Daily Economic Digest from Forex ee

Daily Economic Digest from Forex.ee

Daily Digest of economic Forex.ee

Keep an eye on major economic news with us

Thursday, June 8

Today the pair EUR/ USD It shows a fairly quiet trading, stuck in
range of 15 points near the level of 1.1260, after yesterday’s volatile session,
as markets were waiting for the main event “Super Thursday”. Today
It will feature several key events of this week, so
the near future, investors will remain cautious in making important
making, but during the day it is expected to increase volatility. The main
driver for the euro today will be the ECB decision on interest rates, especially given
into account the recent news that the regulator has lowered inflation forecasts
in 2019. Moreover, the market expects the ECB will also demonstrate M.Dragi
“Pigeon” attitude during the press conference, did not provide any information
on the early decommissioning QE program. In addition to the ECB’s decision on interest rates, investors are also
will closely monitor the results of the elections in the UK to be able to
more clarity regarding the position of Great Britain in the talks on Breksitu,
thereby also providing a pair of complementary pulse.

Couple GBP / USD today suspended its
4-day winning streak and retreated from two-week highs marked last
at the level of 1.2969, as markets remain cautious on the eve of one of the
key events this week – the election in the UK, which will form the
next vector of the pound in the medium term. The pair has traded fairly
quiet during the Asian session, as the market has already priced in victory
Conservatives, which would indicate the UK’s position in the negotiations
by Breksitu. no one party on the other hand, if the elections are not
attains an absolute majority, it could lead to a sharp drop
pound across the board, as will cause even more uncertainty
regarding the future UK policy. However, the positive effects of
victory of the Conservative Party may not last long, because
British Prime Minister takes the position T.Mey hard Breksita,
the results of which can also adversely affect the pound. In addition to the election
investors will now observe the ECB’s decision on interest rates, as
sudden movements EUR / GBP cross will be able to provide a pair GBP / USD further
momentum in today’s trading. Recall that the results of the vote
voters in the UK will be published during the next Asian
session.

Couple USD / JPY I was not able to continue his recovery
7-week lows marked yesterday at 109.12, after
I met resistance at the psychological level of 110.00. Today the pair
faced with strong pressure from bears after
Bloomberg news agency reported that the Bank of Japan adjusts its
policy in order to stop its massive QE program, but it does not indicate possible
the date of termination stimulate the economy. In addition, it seems that the market ignored
weak GDP data for Japan, which were presented during the Asian session.
The resumption of decrease in pair can be explained by caution in the market,
as investors prepare for “Super Thursday”, thereby supporting
safe haven. Further, nothing important data scheduled in the calendar for
couples, therefore general market sentiments, asked the upcoming events in the UK
and the Euro zone, remain a major factor for the pair in the given trading
session.

Couple AUD / USD It regained its upward
trend, retreating from their nightly lows placed at 0.7525.
It seems that the markets are already “digested” the weak data on the trade balance of Australia,
and the bulls were supported by the positive performance of Chinese exports and
imports, which allowed the pair to recover their losses night. Furthermore
the continuing softness of the US dollar and the recovery in copper prices also
helped restore the pair this morning. However, further increase pairs
It remains limited as markets remain cautious ahead of today
major risk events, such as elections in the UK and the ECB’s decision on the
interest rate. Looking ahead, the economic calendar today, the two did not
traders bring any major releases, so widespread market trend
will continue to determine the direction of further development of the pair.

Main events
of the day:

Parliamentary elections in the UK – 11.00 (GMT +3)

ECB decision on interest stavke- 14.45 (GMT +3)

ECB Press Conference – 15.30 (GMT +3)

The speech of the Bank of Canada S.Poloza – 18.15 (GMT +3)

levels
Support and resistance for the major currency pairs:

EURUSD P.
1.1168 C 1.1326

P. S. USDJPY 108.83 110.37

GBPUSD P.
1.2857 C 1.3017

USDCHF P.
0.9585 C 0.9707

AUDUSD 0.7470 P.
S. 0.7606

NZDUSD P.
0.7152 C 0.7228

USDCAD P.
1.3387 C 1.3585

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