InvestorsBuz Forex Market Roundup 11.8.16

Forex Market Roundup 11.8.16

This morning, the greenback is trading higher against most of the major currencies, with investors remaining cautious ahead of the outcome of US Presidential election. Meanwhile, the US NFIB small business optimism index advanced in October.

The EUR is trading higher against the USD. Data revealed that German industrial production dropped at its fastest rate in more than two years in September, suggesting that industrial activity in the Eurozone’s largest economy is stuck into stagnation. In other economic news, the nation’s trade surplus expanded more than expected in September, while exports and imports declined in the same month.

The GBP is trading higher against the USD, after Britain’s manufacturing production surged the most in five months in September, advancing for the second straight month, thus suggesting that manufacturing activity has coped up well so far with the shock of the historic Brexit vote.

Yesterday, the greenback traded mostly higher in the New York session, against the key currencies, as investors wagered on a victory for Hillary Clinton after she received a clean-chit over alleged email scandal. Data indicated that consumer credit in the US came in better than estimated in September, indicating that consumer spending would remain robust. Moreover, the nation’s labor market conditions index rose in October.

 

EURUSD LOOKS TO RETRACE DOWNTURN

EURUSD

This morning at 10:40 GMT, the EUR is trading at 1.1049 against the USD, 0.1% higher from the New York close, after Germany’s trade surplus widened more than expected in September. This morning, the pair traded at a high of 1.1067 and a low of 1.1027. The Euro traded 0.21% lower against the US Dollar in the New York session yesterday, with the pair closing the session at 1.1038. The pair is expected to its find support at 1.1026 and its first resistance at 1.1072.

 GBPUSD pound gained momentum across the board 

GBPUSD

At 10:40 GMT, the pair is trading at 1.2419, with the Pound trading 0.19% higher against US Dollar from the New York close, after UK’s manufacturing production advanced more than expected on a monthly basis in September. Meanwhile, industrial production unexpectedly fell in the same month. The pair witnessed a high of 1.2440 and a low of 1.2383 during the session. Yesterday, the Pound traded 0.22% lower against the US Dollar in the New York session and ended at 1.2396. Immediate downside, the first support level is seen at 1.2384, while on the upside, the first resistance level is situated at 1.2447.

READ  Index Euro Stoxx 50 forecast | analysis Closed August 31, 2017

 USDJPY held up after the release, hovering near yesterday’s high

USDJPY

This morning, at 10:40 GMT, the US Dollar is trading at 104.52 against the Yen, 0.07% higher from the New York close. Data indicated that, Japan’s flash leading index fell in September, while the preliminary coincident index edged up in the same month. During the session, the pair traded at a high of 104.59 and a low of 104.27. Yesterday, the US Dollar traded 0.12% higher against the Yen in the New York session and ended at 104.45. The pair is expected to its find support at 104.29 and its first resistance at 104.69.

USDCHF Rallying  Higher in Trading Monday 

USDCHF

The US Dollar is trading at 0.9759 against the Swiss Franc at 10:40 GMT this morning, 0.2% higher from the New York close. In economic news, Switzerland’s seasonally adjusted unemployment rate remained steady at 3.30% in line with market estimates in October. The pair traded at a high of 0.9764 and a low of 0.9731 this morning. Yesterday, the USD traded 0.1% lower against the CHF in the New York session and ended at 0.9740. The pair is expected to its find support at 0.9734 and its first resistance at 0.9782.

 USDCAD Canadian Dollar Quiet Ahead of US Vote

USDCAD

The pair is trading at 1.3361 at 10:40 GMT this morning, with the USD trading marginally lower against CAD from the New York close. Going forward, Canada’s housing starts and building permits data, scheduled to release in a few hours would attract market attention. The pair traded at a high of 1.3391 and a low of 1.3347 this morning. The US Dollar declined against the Canadian Dollar in the New York session yesterday, closing 0.16% lower at 1.3363. The pair is expected to its find support at 1.3334 and its first resistance at 1.3400.

 

AUDUSD WAS ALREADY PRESSURED AND DULY SLIPPED FURTHER

AUDUSD

The pair is trading at 0.7701 at 10:40 GMT this morning, with the Australian Dollar trading 0.31% lower against US Dollar from the New York close. Overnight data revealed that Australia’s NAB business confidence index eased in October. This morning, the pair traded at a high of 0.7728 and a low of 0.7685. The Australian Dollar traded 0.61% higher against the US Dollar in the New York session yesterday, with the pair closing the session at 0.7725. The pair is expected to its find support at 0.7671 and its first resistance at 0.7730.

READ  GBPUSD decreased 0.0021 or 0.16% to 1.2817

 

GOLD, CRUDE OIL PRICES LOOK TO US ELECTION OUTCOME

Gold

Gold is trading at $1284.60 per ounce at 10:40 GMT this morning, 0.21% higher from the New York close. This morning, the precious metal traded at a high of $1285.80 per ounce and a low of $1281.20 per ounce. Yesterday, gold traded 0.37% lower in the New York session and closed at $1281.90 per ounce, as global equities rallied and strength in the US Dollar dented demand for safe haven yellow metal. Immediate downside, the first support level is seen at $1278.97 per ounce, while on the upside, the first resistance level is at $1289.87 per ounce.

SILVER PRICES STEADY AHEAD OF US ELECTION

 

Silver

The precious metal is trading at $18.31 per ounce at 10:40 GMT this morning, 0.72% higher from the New York close. During the session, silver traded at a high of $18.39 per ounce and a low of $18.17 per ounce. In the New York session yesterday, silver rose 0.11% and closed at $18.18 per ounce. Immediate downside, the first support level is seen at $18.08 per ounce, while on the upside, the first resistance level is at $18.46 per ounce.

 

Oil retreats with rattled stocks

Oil

The commodity is trading at $45.04 per barrel at 10:40 GMT this morning, 0.2% higher from the New York close. Crude oil witnessed a high of $45.26 per barrel and a low of $44.76 per barrel during the session. In the New York session yesterday, crude oil rose 0.72% to close at $44.95 per barrel, after an earthquake struck near the US largest crude oil storage facilities in Cushing, Oklahoma, raised concerns about crude supplies. Moreover, increased prospects for Clinton’s win in the US Presidential election also supported crude prices. Immediate downside, the first support level is seen at $44.35 per barrel, while on the upside, the first resistance level is at $45.50 per barrel.

READ  AUDUSD forecast Forex analysis September 20, 2017

 

Economic Snapshot

 

UK manufacturing production rose more than expected in September

In September, manufacturing production rose 0.60% in the UK, on a MoM basis, higher than market expectations for an advance of 0.40%. Manufacturing production had recorded a rise of 0.20% in the prior month.

   

German industrial production declined more than expected in September

In September, on a monthly basis, the seasonally adjusted industrial production in Germany fell 1.80%, more than market expectations for a drop of 0.50%. Industrial production had registered a revised rise of 3.00% in the prior month.

 

German trade surplus expanded in September

The seasonally adjusted trade surplus in Germany widened to €24.40 billion in September, compared to market expectations of a trade surplus of €22.40 billion. Germany had registered a revised trade surplus of €19.90 billion in the prior month.

 

Swiss unemployment rate remained unchanged in October

The seasonally adjusted unemployment rate remained flat at 3.30% in Switzerland, in October. Market expectation was for unemployment rate to record a steady reading.

 

Japanese leading economic index recorded a fall in September

In September, the flash leading economic index in Japan fell to a level of 100.50, in line with market expectations. The leading economic index had registered a level of 100.90 in the prior month.

 

Japanese coincident index climbed in September

In Japan, the flash coincident index registered a rise to 112.10 in September, compared to a level of 112.00 in the prior month. Markets were anticipating the coincident index to advance to 112.10.

 

Chinese trade surplus widened in October

Trade surplus in China rose to $49.06 billion in October, following a trade surplus of $41.99 billion in the prior month. Markets were anticipating the nation’s trade surplus to widen to $51.70 billion.

 

Australian business confidence index falls in October

The business confidence index in Australia fell to a level of 4.00 in October. In the prior month, the business confidence index had registered a level of 6.00.

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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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