InvestorsBuz Forex Market Roundup 11.25.16

InvestorsBuz Forex Market Roundup 11.25.16

Forex Market Roundup 11.25.16

This morning, the greenback is trading lower against most of the major currencies, ahead of the US flash Markit services PMI and goods trade balance data, due to release in a few hours.

The GBP is trading higher against the USD, after the second reading revealed that the UK economy expanded at a slower pace on a quarterly basis in the third quarter of 2016, in line with preliminary estimates. Meanwhile, quarterly business investment grew more-than-expected in the same period.

The EUR is trading higher against the USD. Yesterday, Germany’s final gross domestic product advanced in the third quarter of 2016, in line with previous estimates. Moreover, the nation’s GfK consumer confidence index surprisingly rose in December, while the Ifo business climate index remained steady in November.

Yesterday, the greenback traded mostly higher in the New York session, against the key currencies. The minutes of the FOMC’s November monetary policy meeting released on Wednesday revealed that policymakers judged that it could well become appropriate to raise interest rates “relatively soon”. Additionally, data released showed that flash durable goods orders in the US notched its highest level in a year in October. Moreover, activity in the manufacturing sector showed its strongest performance in thirteen months in November. Also, the final Reuters/Michigan consumer sentiment index jumped to a six-month high in November, suggesting that Americans became more optimistic about the nation’s growth prospects.

 

EURUSD Euro Posts Slight Gains, Hugging 1.06

EURUSD

This morning at 10:40 GMT, the EUR is trading at 1.0591 against the USD, 0.37% higher from the New York close. In economic news, data indicated that consumer confidence in France remained steady in November. This morning, the pair traded at a high of 1.0614 and a low of 1.0535. The Euro traded marginally lower against the US Dollar in the New York session yesterday, with the pair closing the session at 1.0552. On the data front, Germany’s final GDP slowed on a quarterly basis in the third quarter of 2016, in line with preliminary estimates. The pair is expected to its find support at 1.0546 and its first resistance at 1.0625.

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GBPUSD Pound Unchanged as British GDP Matches Forecast

 

GBPUSD

At 10:40 GMT, the pair is trading at 1.2452, with the Pound trading a tad higher against US Dollar from the New York close, after the second estimate showed that UK’s GDP came in line with its earlier estimate on a quarterly basis in 3Q 2016, meeting market expectations. The pair witnessed a high of 1.2473 and a low of 1.2413 during the session. Yesterday, the Pound traded slightly lower against the US Dollar in the New York session and ended at 1.2448. Immediate downside, the first support level is seen at 1.2412, while on the upside, the first resistance level is situated at 1.2494.

 

USDJPY Yen Falls on Weak Inflation but Recovers

USDJPY

This morning, at 10:40 GMT, the US Dollar is trading at 112.86 against the Yen, 0.38% lower from the New York close. Overnight data showed that Japan’s national consumer price index rebounded on an annual basis in October. During the session, the pair traded at a high of 113.89 and a low of 112.53. Yesterday, the US Dollar traded 0.16% higher against the Yen in the New York session and ended at 113.29. The pair is expected to its find support at 112.30 and its first resistance at 113.66.

 

USDCHF extends corrective slide, drops to session low

 

USDCHF

The US Dollar is trading at 1.0131 against the Swiss Franc at 10:40 GMT this morning, 0.37% lower from the New York close. The pair traded at a high of 1.0188 and a low of 1.0117 this morning. Yesterday, the USD traded a tad higher against the CHF in the New York session and ended at 1.0169. Macroeconomic data indicated that Switzerland’s annual industrial production rose in 3Q 2016. The pair is expected to its find support at 1.0101 and its first resistance at 1.0176.

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USDCAD Canadian Dollar Unchanged

USDCAD

The pair is trading at 1.3491 at 10:40 GMT this morning, with the USD trading slightly higher against CAD from the New York close. With no economic releases in Canada today, investor sentiment would be governed by global macroeconomic factors. The pair traded at a high of 1.3514 and a low of 1.3450 this morning. The US Dollar declined against the Canadian Dollar in the New York session yesterday, closing marginally lower at 1.3486. The pair is expected to its find support at 1.3456 and its first resistance at 1.3520.

 

AUDUSD extends bullish run

AUDUSD

The pair is trading at 0.7433 at 10:40 GMT this morning, with the Australian Dollar trading 0.36% higher against US Dollar from the New York close. This morning, the pair traded at a high of 0.7468 and a low of 0.7394. The Australian Dollar traded 0.26% higher against the US Dollar in the New York session yesterday, with the pair closing the session at 0.7406. The pair is expected to its find support at 0.7385 and its first resistance at 0.7474.

 

Gold prices buckle under the mighty dollar

Gold

Gold is trading at $1192.00 per ounce at 10:40 GMT this morning, 0.51% higher from the New York close. This morning, the precious metal traded at a high of $1195.40 per ounce and a low of $1172.80 per ounce. Yesterday, gold traded 0.13% lower in the New York session and closed at $1185.90 per ounce, amid strength in the greenback. Immediate downside, the first support level is seen at $1178.07 per ounce, while on the upside, the first resistance level is at $1200.67 per ounce.

Dollar Strength Blocks Silver Prices Recovery

 

Silver

The precious metal is trading at $16.52 per ounce at 10:40 GMT this morning, 0.73% higher from the New York close. During the session, silver traded at a high of $16.60 per ounce and a low of $16.25 per ounce. In the New York session yesterday, silver rose 0.15% and closed at $16.40 per ounce. Immediate downside, the first support level is seen at $16.31 per ounce, while on the upside, the first resistance level is at $16.66 per ounce.

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Donald Trump’s stock in oil pipeline company raises concern

Oil

The commodity is trading at $47.51 per barrel at 10:40 GMT this morning, 0.98% lower from the New York close. Crude oil witnessed a high of $48.04 per barrel and a low of $47.21 per barrel during the session. In the New York session yesterday, crude oil fell 0.15% to close at $47.98 per barrel, as investors remained cautious ahead of an upcoming OPEC meeting, where in major oil producers will discuss over a planned output cut on November 30. Immediate downside, the first support level is seen at $47.06 per barrel, while on the upside, the first resistance level is at $48.11 per barrel.

 

Economic Snapshot

 

UK GDP advanced as expected in 3Q 2016

The second estimate of gross domestic product (GDP) advanced 0.50% in the UK on a quarterly basis in 3Q 2016, in line with market expectations. In the previous quarter, GDP had recorded a rise of 0.70%. The preliminary figures had also recorded an advance of 0.50%.

  

French consumer confidence steadies in November

In November, consumer confidence remained flat at a level of 98.00 in France, at par with market expectations.

 

Japanese national consumer price index (CPI) surprisingly rose in October

The national consumer price index (CPI) recorded an unexpected rise of 0.10% in Japan, on a YoY basis in October, higher than market expectations for an unchanged reading. In the prior month, the national consumer price index (CPI) had dropped 0.50%.

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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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