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Daily Currency Report(2016.02.24)

Source: Direct Fx Broker(Review and Forex Rebates Up to 85%)

 

Forex Market Update

This morning, the greenback is trading higher against most of the major currencies, ahead of the US Markit services PMI and new home sales data, due for release in a few hours.

The EUR is trading lower against the USD. Earlier today, data indicated that the French consumer confidence index fell unexpectedly in February.

The GBP is trading lower against the USD, extending previous session losses, on the back of “Brexit’ talk over the weekend. Yesterday, the BoE Governor, Mark Carney, indicated that the central bank has much scope for additional stimulus and may cut interest rates to zero or buy more assets through quantitative easing, if the situation demands. Meanwhile, he ruled out the possibility to drag rates into negative territory.

The JPY nudged higher against the USD. Earlier today, data showed that Japan’s final leading index rose slightly in December. However, it was the lowest reading since January 2013.

Yesterday, the greenback traded higher in the New York session against the key currencies. In the US, consumer confidence index fell more-than-anticipated to a seven-month low level in February, indicating that consumers became more pessimistic regarding job prospects and business conditions in the nation, led by slowdown in global growth and financial market volatility. On the other hand, the nation’s existing home sales unexpectedly advanced to a six-month high level on a monthly basis in January.


EURUSD

This morning at 10:40 GMT, the EUR is trading at 1.0981 against the USD, 0.34% lower from the New York close. Going ahead, the Eurozone’s consumer price index data, slated to be released tomorrow, will garner a lot of market attention. This morning, the pair traded at a high of 1.1028 and a low of 1.0977. The Euro traded 0.07% higher against the US Dollar in the New York session yesterday, with the pair closing the session at 1.1018. The pair is expected to its find support at 1.0959 and its first resistance at 1.1020.


GBPUSD

At 10:40 GMT, the pair is trading at 1.3902, with the Pound trading 0.86% lower against US Dollar from the New York close. On the macro front, UK’s BBA mortgage approvals rose more-than-expected in January. The pair witnessed a high of 1.4030 and a low of 1.3894 during the session. Yesterday, the Pound traded 0.61% lower against the US Dollar in the New York session and ended at 1.4023. Immediate downside, the first support level is seen at 1.3822, while on the upside, the first resistance level is situated at 1.4055.


USDJPY

This morning, at 10:40 GMT, the US Dollar is trading at 111.79 against the Yen, 0.28% lower from the New York close. Earlier today, data indicated that Japan’s final leading index advanced slightly in December while the nation’s final coincident index fell in the same month. During the session, the pair traded at a high of 112.28 and a low of 111.64. Yesterday, the US Dollar traded 0.15% higher against the Yen in the New York session and ended at 112.10. The pair is expected to its find support at 111.47 and its first resistance at 112.26.


USDCHF

The US Dollar is trading at 0.9923 against the Swiss Franc at 10:40 GMT this morning, 0.11% higher from the New York close. In economic news, Switzerland’s UBS consumption indicator index rose in January from December’s level. The pair traded at a high of 0.9954 and a low of 0.9906 this morning. Yesterday, the USD traded 0.14% lower against the CHF in the New York session and ended at 0.9913. The pair is expected to its find support at 0.9895 and its first resistance at 0.9953.


USDCAD

The pair is trading at 1.3817 at 10:40 GMT this morning, with the USD trading 0.2% higher against CAD from the New York close. The pair traded at a high of 1.3820 and a low of 1.3771 this morning. The US Dollar advanced against the Canadian Dollar in the New York session yesterday, closing 0.51% higher at 1.3790. The pair is expected to its find support at 1.3745 and its first resistance at 1.3856.


AUDUSD

The pair is trading at 0.7169 at 10:40 GMT this morning, with the Australian Dollar trading 0.43% lower against US Dollar from the New York close. Early this morning, data showed that Australia’s wage cost index rose less-than-anticipated on a quarterly basis in 4Q 2015. This morning, the pair traded at a high of 0.7213 and a low of 0.7160. The Australian Dollar traded 0.71% lower against the US Dollar in the New York session yesterday, with the pair closing the session at 0.7200. The pair is expected to its find support at 0.7133 and its first resistance at 0.7230.


Gold

Gold is trading at $1235.40 per ounce at 10:40 GMT this morning, 0.77% higher from the New York close. This morning, the precious metal traded at a high of $1237.00 per ounce and a low of $1222.40 per ounce. Yesterday, gold traded 0.56% higher in the New York session and closed at $1226.00 per ounce, as risk-aversion in the market led to a fall in global equities and increased the demand for safe-haven yellow metal. Immediate downside, the first support level is seen at $1221.33 per ounce, while on the upside, the first resistance level is at $1243.23 per ounce.


Silver

The precious metal is trading at $15.38 per ounce at 10:40 GMT this morning, 0.2% higher from the New York close. During the session, silver traded at a high of $15.41 per ounce and a low of $15.23 per ounce. In the New York session yesterday, silver rose 0.75% and closed at $15.35 per ounce, tracking gains in gold prices. Immediate downside, the first support level is seen at $15.27 per ounce, while on the upside, the first resistance level is at $15.45 per ounce.


Oil

The commodity is trading at $30.90 per barrel at 10:40 GMT this morning, 1.5% lower from the New York close. Crude oil witnessed a high of $31.53 per barrel and a low of $30.82 per barrel during the session. In the New York session yesterday, crude oil fell 5.65% to close at $31.37 per barrel, after Saudi Arabia’s Oil Minister, Ali Al-Naimi, ruled out any possibility of output cuts and a record high build in US crude stockpiles. Yesterday, the American Petroleum Institute (API) reported that the US oil inventories rose by 7.1 million barrels to 506.2 million barrels in the week ended 19 February. Immediate downside, the first support level is seen at $29.97 per barrel, while on the upside, the first resistance level is at $32.68 per barrel.


Economic Snapshot


UK BBA mortgage approvals recorded a rise in January

In the UK, BBA mortgage approvals advanced to 47.51 K in January, higher than market expectations of a rise to 44.80 K. BBA mortgage approvals had recorded a revised reading of 43.66 K in the previous month.


Swiss UBS consumption indicator climbed in January

In January, UBS consumption indicator climbed to 1.66 in Switzerland. In the previous month, UBS consumption indicator had registered a revised level of 1.61.


Japanese coincident index fell in December

In Japan, the final coincident index eased to 110.90 in December. In the prior month, the coincident index had recorded a reading of 111.90. The preliminary figures had recorded a drop to 111.20.


Japanese leading economic index eased in December

The final leading economic index dropped to 102.10 in Japan, in December. In the previous month, the leading economic index had recorded a level of 103.50. The preliminary figures had recorded a fall to 102.00.


China’s Westpac-MNI consumer sentiment index fell in February

The Westpac-MNI consumer sentiment index fell to a level of 111.3 in February, compared to a reading of 114.9 recorded in the previous month.


Australian wage price index rose less than expected in 4Q 2015

In 4Q 2015, the wage price index in Australia recorded a rise of 0.50% on a QoQ basis, compared to a rise of 0.60% in the previous quarter. Market anticipation was for the wage price index to rise 0.60%.

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