InvestorsBuz Forex Market Roundup 11.5.16

InvestorsBuz Forex Market  Roundup 11.5.16

Forex Market Roundup 11.5.16

Forex Market  Roundup 11.5.16 This morning, the greenback is trading higher against most of the major currencies, ahead of the US unemployment rate, nonfarm payrolls and trade balance data, due to release in a few hours.

The GBP is trading higher against the USD, as investors continued to cheer Britain’s High Court decision that UK government needs Parliamentary approval to initiate Brexit. Additionally, the Bank of England (BoE), in its latest monetary policy meeting, kept interest rate unchanged at 0.25% and downplayed the chances of a short-term interest rate cut, as the economy showed resilience following the Brexit vote. Further, the central bank revised up UK’s economic growth forecast to 2.2% in 2016, from 2.0% estimated earlier and by 1.4% in 2017, from 0.8%. Further, the BoE Governor, Mark Carney, stated that the central bank could move in either direction, depending upon inflation developments.

Yesterday, the greenback traded mixed in the New York session, against the key currencies. In the US, ISM non-manufacturing PMI indicated that activity in the nation’s services sector slowed more than expected in October. Additionally, the nation’s initial jobless claims unexpectedly edged up to its highest level in almost three months last week. Moreover, the nation’s final durable goods orders fell in September. On the contrary, the nation’s factory orders rose for the third straight month in September. Separately, Markit’s services PMI in the US expanded in line with preliminary estimates in October.

EURUSD EURO IN HOLDING PATTERN AHEAD OF US NONFARM

 

EURUSD

This morning at 09:40 GMT, the EUR is trading at 1.1095 against the USD, 0.09% lower from the New York close, after the Eurozone’s final services PMI unexpectedly expanded at a slower pace in October, compared to preliminary estimate. This morning, the pair traded at a high of 1.1111 and a low of 1.1084. The Euro traded 0.33% higher against the US Dollar in the New York session yesterday, with the pair closing the session at 1.1105. The pair is expected to its find support at 1.1061 and its first resistance at 1.1124.

READ  GBPJPY pauses decline but bearish short-term trend remains

 

GBPUSD

At 09:40 GMT, the pair is trading at 1.2478, with the Pound trading 0.13% higher against US Dollar from the New York close. The pair witnessed a high of 1.2484 and a low of 1.2446 during the session. Yesterday, the Pound traded 0.12% lower against the US Dollar in the New York session and ended at 1.2462. The BoE in a widely expected move, held the benchmark interest rate steady at a record low level of 0.25%. Immediate downside, the first support level is seen at 1.2381, while on the upside, the first resistance level is situated at 1.2534.

 

USDJPY

This morning, at 09:40 GMT, the US Dollar is trading at 103.04 against the Yen, 0.07% higher from the New York close. Overnight data showed that, Japan’s Markit services PMI expanded in October. During the session, the pair traded at a high of 103.35 and a low of 102.81. Yesterday, the US Dollar traded 0.2% lower against the Yen in the New York session and ended at 102.97. The pair is expected to its find support at 102.78 and its first resistance at 103.32.

 

USDCHF

The US Dollar is trading at 0.9743 against the Swiss Franc at 09:40 GMT this morning, marginally higher from the New York close. With no economic releases in Switzerland today, investor sentiment would be governed by global macroeconomic factors. The pair traded at a high of 0.9758 and a low of 0.9730 this morning. Yesterday, the USD traded marginally higher against the CHF in the New York session and ended at 0.9743. The pair is expected to its find support at 0.9714 and its first resistance at 0.9766.

USDCAD REMAINS UNCHANGED. WITH 1.3276

 

USDCAD

The pair is trading at 1.3397 at 09:40 GMT this morning, with the USD trading marginally higher against CAD from the New York close. Going ahead, market participants would anxiously wait for Canada’s GDP and Ivey purchasing managers’ index, scheduled to release in a few hours. The pair traded at a high of 1.3417 and a low of 1.3382 this morning. The US Dollar advanced against the Canadian Dollar in the New York session yesterday, closing 0.13% higher at 1.3396. The pair is expected to its find support at 1.3370 and its first resistance at 1.3420.

READ  USDJPY Forex Exchange Midday High Monday August 14

 

AUDUSD ATTEMPTING TO PUSH THROUGH MAJOR LEVEL

AUDUSD

The pair is trading at 0.7682 at 09:40 GMT this morning, with the Australian Dollar trading marginally higher against US Dollar from the New York close. Overnight data indicated that Australia’s seasonally adjusted retail sales advanced on a monthly basis in September. This morning, the pair traded at a high of 0.7696 and a low of 0.7660. The Australian Dollar traded 0.16% higher against the US Dollar in the New York session yesterday, with the pair closing the session at 0.7681. The pair is expected to its find support at 0.7661 and its first resistance at 0.7700.

 

GOLD PRICE STAYS HIGH AS US ELECTION JITTERS

Gold

Gold is trading at $1302.40 per ounce at 09:40 GMT this morning, slightly lower from the New York close. This morning, the precious metal traded at a high of $1305.40 per ounce and a low of $1295.90 per ounce. Yesterday, gold traded 0.72% higher in the New York session and closed at $1302.90 per ounce, amid a slump in global equity markets. Immediate downside, the first support level is seen at $1290.60 per ounce, while on the upside, the first resistance level is at $1309.80 per ounce.

 

SILVER TRADES THROUGH ONE LEVEL OF RESISTANCE, BUT REVERSES AT ANOTHER

Silver

The precious metal is trading at $18.34 per ounce at 09:40 GMT this morning, a tad lower from the New York close. During the session, silver traded at a high of $18.40 per ounce and a low of $18.20 per ounce. In the New York session yesterday, silver rose 1.05% and closed at $18.35 per ounce, tracking gains in gold prices. Immediate downside, the first support level is seen at $18.08 per ounce, while on the upside, the first resistance level is at $18.52 per ounce.

READ  AUDUSD Outlook Ahead of RBA Meeting

 

OIL FALLS TOWARD $44 ON REPORT SAUDIS THREATENED TO HIKE OIL OUTPUT

Oil

The commodity is trading at $44.68 per barrel at 09:40 GMT this morning, marginally higher from the New York close. Crude oil witnessed a high of $44.87 per barrel and a low of $44.29 per barrel during the session.  In the New York session yesterday, crude oil fell 2.28% to close at $44.67 per barrel, as renewed supply glut concerns dented demand for the commodity. Immediate downside, the first support level is seen at $44.02 per barrel, while on the upside, the first resistance level is at $45.61 per barrel.

 

Economic Snapshot

 

Bank of England kept its key interest rate unchanged

The Bank of England held its key interest rate at 0.25%. Markets were anticipating the central bank to maintain its key interest rate at 0.25%.

 

Eurozone services PMI climbed in October

In October, the final services PMI recorded a rise to 52.80 in the Eurozone, compared to market expectations of a rise to 53.50. In the previous month, services PMI had recorded a reading of 52.20. The preliminary figures had indicated a rise to 53.50.

 

German services PMI recorded a rise in October

In October, the final services PMI registered a rise to 54.20 in Germany, compared to market expectations of a rise to 54.10. Services PMI had recorded a reading of 50.90 in the prior month. The preliminary figures had recorded a rise to 54.10.

 

Japanese Markit services PMI advanced in October

Markit services PMI in Japan rose to a level of 50.5 in October, compared to a level of 48.2 in the previous month.

 

Australian retail sales rose more than expected in September

In Australia, the seasonally adjusted retail sales advanced 0.60% on a MoM basis in September, higher than market expectations for an advance of 0.40%. In the prior month, retail sales had registered a revised rise of 0.50%.

Click here for reuse options!
Copyright 2016 Investors Buz

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.

Leave a Reply

Create Account



Log In Your Account