InvestorsBuz Forex Market Roundup 9.8.16

InvestorsBuz Forex Market Roundup 9.8.16

This morning, the greenback is trading lower against most of the major currencies, ahead of the US initial jobless claims data scheduled in a few hours.The EUR is trading higher against the USD. Going forward, investors will closely watch the ECB’s interest rate decision scheduled to release in a few hours.The GBP is trading higher against the USD. Yesterday, NIESR’s GDP estimate indicated that UK’s economy expanded 0.3% in the three months ending August, slightly lower from a revised rise of 0.4% in the preceding three months.The Yen is trading stronger against the USD. Overnight data indicated that the final reading on Japan’s gross domestic product was revised higher in the second quarter of 2016.The AUD gained ground against the USD. Earlier in the session, data revealed that Australia’s trade deficit shrank more-than-expected in July, on the back of stronger exports. Elsewhere, in China, Australia’s largest trading partner, trade surplus narrowed in August from July. Moreover, the nation’s exports advanced more-than-expected on an annual basis in August, while imports rebounded on a yearly basis in the same month.Yesterday, the greenback traded higher in the New York session, against the key currencies. The Federal Reserve’s Beige book revealed that wage pressures in most of the central bank’s 12 districts remained “fairly modest” and were expected to remain so over the coming months

. EURUSD The Euro advanced against the US Dollar 
EURUSD

The pair is trading at 1.1274 at 09:40 GMT this morning, with the EUR trading 0.27% higher against USD from the New York close. This morning, the pair traded at a high of 1.1279 and a low of 1.1233. The Euro advanced against the US Dollar in the New York session yesterday, closing marginally higher at 1.1244.  The pair is expected to its find support at 1.1240 and its first resistance at 1.1293.

GBPUSD the pound traded Higher the UK’s economy expanded 0.3%
GBPUSD

The pair is trading at 1.3358 at 09:40 GMT this morning, with the GBP trading 0.20% higher against USD from the New York close. The pair traded at a high of 1.3365 and a low of 1.3326 this morning. Yesterday, the Pound traded 0.33% lower against the US Dollar in the New York session and ended at 1.3332. In economic news, NIESR indicated that UK’s economy expanded 0.3% on a monthly basis in the June-August period. Immediate downside, the first support level is seen at 1.3317, while on the upside, the first resistance level is situated at 1.3398.

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USDJPY Yen Traded Lower Japan’s final annualized GDP higher
USDJPY

At 09:40 GMT, the pair is trading at 101.58, with the US Dollar trading 0.13% lower against Yen from the New York close. Overnight data indicated that Japan’s final annualized GDP was revised higher in 2Q16. The USD hit a high of 101.91 and a low of 101.39 against the JPY during the session. Yesterday, the US Dollar traded 0.28% higher against the Yen in the New York session and ended at 101.71. Immediate downside, the first support level is seen at 101.3033, while on the upside, the first resistance level is situated at 101.8833.

USDCHF Swiss Franc Fell  With eye on Switzerland’s unemployment 
USDCHF

The USD is trading at 0.9683 against the CHF at 09:40 GMT this morning, 0.10% lower from the New York close. Going forward, traders will keep an eye on Switzerland’s unemployment rate, scheduled to release tomorrow. During the session, the pair traded at a high of 0.9707 and a low of 0.9678. In the New York session yesterday, the US Dollar rose 0.10% against the Swiss Franc to close at 0.9691.  Immediate downside, the first support level is seen at 0.9664, while on the upside, the first resistance level is situated at 0.9705.

SDCAD US Dollar rose  against CAD BOC  key interest rate unchanged 
USDCAD

This morning at 09:40 GMT, the USD is trading at 1.2862 against the CAD, 0.16% lower from the New York close.  The pair witnessed a high of 1.2886 and a low of 1.2847 during the session. In the New York session yesterday, the US Dollar rose 0.42% against the Canadian Dollar to close at 1.2882. Separately, the Bank of Canada kept the key interest rate unchanged at its recent monetary policy meeting. Immediate downside, the first support level is seen at 1.2816, while on the upside, the first resistance level is situated at 1.2911.

READ  Australian unemployment rate unexpectedly fell in April

AUDUSD Aussie Testing Key Resistance
AUDUSD

The Australian Dollar is trading at 0.7720 against the US Dollar at 09:40 GMT, 0.64% higher from the New York close. Earlier today, data revealed that Australia’s trade deficit narrowed more-than-expected in July. This morning, the pair traded at a high of 0.7731 and a low of 0.7662. The AUD fell against the USD in the New York session yesterday, closing 0.26% lower at 0.7671.  The pair is expected to its find support at 0.7677 and its first resistance at 0.7747

. Gold Fell amid strength in the US Dollar
Gold

Gold is trading at $1352.30 per ounce at 09:40 GMT this morning, 0.22% higher from the New York close.  Gold witnessed a high of $1353.90 per ounce and a low of $1345.80 per ounce during the session. Gold fell in the New York session yesterday, closing 0.46% lower at $1349.30 per ounce, amid strength in the US Dollar. Immediate downside, the first support level is seen at $1346.73 per ounce, while on the upside, the first resistance level is at $1356.93 per ounce.

Silver prices middle range created during the summer
Silver

This morning, silver is trading at $19.99 per ounce at 09:40 GMT, 0.55% higher from the New York close. Silver witnessed a high of $20.02 per ounce and a low of $19.85 per ounce during the session. Yesterday, silver traded 1.09% lower in the New York session and closed at $19.88 per ounce, tracking losses in gold prices. Silver has its first support at $19.83 per ounce and its first resistance at $20.13 per ounce

.Oil extends gains after big US crude stock draw
Oil

At 09:40 GMT, the commodity is trading at $46.27 per barrel, 0.48% higher from the New York close. During the session, crude oil traded at a high of $46.49 per barrel and a low of $46.05 per barrel. The commodity advanced in the New York session yesterday, closing 1.93% higher at $46.05 per barrel, after the American Petroleum Institute (API) reported that US crude oil inventories declined more-than-expected by 12.1mn bls last week. Crude oil has its first support at $45.05 per barrel and its first resistance at $46.99 per barrel.
Economic Snapshot

German labor costs registered a rise in 2Q 2016
In Germany, the seasonally adjusted labor costs rose 0.20% in 2Q 2016 on a QoQ basis. Labor costs had recorded a revised rise of 0.60% in the prior quarter.
Japanese annualized GDP rose more than expected in 2Q 2016
The final annualized gross domestic product (GDP) in Japan rose 0.70% in 2Q 2016 on a QoQ basis, compared to a revised rise of 2.00% in the previous quarter. Markets were expecting annualized GDP to rise 0.20%. The preliminary figures had recorded a rise of 0.20%.
Japanese (BOP basis) trade surplus declined in July
(BOP basis) trade surplus in Japan fell to ¥613.90 billion in July, following a (BOP basis) trade surplus of ¥763.60 billion in the previous month. Markets were expecting the nation to record a (BOP basis) trade surplus of ¥571.20 billion.
Chinese trade surplus declined in August
China reported trade surplus of $52.05 billion in August, compared to a trade surplus of $52.31 billion in the previous month. Markets were expecting the nation to post a trade surplus of $58.85 billion.
Chinese exports declined less than expected in August
In China, exports recorded a drop of 2.80% in August, on a YoY basis, lower than market expectations for a fall of 4.00%. In the previous month, exports had registered a drop of 4.40%.
Australian trade deficit fell in July
The seasonally adjusted trade deficit in Australia dropped to A$ 2410.00 million in July, less than market expectations of a trade deficit of A$2700.00 million. Australia had registered a revised trade deficit of A$3250.00 million in the previous 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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