TODAY’S FOREX BUZWORD MAJOR CURRENCY PAIRS 1.11.17

TODAY’S FOREX BUZWORD MAJOR CURRENCY PAIRS 1.11.17

A DAILY SOCIAL TRADING EVENT

Buz Investors MAJOR CURRENCY PAIRS 1.11.17 This morning, the greenback is trading higher against most of the major currencies, as investors await a news conference by the US President-elect Donald Trump, scheduled

Buz Investors MAJOR CURRENCY PAIRS 1.11.17 This morning, the greenback is trading higher against most of the major currencies, as investors await a news conference by the US President-elect Donald Trump, scheduled in a few hours, to get further insights on his policies. Moreover, the US MBA mortgage application data, will also be eyed by traders.

The GBP is trading lower against the USD. Earlier in the session, data revealed that UK’s industrial production rebounded strongly in November, marking the biggest increase in seven months, while manufacturing output grew higher than expected in the same month, suggesting that the nation’s economy performed beyond expectations in the third quarter of 2016. Further, the nation’s trade performance deteriorated as the nation posted worse than expected deficit in November. Also, construction output declined for the second consecutive month on a monthly basis in November.  Ahead in the day, all eyes would be on the release of NIESR’s GDP estimate, which is expected to show a decent improvement.

The Yen is trading lower against the USD. In economic news, Japan’s leading economic index strengthened to a 15-month high level in November, while the coincident index notched its strongest level since March 2014 in the same month.

Yesterday, the greenback traded lower in the New York session, against the key currencies. On the data front, the US JOLTs job openings came in better than expected in November. Also, the nation’s final wholesale inventories marked its largest gain in two-years in the same month.



  MAJOR CURRENCY PAIRS 1.11.17

EURUSD Edges Lower as Markets Eye Trump Press Conference

EURUSD

This morning at 10:40 GMT, the EUR is trading at 1.0522 against the USD, 0.28% lower from the New York close. Going ahead, investors will look forward to the Eurozone’s industrial production data, slated to release tomorrow. This morning, the pair traded at a high of 1.0566 and a low of 1.0517. The Euro traded 0.09% lower against the US Dollar in the New York session yesterday, with the pair closing the session at 1.0552. The pair is expected to its find support at 1.0491 and its first resistance at 1.0578.

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GBPUSD Pound Falls to 3 months Low on Mixed UK Data

GBPUSD

At 10:40 GMT, the pair is trading at 1.2123, with the Pound trading 0.43% lower against US Dollar from the New York close. In economic news, UK’s manufacturing as well as industrial production rose more than expected in November. The pair witnessed a high of 1.2197 and a low of 1.2094 during the session. Yesterday, the Pound traded 0.21% higher against the US Dollar in the New York session and ended at 1.2175. Immediate downside, the first support level is seen at 1.2079, while on the upside, the first resistance level is situated at 1.2182.

USDJPY Dollar Edges up to 116 Yen, Trump Press Conference Next

 

USDJPY

This morning, at 10:40 GMT, the US Dollar is trading at 116.30 against the Yen, 0.47% higher from the New York close. Early morning data showed that Japan’s preliminary leading economic and coincident indices, both advanced more than expected in November. During the session, the pair traded at a high of 116.35 and a low of 115.64. Yesterday, the US Dollar traded 0.4% lower against the Yen in the New York session and ended at 115.76. The pair is expected to its find support at 115.59 and its first resistance at 116.68.

 

USDCHF Up Against Initial Resistance

USDCHF

The US Dollar is trading at 1.0193 against the Swiss Franc at 10:40 GMT this morning, 0.31% higher from the New York close. With no economic releases in Switzerland today, investors will look forward to global events for further direction. The pair traded at a high of 1.0197 and a low of 1.0151 this morning. Yesterday, the USD traded marginally higher against the CHF in the New York session and ended at 1.0162. The pair is expected to its find support at 1.0143 and its first resistance at 1.0220.

 

USDCAD Canadian Dollar Unchanged Ahead of Crude Inventories and Trump Speech

USDCAD

The pair is trading at 1.3233 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 1.3254 and a low of 1.3213 this morning. The US Dollar declined against the Canadian Dollar in the New York session yesterday, closing 0.18% lower at 1.3230. Data showed that Canada’s seasonally adjusted housing starts rose more than estimated in December, whereas building permits declined on a monthly basis in November. The pair is expected to its find support at 1.3196 and its first resistance at 1.3264.

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 AUDUSD remains on the upside as rebounds

AUDUSD

The pair is trading at 0.7376 at 10:40 GMT this morning, with the Australian Dollar trading 0.09% higher against US Dollar from the New York close. Amid no economic releases in Australia today, trading trend in AUD is expected to be determined by global macroeconomic events. This morning, the pair traded at a high of 0.7396 and a low of 0.7350. The Australian Dollar traded 0.53% higher against the US Dollar in the New York session yesterday, with the pair closing the session at 0.7369. The pair is expected to its find support at 0.7338 and its first resistance at 0.7405.

Gold pares gains, but still marks 6-week high

 

Gold

Gold is trading at $1187.70 per ounce at 10:40 GMT this morning, marginally higher from the New York close, with traders adopting a wait-and-watch approach ahead of Donald Trump’s press conference, scheduled in a few hours. This morning, the precious metal traded at a high of $1191.50 per ounce and a low of $1185.70 per ounce. Yesterday, gold traded 0.48% higher in the New York session and closed at $1187.60 per ounce, following weakness in the greenback, as risk aversion increased among investors. Immediate downside, the first support level is seen at $1181.90 per ounce, while on the upside, the first resistance level is at $1192.50 per ounce.

 

Silver Prices Range-Bound as US Dollar Recovers

Silver

The precious metal is trading at $16.81 per ounce at 10:40 GMT this morning, 0.12% lower from the New York close. During the session, silver traded at a high of $16.89 per ounce and a low of $16.79 per ounce. In the New York session yesterday, silver rose 1.14% and closed at $16.83 per ounce. Immediate downside, the first support level is seen at $16.62 per ounce, while on the upside, the first resistance level is at $16.97 per ounce.

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Oil rises as Saudi tells Asian customers of output cuts

 

Oil

The commodity is trading at $51.27 per barrel at 10:40 GMT this morning, 0.96% higher from the New York close. Crude oil witnessed a high of $51.33 per barrel and a low of $50.76 per barrel during the session. In the New York session yesterday, crude oil fell 2.57% to close at $50.78 per barrel, after the API disclosed that US crude oil stockpiles rose 1.5 million barrels last week. Separately, Iraqi Oil Minister, confirmed that Iraq has trimmed its oil production by 160,000 barrels a day since the start of January to meet its compliance with OPEC’s decision.   Immediate downside, the first support level is seen at $50.53 per barrel, while on the upside, the first resistance level is at $52.19 per barrel.

 

Economic Snapshot

  

UK manufacturing production advanced more than expected in November

In November, on a monthly basis, manufacturing production in the UK recorded a rise of 1.30%, more than market expectations for an advance of 0.50%. Manufacturing production had registered a revised drop of 1.00% in the previous month.

 

UK total trade deficit widened in November

The UK has reported total trade deficit of £4.17 billion in November, compared to a revised total trade deficit of £1.55 billion in the prior month. Market expectation was for the nation to record a total trade deficit of £3.50 billion.

  

Japanese leading economic index climbed in November

The preliminary leading economic index registered a rise to 102.70 in November, in Japan, compared to a reading of 100.80 in the prior month. Markets were expecting the leading economic index to rise to a level of 102.60.

 

Japanese coincident index advanced in November

The flash coincident index in Japan climbed to 115.10 in November, compared to market expectations of a rise to a level of 115.00. The coincident index had registered a reading of 113.50 in the prior month.




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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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