Investors Forex Market Roundup
INVESTORS FOREX

InvestorsBuz Forex Market Roundup 12.2.16

InvestorsBuz Forex Market Roundup  12.2.16

Forex Market Roundup 12.2.16

This morning, the greenback is trading lower against most of the major currencies, ahead of the US unemployment rate and change in non-farm payrolls data, due to release in a few hours.

The EUR is trading lower against the USD. Data indicated that Eurozone’s producer prices jumped to its highest level in more than four years in October, amid surge in energy prices.

The GBP is trading higher against the USD, after activity in Britain’s construction sector unexpectedly expanded at the fastest rate since March in November. Yesterday, UK’s Brexit Secretary, David Davis, stated that Britain might consider paying for access to the European single market.

The CHF lost ground against the USD, after Switzerland’s GDP data showed that economic growth stalled for the first time in more than a year on a quarterly basis in the third quarter of 2016, weighed by sluggish consumption and weak demand.

Yesterday, the greenback traded lower in the New York session, against the key currencies, after the number of Americans filing for fresh unemployment benefits rose to a five-month high level last week. On the other hand, the US ISM manufacturing activity index accelerated to a five-month high in November, indicating that economic growth remains on a strong footing. Further, the nation’s final Markit manufacturing PMI was revised upwards in November, matching its twenty-month high. Moreover, the nation’s construction spending rebounded to a seven-month high in October.

 

EURUSD Euro Climbs to 2-Week Highs

EURUSD

This morning at 10:40 GMT, the EUR is trading at 1.0645 against the USD, 0.14% lower from the New York close. In economic news, the Eurozone’s producer price index advanced more-than-expected on a monthly basis in October. This morning, the pair traded at a high of 1.0689 and a low of 1.0634. The Euro traded 0.3% higher against the US Dollar in the New York session yesterday, with the pair closing the session at 1.0660. The pair is expected to its find support at 1.0588 and its first resistance at 1.0695.

READ  PIERIS PHARMACEUTICALS ANNOUNCES PRESENTATION OF CLINICAL DATA FOR ANEMIA DRUG CANDIDATE, PRS-080, AT THE 54TH ERA-EDTA CONGRESS

 

GBPUSD Pound Yawns as Construction PMI

GBPUSD

At 10:40 GMT, the pair is trading at 1.2615, with the Pound trading 0.19% higher against US Dollar from the New York close, after UK’s Markit construction PMI surprisingly advanced in November. The pair witnessed a high of 1.2648 and a low of 1.2565 during the session. Yesterday, the Pound traded 0.47% lower against the US Dollar in the New York session and ended at 1.2591. Immediate downside, the first support level is seen at 1.2550, while on the upside, the first resistance level is situated at 1.2688.

 

USDJPY Yen Subdued as Markets Eye US Payrolls

USDJPY

This morning, at 10:40 GMT, the US Dollar is trading at 113.86 against the Yen, 0.19% lower from the New York close. Overnight data indicated that Japan’s monetary base rose on annual basis in November. During the session, the pair traded at a high of 114.21 and a low of 113.54. Yesterday, the US Dollar traded 0.24% lower against the Yen in the New York session and ended at 114.08. The pair is expected to its find support at 113.36 and its first resistance at 114.53.

USDCHF Testing Support Ahead of US Employment

 

USDCHF

The US Dollar is trading at 1.0114 against the Swiss Franc at 10:40 GMT this morning, 0.09% higher from the New York close. Earlier in the session, Switzerland’s GDP data indicated that economic growth remained flat in the third quarter of 2016. The pair traded at a high of 1.0122 and a low of 1.0088 this morning. Yesterday, the USD traded 0.17% lower against the CHF in the New York session and ended at 1.0105. The pair is expected to its find support at 1.0077 and its first resistance at 1.0163.

 

USDCAD Canadian Dollar Jumps on OPEC Deal

USDCAD

The pair is trading at 1.3306 at 10:40 GMT this morning, with the USD trading marginally lower against CAD from the New York close. Moving ahead, market participants would focus on the release of Canada’s unemployment rate, scheduled to release in a few hours. The pair traded at a high of 1.3322 and a low of 1.3282 this morning. The US Dollar declined against the Canadian Dollar in the New York session yesterday, closing 0.64% lower at 1.3313. On the economic front, Canada’s RBC manufacturing PMI advanced in November. The pair is expected to its find support at 1.3249 and its first resistance at 1.3395.

READ  EURO STOXX 50 Index forecast | analysis Closed Wednesday August 30

 AUDUSD’s corrective rise from 0.7310

AUDUSD

The pair is trading at 0.7419 at 10:40 GMT this morning, with the Australian Dollar trading 0.07% higher against US Dollar from the New York close. Overnight data showed that Australia’s seasonally adjusted retail sales rose more-than-expected on a monthly basis in October. This morning, the pair traded at a high of 0.7432 and a low of 0.7395. The Australian Dollar traded 0.35% higher against the US Dollar in the New York session yesterday, with the pair closing the session at 0.7414. The pair is expected to its find support at 0.7379 and its first resistance at 0.7445.

 

Gold prices pressured as prices hit 10-month lows

Gold

Gold is trading at $1173.90 per ounce at 10:40 GMT this morning, a tad higher from the New York close. This morning, the precious metal traded at a high of $1179.80 per ounce and a low of $1173.20 per ounce. Yesterday, gold traded 0.36% higher in the New York session and closed at $1173.60 per ounce, amid weakness in the greenback. Immediate downside, the first support level is seen at $1164.13 per ounce, while on the upside, the first resistance level is at $1181.73 per ounce.

 

Silver Prices Resist Selling Pressure, Growth Hopes

Silver

The precious metal is trading at $16.47 per ounce at 10:40 GMT this morning, 0.57% lower from the New York close. During the session, silver traded at a high of $16.74 per ounce and a low of $16.45 per ounce. In the New York session yesterday, silver rose 0.88% and closed at $16.56 per ounce. Immediate downside, the first support level is seen at $16.29 per ounce, while on the upside, the first resistance level is at $16.69 per ounce.

READ  Swiss unemployment rate surprisingly steadied in May

Oil softens after OPEC decision prompts big weekly rally

 

Oil

The commodity is trading at $50.59 per barrel at 10:40 GMT this morning, 0.63% lower from the New York close. on concerns whether major producers would implement an OPEC-Russia deal to cut production. Crude oil witnessed a high of $51.30 per barrel and a low of $50.48 per barrel during the session. In the New York session yesterday, crude oil rose 1.5% to close at $50.91 per barrel, as investors continued to cheer on a brighter outlook for crude, after OPEC agreed to trim output for the first time since 2008 to stabilize struggling crude market. Immediate downside, the first support level is seen at $49.59 per barrel, while on the upside, the first resistance level is at $51.70 per barrel.

 

 




 

 

 

 

Economic Snapshot

 

UK construction PMI rose surprisingly in November

The construction PMI advanced unexpectedly to 52.80 in the UK, in November, compared to market expectations of a fall to 52.20. The construction PMI had recorded a reading of 52.60 in the previous month.

  

Swiss GDP remained flat in 3Q 2016

On a QoQ basis in 3Q 2016, the seasonally adjusted gross domestic product (GDP) remained steady in Switzerland, compared to a rise of 0.60% in the prior quarter. Market expectation was for GDP to advance 0.30%.

 

Japanese monetary base recorded a rise in November

In Japan, the monetary base climbed 21.50% in November on a YoY basis. The monetary base had advanced 22.10% in the prior month.

 

Australian retail sales advanced more than expected in October

The seasonally adjusted retail sales advanced 0.50% in Australia on a monthly basis in October, compared to a rise of 0.60% in the previous month. Market anticipation was for retail sales to advance 0.30%.




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