XtreamForex

Daily Updated Forex News For November 30, 2016

Daily Forex News on EUR USD

Today is the month end and so we are likely to have some more month end flows which are likely to dominate the currency flows for today. The fundamental forex news shows that USD has been weakening over the past 24 hours despite the release of very good economic data from the US yesterday where both the Preliminary GDP and consumer confidence came in much better than expected. One of the reasons being attributed to the weakness despite the good data is that the market is still unsure about the President-elect Trump and his policies. He continues to use twitter to express his opinions about various issues and this is not very good practice for someone who is the leader for one of the most important countries of the world. Some of his opinions continue to be divisive and this has kept the markets on edge as people are just waiting to see when things are going to blow up with him around.

Today, we have Draghi making a speech later on today but like many of his speeches of late, we do not expect him to say anything that is going to disturb the markets and so the volatility around his speech is likely to be low. We have the ADP Employment Data from the US and this is generally considered an indicator to the NFP report that will follow on Friday. We expect EURUSD to continue to trade at the highs of its ranges with a bullish bias.

Technical Support and Resistance

After OPEC meetings and discussion EUR rose 0.64% against USD. Yesterday market closed at 1.0650. Today expected EUR USD market range is 1.0629 – 1.0660.

In terms of EUR USD technical analysis and fundamental forex news the EUR/USD pair will find its immediate support at 1.0589. If, market breaks the first support then it will go for the following support to test. Following supports are 1.0633 and 1.0624. On the other side the market has immediate resistance 1.0659. If, market breaks the primary resistance level then, market will go for the new resistance level 1.0667 and 1.0676.

Along with technical analysis following economic event is very important to analyze the financial market properly.

Upcoming Important Economic News in EUROPE: (GMT +5.30)

12:30pm EUR German Retail Sales m/m
1:15pm EUR French Prelim CPI m/m
2:25pm EUR German Unemployment Change
3:30pm EUR CPI Flash Estimate y/y
3:30pm EUR Core CPI Flash Estimate y/y
3:30pm EUR Italian Prelim CPI m/m
6:00pm EUR ECB President Draghi Speaks

Daily Forex News on GBP USD

Yesterday GBP gain 0.50% against USD. The dollar has traded weaker since the beginning of the week. Today GBP USD expected trading range is 1.2468 – 1.2494.

The dollar weakness has been the theme across the markets though the weakness is not uniform against all currencies. The weakness has not been driven by weak data or fundamentals but it is more of a realisation from the markets that the US now has a President who has the habit of shooting off his mouth in the way he wants to and this is likely to always keep the markets on tenterhooks as no one seems to know what he is going to say next. Trump has already gone back on many of his promises that were a large part of his campaign and so the traders and investors are not clear on which of his proposals would go through and which wouldnt and this uncertainty is what is keeping the dollar weak.

Today, we have the bank stress results from the UK and if the banks do well in this, we should be seeing another round of pound strength which should take GBPUSD beyond 1.2500. Later on in the day, we have the ADP Employment data and if the numbers come in weaker than expected, then we are likely to see even more dollar weakness as this data is considered as a precursor to the NFP on Friday.

Daily Technical Support and Resistance

Daily GBP USD technical forex news shows that GBP/USD pair may find the immediate support at 1.2407. If, market breaks the first support then it will go for the following support to test. Following supports are 1.2324 and 1.2264. On the other side the market has immediate resistance at 1.2550. If, market breaks the primary resistance level then, market will go for the new resistance level 1.2610 and 1.2693.

Along with technical analysis following economic event are very important to analyze the financial market properly.

GBP USD Important Economic Events: (GMT +5.30)

1. 5:31am GBP GfK Consumer Confidence
2. 12:30pm GBP Bank Stress Test Results
3. 12:30pm GBP BOE Financial Stability Report
4. 12:30pm GBP FPC Statement