InvestorsBuz Forex Market Roundup 11.23.16

Forex Market Roundup 11.23.16

This morning, the greenback is trading lower against most of the major currencies, ahead of Fed’s Dennis Lockhart’s speech, to get cues about the timing of the interest hike in the US. Ahead in the week, July durable goods orders, initial jobless claims as well as findings from the Jackson Hole Symposium, would grab investor attention.

The EUR is trading lower against the USD, as investors shift their focus on Tuesday’s Q2 GDP for Germany.

The JPY traded higher against the USD, after the final leading economic and coincident indices posted readings which exceeded its preliminary print. Amid a light economic calendar ahead in the week in Japan, investors would look forward to unemployment rate as well as consumer prices data for July, scheduled to release on Thursday. The unemployment rate is expected to remain unchanged from its earlier level of 3.4% in July.

Yesterday, the greenback traded lower in the New York session against the key currencies, after the preliminary manufacturing PMI in the US reached its lowest level since October 2013 in July 2015.

 

EURUSD Euro Dips Despite Solid German, Eurozone Manufacturing

EURUSD

This morning at 10:40 GMT, the EUR is trading at 1.0620 against the USD, 0.06% lower from the New York close. In economic news, the Eurozone’s flash Markit manufacturing PMI unexpectedly advanced in November while the preliminary services PMI rose more-than-expected in the same month. This morning, the pair traded at a high of 1.0643 and a low of 1.0596. The Euro traded 0.12% higher against the US Dollar in the New York session yesterday, with the pair closing the session at 1.0626. The pair is expected to its find support at 1.0586 and its first resistance at 1.0649.

 

GBPUSD Pound Ticks Lower, UK Forecasts Lower Growth in 2017

GBPUSD

At 10:40 GMT, the pair is trading at 1.2378, with the Pound trading 0.36% lower against US Dollar from the New York close. Moving ahead, market participants will look forward to highly anticipated Britain’s Autumn budget statement, scheduled in a few hours. The pair witnessed a high of 1.2430 and a low of 1.2363 during the session. Yesterday, the Pound traded 0.11% lower against the US Dollar in the New York session and ended at 1.2423. Immediate downside, the first support level is seen at 1.2339, while on the upside, the first resistance level is situated at 1.2442.

READ  Gold increased 0.18 USD/t oz. or 0.01%

 USDJPY Yen Slides to 8-Month Lows

USDJPY

This morning, at 10:40 GMT, the US Dollar is trading at 111.02 against the Yen, 0.1% lower from the New York close. Going ahead, investors will look forward to Japan’s flash Nikkei manufacturing PMI, scheduled to release overnight. During the session, the pair traded at a high of 111.18 and a low of 110.81. Yesterday, the US Dollar traded 0.17% higher against the Yen in the New York session and ended at 111.13. The pair is expected to its find support at 110.68 and its first resistance at 111.35.

USDCHF rally resumes after brief consolidation  

USDCHF

The US Dollar is trading at 1.0098 against the Swiss Franc at 10:40 GMT this morning, 0.13% lower from the New York close. Amid no economic releases in Switzerland today, investors would focus on the nation’s industrial production data, scheduled to release tomorrow. The pair traded at a high of 1.0128 and a low of 1.0089 this morning. Yesterday, the USD traded marginally lower against the CHF in the New York session and ended at 1.0111. The pair is expected to its find support at 1.0075 and its first resistance at 1.0128.

Canada Retail Sales to Increase for First Time Since April 

USDCAD

The pair is trading at 1.3442 at 10:40 GMT this morning, with the USD trading marginally higher against CAD from the New York close. The pair traded at a high of 1.3454 and a low of 1.3420 this morning. The US Dollar advanced against the Canadian Dollar in the New York session yesterday, closing 0.21% higher at 1.3436. On the economic front, data revealed that Canada’s retail sales climbed on a monthly basis in September, in line with market expectations. The pair is expected to its find support at 1.3390 and its first resistance at 1.3480.

READ  TODAY’S FOREX BUZWORD MAJOR CURRENCY PAIR 2.13.17

 

AUDUSD neutral above 0.7430

AUDUSD

The pair is trading at 0.7422 at 10:40 GMT this morning, with the Australian Dollar trading 0.3% higher against US Dollar from the New York close. Overnight data showed that construction work done in Australia dropped more-than-expected on a quarterly basis in 3Q 2016. This morning, the pair traded at a high of 0.7444 and a low of 0.7391. The Australian Dollar traded 0.14% higher against the US Dollar in the New York session yesterday, with the pair closing the session at 0.7400. The pair is expected to its find support at 0.7379 and its first resistance at 0.7455.

Gold prices hit a nine-month low Wednesday

Gold

Gold is trading at $1212.80 per ounce at 10:40 GMT this morning, 0.07% higher from the New York close. This morning, the precious metal traded at a high of $1214.70 per ounce and a low of $1209.60 per ounce. Yesterday, gold traded 0.21% lower in the New York session and closed at $1212.00 per ounce, as a rally in global equities and strength in the greenback, dented demand for the yellow metal. Immediate downside, the first support level is seen at $1206.30 per ounce, while on the upside, the first resistance level is at $1218.60 per ounce.

 

Silver Prices Reverse Course After Modest Recovery

Silver

The precious metal is trading at $16.74 per ounce at 10:40 GMT this morning, slightly higher from the New York close. During the session, silver traded at a high of $16.83 per ounce and a low of $16.66 per ounce. In the New York session yesterday, silver fell 0.71% and closed at $16.73 per ounce, extending its previous session losses. Immediate downside, the first support level is seen at $16.58 per ounce, while on the upside, the first resistance level is at $16.94 per ounce.

 

$50 oil is coming back soon, but don’t get too excited

Oil

The commodity is trading at $48.22 per barrel at 10:40 GMT this morning, 0.67% higher from the New York close. Crude oil witnessed a high of $48.34 per barrel and a low of $47.74 per barrel during the session. In the New York session yesterday, crude oil fell marginally to close at $47.90 per barrel, in a volatile trading session, as the OPEC officials met at a technical conference in Vienna to chalk out details of an agreement to cut output at the formal meeting on November 30. Immediate downside, the first support level is seen at $47.26 per barrel, while on the upside, the first resistance level is at $49.09 per barrel.

READ  USDCHF decreased 0.0020 or 0.19%

 




Economic Snapshot

 

Eurozone services PMI recorded a rise in November

In November, the flash services PMI registered a rise to 54.10 in the Eurozone, compared to a level of 52.80 in the previous month. Markets were anticipating services PMI to rise to 52.90.

 

Eurozone manufacturing PMI climbed unexpectedly in November

In November, the flash manufacturing PMI recorded an unexpected rise to 53.70 in the Eurozone, compared to a level of 53.50 in the previous month. Market anticipation was for the manufacturing PMI to drop to a level of 53.30.

  

German manufacturing PMI slid in November

In November, the flash manufacturing PMI in Germany fell to a level of 54.40, compared to market expectations of a drop to a level of 54.80. In the previous month, manufacturing PMI had registered a reading of 55.00.

 

German services PMI unexpectedly advanced in November

Compared to a level of 54.20 in the previous month the flash services PMI rose unexpectedly to 55.00 in Germany, in November. Market expectation was for services PMI to ease to 54.00.

 

Chinese MNI business sentiment index rose in November

The MNI business sentiment index rose to a level of 53.10 in November, in China. In the prior month, the MNI business sentiment index had registered a reading of 52.20.

 

Australian construction work done dropped more than expected in 3Q 2016

In Australia, the seasonally adjusted construction work done registered a drop of 4.90% in 3Q 2016 on a quarterly basis, higher than market expectations for a drop of 1.60%. Construction work done had recorded a revised drop of 3.10% in the previous quarter.




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