of 1.3284 and a low of 1.3248 this morning. In the New York session yesterday, the US Dollar fell 0.29% against the Canadian Dollar to close at 1.3267. The pair is expected to its find support at 1.3214 and its first resistance at 1.3314.

AUDUSD Gains Upside Momentum

 

AUDUSD

The pair is trading at 0.7435 at 10:40 GMT this morning, with the Australian Dollar trading 0.46% lower against US Dollar from the New York close. Earlier in the session, the RBA maintained the key interest rate at 1.50%, in its latest monetary policy meeting, meeting market expectations. This morning, the pair traded at a high of 0.7483 and a low of 0.7426. The AUD traded 0.51% higher against the USD in the New York session yesterday, with the pair closing the session at 0.7469. The pair is expected to its find support at 0.7396 and its first resistance at 0.7485.

 

Gold Price Hits 6-Month Euro Low as Renzi Loses Italy Vote

Gold

Gold is trading at $1172.80 per ounce at 10:40 GMT this morning, 0.06% higher from the New York close. This morning, the precious metal traded at a high of $1177.10 per ounce and a low of $1170.90 per ounce. The yellow metal traded 0.23% higher in the New York session yesterday, and closed the session at $1172.10 per ounce, as weakness in the greenback, increased demand for the safe haven asset. Immediate downside, the first support level is seen at $1161.63 per ounce, while on the upside, the first resistance level is at $1180.93 per ounce.

Silver prices holding up better than gold

 

Silver

The precious metal is trading at $16.87 per ounce at 10:40 GMT this morning, 0.36% higher from the New York close. During the session, silver traded at a high of $16.96 per ounce and a low of $16.79 per ounce. Yesterday, silver traded 0.51% higher in the New York session and ended at $16.81 per ounce. Immediate downside, the first support level is seen at $16.65 per ounce, while on the upside, the first resistance level is at $17.02 per ounce.

 

Oil retreats on doubts OPEC cuts can ease glut

Oil

The commodity is trading at $51.49 per barrel at 10:40 GMT this morning, 1.06% higher from the New York close. Crude oil witnessed a high of $51.60 per barrel and a low of $50.92 per barrel during the session. The commodity declined in the New York session yesterday, closing 2.17% lower at $50.95 per barrel, as uncertainty rose whether OPEC’s agreement would be enough to stabilize oversupplied crude markets amid increased US drilling. Immediate downside, the first support level is seen at $50.80 per barrel, while on the upside, the first resistance level is at $52.30 per barrel.

 

Economic Snapshot

  

Eurozone GDP grew as expected in 3Q 2016

In the Eurozone, the seasonally adjusted final gross domestic product (GDP) registered a rise of 0.30% in 3Q 2016 on a quarterly basis, compared to a similar rise in the previous quarter. The preliminary figures had also indicated an advance of 0.30%. Markets were anticipating GDP to climb 0.30%.

 

German factory orders rose more than expected in October

The seasonally adjusted factory orders in Germany advanced 4.90% on a monthly basis in October, more than market expectations for a rise of 0.60%. Factory orders had dropped by a revised 0.30% in the previous month.

 

Swiss consumer price index dropped more than expected in November

In November, on a monthly basis, the consumer price index dropped 0.20% in Switzerland, higher than market expectations for a drop of 0.10%. In the prior month, the consumer price index had advanced 0.10%.

 

Australian current account deficit declined in 3Q 2016

The seasonally adjusted current account deficit in Australia narrowed to A$ 11.40 billion in 3Q 2016, following a revised current account deficit of A$ 15.90 billion in the previous quarter. Market expectation was for the nation’s current account deficit to fall to A$ 13.50 billion.

 

Reserve Bank of Australia maintained its interest rate

The Reserve Bank of Australia held its interest rate steady at 1.50%. Market expectation was for the central bank to hold its interest rate at 1.50%.

Investors Forex Market Roundup

InvestorsBuz Forex Market Roundup 12.5.16

InvestorsBuz Forex Market Roundup 12.5.16

Forex Market Roundup 12.5.16

This morning, the greenback is trading higher against most of the major currencies, ahead of the US ISM non-manufacturing and final Markit services PMIs, due to release in a few hours.

The EUR is trading lower against the USD, after the Italian referendum result revealed a “no vote” for changes in the nation’s constitutional reforms, following which Italy’s Prime Minister, Matteo Renzi announced his resignation. On the data front the final Markit services PMI indicated that activity in Eurozone’s services sector unexpectedly slowed in November, while the region’s investor confidence surprisingly declined in December. On the contrary, retail sales rebounded more-than-expected on a monthly basis in October. Separately, activity in Germany’s services sector notched its strongest reading in six months in November.

The GBP is trading a tad lower against the USD. Earlier in the session, UK’s services sector posted its fastest rate of growth in ten-months in November, adding to evidence that the economy is expanding at a solid pace.

On Friday, the greenback traded lower in the New York session, against the key currencies, after the release of mixed US employment report which delivered a gloomy picture on the strength of the labor market. Non-farm payrolls data showed that the US employers added slightly less-than-expected jobs in November. On the contrary, the nation’s unemployment rate unexpectedly dropped to its lowest in nine-years in November. Separately, average hourly earnings surprisingly fell on a monthly basis in November.

 

EURUSD Italian Referendum Shakes Up Euro

EURUSD

This morning at 10:40 GMT, the EUR is trading at 1.0637 against the USD, 0.28% lower from the New York close, after Eurozone’s final Markit services PMI was surprisingly revised lower in November, whereas Germany’s final Markit services PMI unexpectedly advanced in in the same month. This morning, the pair traded at a high of 1.0672 and a low of 1.0503. The Euro traded 0.23% higher against the US Dollar in the New York session on Friday, with the pair closing the session at 1.0667. The pair is expected to its find support at 1.0533 and its first resistance at 1.0710.

GBPUSD Heading To  A New Two-Month High

 

GBPUSD

At 10:40 GMT, the pair is trading at 1.2718, with the Pound trading 0.08% lower against US Dollar from the New York close. On the data front, UK’s Markit services PMI unexpectedly climbed in November. The pair witnessed a high of 1.2743 and a low of 1.2623 during the session. On Friday, the Pound traded 0.83% higher against the US Dollar in the New York session and ended at 1.2728. Immediate downside, the first support level is seen at 1.2632, while on the upside, the first resistance level is situated at 1.2774.

 

USDJPY Dollar Punches Above 114 Yen, US Services

USDJPY

This morning, at 10:40 GMT, the US Dollar is trading at 114.28 against the Yen, 0.7% higher from the New York close. Overnight data revealed that Japan’s Nikkei services PMI increased in November. During the session, the pair traded at a high of 114.44 and a low of 112.84. On Friday, the US Dollar traded 0.41% lower against the Yen in the New York session and ended at 113.48. The pair is expected to its find support at 113.27 and its first resistance at 114.87.

 

USDCHF Continues to Test Support

USDCHF

The US Dollar is trading at 1.0146 against the Swiss Franc at 10:40 GMT this morning, 0.43% higher from the New York close. Amid no major economic releases in Switzerland today, investor sentiment would be determined by global macroeconomic news. The pair traded at a high of 1.0181 and a low of 1.0099 this morning. On Friday, the USD traded 0.09% lower against the CHF in the New York session and ended at 1.0103. The pair is expected to its find support at 1.0084 and its first resistance at 1.0195.

 

USDCAD Canadian Dollar Rally Continues After  Job Numbers

USDCAD

The pair is trading at 1.3329 at 10:40 GMT this morning, with the USD trading 0.29% higher against CAD from the New York close. The pair traded at a high of 1.3355 and a low of 1.3281 this morning. The US Dollar declined against the Canadian Dollar in the New York session on Friday, closing 0.08% lower at 1.3290. The Canadian Dollar gained ground, after Canada’s unemployment rate unexpectedly declined to a five-month low to 6.8% in November. The pair is expected to its find support at 1.3268 and its first resistance at 1.3372.

 AUDUSD remains neutral  outlook stays bearish

AUDUSD

The pair is trading at 0.7420 at 10:40 GMT this morning, with the Australian Dollar trading 0.47% lower against US Dollar from the New York close. Data released overnight showed that Australia’s AIG performance of services index climbed in November. This morning, the pair traded at a high of 0.7462 and a low of 0.7408. The Australian Dollar traded 0.53% higher against the US Dollar in the New York session on Friday, with the pair closing the session at 0.7455. The pair is expected to its find support at 0.7393 and its first resistance at 0.7457.

 Gold down more than 1%; touches lowest level since February

Gold

Gold is trading at $1166.30 per ounce at 10:40 GMT this morning, 1.09% lower from the New York close. This morning, the precious metal traded at a high of $1183.50 per ounce and a low of $1164.00 per ounce. On Friday, gold traded 0.54% higher in the New York session and closed at $1179.20 per ounce, amid broad weakness in the greenback following mixed November jobs report released in the US. Immediate downside, the first support level is seen at $1159.03 per ounce, while on the upside, the first resistance level is at $1178.53 per ounce.

Silver looking to make good on the bearish reversal 

Silver

The precious metal is trading at $16.62 per ounce at 10:40 GMT this morning, 1.1% lower from the New York close. During the session, silver traded at a high of $16.96 per ounce and a low of $16.55 per ounce. In the New York session on Friday, silver rose 2.16% and closed at $16.80 per ounce, tracking gains in gold prices. Immediate downside, the first support level is seen at $16.34 per ounce, while on the upside, the first resistance level is at $16.92 per ounce.

Oil tops $55 for first time in 16 months

 

Oil

The commodity is trading at $52.09 per barrel at 10:40 GMT this morning, 0.79% higher from the New York close. Crude oil witnessed a high of $52.33 per barrel and a low of $51.04 per barrel during the session. In the New York session on Friday, crude oil rose 2.64% to close at $51.68 per barrel, extending its previous session gains. Meanwhile , Baker Hughes reported that US oil rig count rose by 3 to 477 last week. Separately, news emerged that non-OPEC producers are set to meet with the cartel’s members next week to finalize a global oil limiting pact. Immediate downside, the first support level is seen at $50.74 per barrel, while on the upside, the first resistance level is at $52.89 per barrel.

 

 




 

 

Economic Snapshot

 

 

Eurozone retail sales advanced more than expected in October

The seasonally adjusted retail sales in the Eurozone climbed 1.10% in October on a monthly basis, compared to a revised drop of 0.40% in the previous month. Market anticipation was for retail sales to rise 0.80%.

 

Eurozone services PMI climbed in November

The final services PMI rose to a level of 55.10 in November, in the Eurozone, higher than market expectations of a rise to a level of 54.10. The preliminary figures had recorded a rise to 54.10. In the previous month, services PMI had recorded a level of 52.80.

 

German services PMI registered an increase in November

In November, the final services PMI advanced to 55.10 in Germany, compared to market expectations of a rise to a level of 55.00. The preliminary figures had indicated a rise to 55.00. In the previous month, services PMI had recorded a reading of 54.20.

   

Chinese Caixin/Markit services PMI index climbed in November

In November, the Caixin/Markit services PMI index in China recorded a rise to 53.10, compared to a reading of 52.40 in the prior month.

 

Australian AIG performance of services index rose in November

The AIG performance of services index advanced to 51.10 in Australia, in November. The AIG performance of services index had registered a reading of 50.50 in the previous month.




Investors Forex Market Roundup

InvestorsBuz Forex Market Roundup 12.2.16

InvestorsBuz Forex Market Roundup  12.2.16

Forex Market Roundup 12.2.16

This morning, the greenback is trading lower against most of the major currencies, ahead of the US unemployment rate and change in non-farm payrolls data, due to release in a few hours.

The EUR is trading lower against the USD. Data indicated that Eurozone’s producer prices jumped to its highest level in more than four years in October, amid surge in energy prices.

The GBP is trading higher against the USD, after activity in Britain’s construction sector unexpectedly expanded at the fastest rate since March in November. Yesterday, UK’s Brexit Secretary, David Davis, stated that Britain might consider paying for access to the European single market.

The CHF lost ground against the USD, after Switzerland’s GDP data showed that economic growth stalled for the first time in more than a year on a quarterly basis in the third quarter of 2016, weighed by sluggish consumption and weak demand.

Yesterday, the greenback traded lower in the New York session, against the key currencies, after the number of Americans filing for fresh unemployment benefits rose to a five-month high level last week. On the other hand, the US ISM manufacturing activity index accelerated to a five-month high in November, indicating that economic growth remains on a strong footing. Further, the nation’s final Markit manufacturing PMI was revised upwards in November, matching its twenty-month high. Moreover, the nation’s construction spending rebounded to a seven-month high in October.

 

EURUSD Euro Climbs to 2-Week Highs

EURUSD

This morning at 10:40 GMT, the EUR is trading at 1.0645 against the USD, 0.14% lower from the New York close. In economic news, the Eurozone’s producer price index advanced more-than-expected on a monthly basis in October. This morning, the pair traded at a high of 1.0689 and a low of 1.0634. The Euro traded 0.3% higher against the US Dollar in the New York session yesterday, with the pair closing the session at 1.0660. The pair is expected to its find support at 1.0588 and its first resistance at 1.0695.

 

GBPUSD Pound Yawns as Construction PMI

GBPUSD

At 10:40 GMT, the pair is trading at 1.2615, with the Pound trading 0.19% higher against US Dollar from the New York close, after UK’s Markit construction PMI surprisingly advanced in November. The pair witnessed a high of 1.2648 and a low of 1.2565 during the session. Yesterday, the Pound traded 0.47% lower against the US Dollar in the New York session and ended at 1.2591. Immediate downside, the first support level is seen at 1.2550, while on the upside, the first resistance level is situated at 1.2688.

 

USDJPY Yen Subdued as Markets Eye US Payrolls

USDJPY

This morning, at 10:40 GMT, the US Dollar is trading at 113.86 against the Yen, 0.19% lower from the New York close. Overnight data indicated that Japan’s monetary base rose on annual basis in November. During the session, the pair traded at a high of 114.21 and a low of 113.54. Yesterday, the US Dollar traded 0.24% lower against the Yen in the New York session and ended at 114.08. The pair is expected to its find support at 113.36 and its first resistance at 114.53.

USDCHF Testing Support Ahead of US Employment

 

USDCHF

The US Dollar is trading at 1.0114 against the Swiss Franc at 10:40 GMT this morning, 0.09% higher from the New York close. Earlier in the session, Switzerland’s GDP data indicated that economic growth remained flat in the third quarter of 2016. The pair traded at a high of 1.0122 and a low of 1.0088 this morning. Yesterday, the USD traded 0.17% lower against the CHF in the New York session and ended at 1.0105. The pair is expected to its find support at 1.0077 and its first resistance at 1.0163.

 

USDCAD Canadian Dollar Jumps on OPEC Deal

USDCAD

The pair is trading at 1.3306 at 10:40 GMT this morning, with the USD trading marginally lower against CAD from the New York close. Moving ahead, market participants would focus on the release of Canada’s unemployment rate, scheduled to release in a few hours. The pair traded at a high of 1.3322 and a low of 1.3282 this morning. The US Dollar declined against the Canadian Dollar in the New York session yesterday, closing 0.64% lower at 1.3313. On the economic front, Canada’s RBC manufacturing PMI advanced in November. The pair is expected to its find support at 1.3249 and its first resistance at 1.3395.

 AUDUSD’s corrective rise from 0.7310

AUDUSD

The pair is trading at 0.7419 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 seasonally adjusted retail sales rose more-than-expected on a monthly basis in October. This morning, the pair traded at a high of 0.7432 and a low of 0.7395. The Australian Dollar traded 0.35% higher against the US Dollar in the New York session yesterday, with the pair closing the session at 0.7414. The pair is expected to its find support at 0.7379 and its first resistance at 0.7445.

 

Gold prices pressured as prices hit 10-month lows

Gold

Gold is trading at $1173.90 per ounce at 10:40 GMT this morning, a tad higher from the New York close. This morning, the precious metal traded at a high of $1179.80 per ounce and a low of $1173.20 per ounce. Yesterday, gold traded 0.36% higher in the New York session and closed at $1173.60 per ounce, amid weakness in the greenback. Immediate downside, the first support level is seen at $1164.13 per ounce, while on the upside, the first resistance level is at $1181.73 per ounce.

 

Silver Prices Resist Selling Pressure, Growth Hopes

Silver

The precious metal is trading at $16.47 per ounce at 10:40 GMT this morning, 0.57% lower from the New York close. During the session, silver traded at a high of $16.74 per ounce and a low of $16.45 per ounce. In the New York session yesterday, silver rose 0.88% and closed at $16.56 per ounce. Immediate downside, the first support level is seen at $16.29 per ounce, while on the upside, the first resistance level is at $16.69 per ounce.

Oil softens after OPEC decision prompts big weekly rally

 

Oil

The commodity is trading at $50.59 per barrel at 10:40 GMT this morning, 0.63% lower from the New York close. on concerns whether major producers would implement an OPEC-Russia deal to cut production. Crude oil witnessed a high of $51.30 per barrel and a low of $50.48 per barrel during the session. In the New York session yesterday, crude oil rose 1.5% to close at $50.91 per barrel, as investors continued to cheer on a brighter outlook for crude, after OPEC agreed to trim output for the first time since 2008 to stabilize struggling crude market. Immediate downside, the first support level is seen at $49.59 per barrel, while on the upside, the first resistance level is at $51.70 per barrel.

 

 




 

 

 

 

Economic Snapshot

 

UK construction PMI rose surprisingly in November

The construction PMI advanced unexpectedly to 52.80 in the UK, in November, compared to market expectations of a fall to 52.20. The construction PMI had recorded a reading of 52.60 in the previous month.

  

Swiss GDP remained flat in 3Q 2016

On a QoQ basis in 3Q 2016, the seasonally adjusted gross domestic product (GDP) remained steady in Switzerland, compared to a rise of 0.60% in the prior quarter. Market expectation was for GDP to advance 0.30%.

 

Japanese monetary base recorded a rise in November

In Japan, the monetary base climbed 21.50% in November on a YoY basis. The monetary base had advanced 22.10% in the prior month.

 

Australian retail sales advanced more than expected in October

The seasonally adjusted retail sales advanced 0.50% in Australia on a monthly basis in October, compared to a rise of 0.60% in the previous month. Market anticipation was for retail sales to advance 0.30%.




Investors Forex Market Roundup

InvestorsBuz Forex Market Roundup 12.1.16

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.

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.

 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.

 

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.

Investors Forex Market Roundup

InvestorsBuz Forex Market Roundup 11.30.16

InvestorsBuz Forex Market Roundup 11.30.16

Forex Market Roundup 11.30.16

This morning, the greenback is trading higher against most of the major currencies, ahead of the US Fed’s Beige Book report, ADP employment change, pending home sales, personal income & spending data, due in a few hours.

The EUR is trading lower against the USD. On the economic front, Eurozone’s annual rate of inflation jumped to its highest level since April 2014 in November, easing the European Central Bank’s concerns which is set to meet next week. Moreover, Germany’s retail sales rebounded at its strongest pace in more than five years in October.

The GBP is trading lower against the USD. The Bank of England, in its financial stability report, stated that outlook for UK’s financial stability “remains challenging” following the Brexit vote and warned that a disorderly exit would have damaging effects on the financial system and the broader economy.

Yesterday, the greenback traded lower in the New York session, against the key currencies. Macroeconomic data indicated that the US economy grew faster than initially estimated in the third quarter of 2016, propelled by strong consumer spending and marking its strongest annual rate in two years. Further, the nation’s consumer confidence index notched its highest level in nine-years in November, driven by renewed optimism over the nation’s economic prospects.

Additionally, the Federal Reserve (Fed) Governor, Jerome Powell, indicated that the case for an interest rate hike has strengthened since the Fed’s last meeting, as the US economy is reasonably close to achieving its dual mandate.

 

EURUSD Euro Shrugs Off Stellar German Retail Sales

EURUSD

At 10:40 GMT, the pair is trading at 1.0637, with the EUR trading 0.1% lower against USD from the New York close. in economic news, Germany’s seasonally adjusted unemployment rate remained steady at 6.0% in November. The pair witnessed a high of 1.0666 and a low of 1.0616 during the session. The Euro traded 0.63% higher against the US Dollar in the New York session yesterday, with the pair closing the session at 1.0648. On the data front, Germany’s annual inflation remained steady at its highest level in two years in November. The pair is expected to its find support at 1.0577 and its first resistance at 1.0681.

GBPUSD Pound Edges Lower, BoE Apprehensive About Trump

 

GBPUSD

The GBP is trading at 1.2419 against the USD at 10:40 GMT, 0.59% lower from the New York close. Overnight data showed that  UK’s GfK consumer confidence index dropped more than anticipated in November. The Pound hit a high of 1.2515 and a low of 1.2416 against the US Dollar this morning. Yesterday, the Pound traded 0.19% higher against the US Dollar in the New York session and ended at 1.2493. Immediate downside, the first support level is seen at 1.2382, while on the upside, the first resistance level is situated at 1.2491.

 

USDJPY Dollar Rises to 113, Markets Eye OPEC

USDJPY

The US Dollar is trading at 113.00 against the Yen at 10:40 GMT, 0.56% higher from the New York close. Data released overnight showed that Japan’s flash industrial production rose on a monthly basis in October, meeting market expectations. The pair traded at a high of 113.15 and a low of 112.02 this morning. Yesterday, the US Dollar traded 0.55% lower against the Yen in the New York session and ended at 112.37. Immediate downside, the first support level is seen at 112.2367, while on the upside, the first resistance level is situated at 113.5467.

USDCHF remains neutral for consolidation below 1.0190 temporary top 

USDCHF

This morning, at 10:40 GMT, the US Dollar is trading at 1.0137 against the Swiss Franc, 0.22% higher from the New York close. Earlier in the session, Switzerland’s UBS consumption indicator advanced in October, while the nation’s KOF leading indicator unexpectedly declined in November. The pair witnessed a high of 1.0158 and a low of 1.0103 during the session. Yesterday, the USD traded 0.45% lower against the CHF in the New York session and ended at 1.0115. Immediate downside, the first support level is seen at 1.0101, while on the upside, the first resistance level is situated at 1.0175.

 USDCAD  Canadian Dollar Improves to 3-Week Highs

USDCAD

At 10:40 GMT, the pair is trading at 1.3421, with the USD trading 0.07% lower against CAD from the New York close. Going ahead, investors would look forward to Canada’s GDP data, slated to release in a few hours. This morning, the pair traded at a high of 1.3451 and a low of 1.3401. The US Dollar declined against the Canadian Dollar in the New York session yesterday, closing 0.16% lower at 1.3430. On the data front, Canada’s current account deficit narrowed less-than-expected in the third quarter of 2016. The pair is expected to its find support at 1.3388 and its first resistance at 1.3467.

 AUDUSD remains neutral as correction from 0.7310 is still in progress

AUDUSD

The Australian Dollar is trading at 0.7459 against the US Dollar at 10:40 GMT, 0.32% lower from the New York close. Earlier in the session, data revealed that Australia’s seasonally adjusted building approvals unexpectedly plummeted on a monthly basis in October. The pair witnessed a high of 0.7497 and a low of 0.7453 during the session. The Australian Dollar traded 0.51% higher against the US Dollar in the New York session yesterday, with the pair closing the session at 0.7483. The pair is expected to its find support at 0.7426 and its first resistance at 0.7495.

 

Gold Prices Rally as US Dollar Strength Fades

Gold

The precious metal is trading at $1189.00 per ounce at 10:40 GMT this morning, 0.08% lower from the New York close. This morning, the precious metal traded at a high of $1196.80 per ounce and a low of $1186.20 per ounce. Yesterday, gold traded 0.3% higher in the New York session and closed at $1190.00 per ounce, amid a broad decline in the greenback. Gold has its first support at $1182.13 per ounce and its first resistance at $1196.33 per ounce.

 

Silver Prices Could Soar to $50.00 an Ounce

Silver

The precious metal is trading at $16.72 per ounce at 10:40 GMT this morning, 0.24% higher from the New York close. During the session, silver traded at a high of $16.83 per ounce and a low of $16.65 per ounce. In the New York session yesterday, silver rose 0.76% and closed at $16.68 per ounce. Silver has its first support at $16.51 per ounce and its first resistance at $16.87 per ounce.

 

Oil gushes higher; Dow, S&P hit record highs

Oil

The commodity is trading at $47.91 per barrel at 10:40 GMT this morning, 5.93% higher from the New York close, amid optimism that OPEC members will reach an agreement for a higher-than-expected production cut. Crude oil hit a high of $48.20 per barrel and a low of $45.22 per barrel during the session. In the New York session yesterday, crude oil fell 0.94% to close at $45.23 per barrel, pressured by growing doubts that internal discord between major OPEC members could derail plans to reach an agreement over limiting oil output at the OPEC meeting scheduled today. On the other hand, the API disclosed that US crude stockpiles fell by 0.7mn bls last week. Immediate downside, the first support level is seen at $45.75 per barrel, while on the upside, the first resistance level is at $49.13 per barrel.

 

Economic Snapshot




 

 

 

   

Eurozone consumer price index advanced as expected in November

In November, the flash consumer price index rose 0.60% in the Eurozone on an annual basis, in line with market expectations. In the previous month, the consumer price index had registered a rise of

0.50%.

 

German retail sales recorded a rise in October

Retail sales in Germany recorded a rise of 2.40% on a MoM basis, in October. In the prior month, retail sales had fallen by a revised 1.50%.

 

German unemployment rate remained flat in November

The seasonally adjusted unemployment rate remained unchanged at 6.00% in November, in Germany.

 

Swiss UBS consumption indicator climbed in October

In October, UBS consumption indicator recorded a rise to 1.49 in Switzerland. UBS consumption indicator had registered a revised reading of 1.47 in the prior month.

  

Japanese industrial production rose as expected in October

The flash industrial production rose 0.10% on a MoM basis in Japan, in October, in line with market expectations. In the previous month, industrial production had risen 0.60%.