Forex Market Update 2015.07.28

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Source: Direct Fx Forex Broker ( Review and Forex Rebates )

This morning, the greenback is trading mixed against most of the major currencies, with market participants looking ahead to the Fed’s two-day meeting, starting today in a few hours, hoping to get more clues on the timing of an interest rate hike in the US. Meanwhile, the US consumer confidence index data, scheduled later today, would also be closely monitored by investors.

The EUR is trading lower against the USD. Going forward, investors would keep a close eye on the Euro-zone as well as Germany’s consumer inflation and employment data, scheduled later in the week.

The GBP is trading higher against the USD, after the UK posted positive Q2 GDP growth data over the quarter, in line with market expectations. The preliminary estimate showed that the nation’s economy expanded 0.7% on a quarterly basis in the April-June period, compared first quarter growth of 0.4% .The GDP figure has further pushed the growing expectations that the BoE would likely opt to raise its interest rates by the end of this year. The UK economy picked up because of a huge lift up in the nation’s services sector, with it being the main contributor of Britain’s GDP.

Yesterday, the greenback traded higher in the New York session against the key currencies, as orders for US durable goods climbed more than consensus estimates in June, following a drop in the previous month.

EUR USD

This morning at 09:40 GMT, the EUR is trading at 1.1060 against the USD, 0.27% lower from the New York close, surrendering its previous session gains. This morning, the pair traded at a high of 1.1100 and a low of 1.1052. The Euro traded 0.18% higher against the US Dollar in the New York session yesterday, with the pair closing the session at 1.1090. The pair is expected to its find support at 1.1030 and its first resistance at 1.1110.

GBPUSD

At 09:40 GMT, the pair is trading at 1.5613, with the Pound trading 0.35% higher against US Dollar from the New York close, as the UK GDP growth data increased 0.7% QoQ in the second quarter of 2015, from prior quarter’s 0.4% growth. The pair witnessed a high of 1.5618 and a low of 1.5528 during the session. Yesterday, the Pound traded 0.2% higher against the US Dollar in the New York session and ended at 1.5558. Immediate downside, the first support level is seen at 1.5538, while on the upside, the first resistance level is situated at 1.5653.

USDJPY

This morning, at 09:40 GMT, the US Dollar is trading at 123.70 against the Yen, 0.37% higher from the New York close. Japan’s retail trade data, scheduled overnight, would be keenly watched by the market participants. During the session, the pair traded at a high of 123.73 and a low of 123.07. Yesterday, the US Dollar traded 0.07% higher against the Yen in the New York session and ended at 123.25. The pair is expected to its find support at 123.23 and its first resistance at 123.95.

USDCHF

The US Dollar is trading at 0.9634 against the Swiss Franc at 09:40 GMT this morning, 0.13% higher from the New York close. The pair traded at a high of 0.9650 and a low of 0.9604 this morning. Yesterday, the USD traded 0.48% higher against the CHF in the New York session and ended at 0.9621.The pair is expected to its find support at 0.9573 and its first resistance at 0.9673.

USDCAD

The pair is trading at 1.3002 at 09:40 GMT this morning, with the USD trading 0.27% lower against CAD from the New York close. Going ahead, investors would focus on Canada’s raw material price and industrial product price indices data, scheduled later today. The pair traded at a high of 1.3043 and a low of 1.2996 this morning. The US Dollar advanced against the Canadian Dollar in the New York session yesterday, closing 0.02% higher at 1.3037. The pair is expected to its find support at 1.2976 and its first resistance at 1.3038.

AUDUSD

The pair is trading at 0.7319 at 09:40 GMT this morning, with the Australian Dollar trading 0.71% higher against US Dollar from the New York close. This morning, the pair traded at a high of 0.7329 and a low of 0.7257. The Australian Dollar traded 0.29% lower against the US Dollar in the New York session yesterday, with the pair closing the session at 0.7268. The pair is expected to its find support at 0.7274 and its first resistance at 0.7346.

Gold

Gold is trading at $1094.90 per ounce at 09:40 GMT this morning, a tad higher from the New York close. This morning, the precious metal traded at a high of $1098.10 per ounce and a low of $1092.10 per ounce. Yesterday, gold traded 0.22% higher in the New York session and closed at $1094.30 per ounce, amid a broad decline in global equity markets. Immediate downside, the first support level is seen at $1087.83 per ounce, while on the upside, the first resistance level is at $1102.13 per ounce.

Silver

The precious metal is trading at $14.58 per ounce at 09:40 GMT this morning, 0.38% higher from the New York close. During the session, silver traded at a high of $14.62 per ounce and a low of $14.52 per ounce. In the New York session yesterday, silver fell 0.21% and closed at $14.53 per ounce. Immediate downside, the first support level is seen at $14.48 per ounce, while on the upside, the first resistance level is at $14.70 per ounce.

Oil

The commodity is trading at $47.10 per barrel at 09:40 GMT this morning, 0.3% higher from the New York close. Crude oil witnessed a high of $47.32 per barrel and a low of $46.68 per barrel during the session. In the New York session yesterday, crude oil fell 1.01% to close at $46.96 per barrel, on continued fears of global oil over-supply. Immediate downside, the first support level is seen at $46.55 per barrel, while on the upside, the first resistance level is at $47.78 per barrel.

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