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Daily Market Insight
Content
Global Economic Update
Currencies
Indices
Commodities
Economic Calendar
Indices

Global Economic Update

Europe

In the Eurozone, the seasonally adjusted construction output eased 0.7% in May on a monthly basis. In the prior month, construction output had risen 0.3%.

US

In the US, compared to a level of 1168.0K in the prior month, building permits climbed 7.4%, on monthly basis, to an annual rate of 1254.0K in the US, in June. Markets were expecting building permits to advance to 1201.0K.

In June, housing starts in the US rose 8.3%, on monthly basis, to an annual rate of 1215.0K, compared to a revised reading of 1122.0K in the previous month. Market expectation was for housing starts to climb to a level of 1160.0K.]

In Canada, manufacturing shipments climbed 1.1% on a monthly basis in May, more than market expectations for a rise of 0.8%. Manufacturing shipments had advanced by a revised 0.4% in the previous month.

Asia

The Bank of Japan (BoJ) kept monetary policy unchanged, as widely expected. However, in a quarterly review of its long-term projections, the central bank cut its inflation forecast for the current fiscal year ending in March 2018 to 1.1% from 1.4% projected three months ago. Further, the central bank pushed back the timing for achieving its 2% inflation target, stating that it would be met sometime during fiscal 2019. In April, it had projected inflation would hit 2% in fiscal 2018.

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EUR/USD

EURUSD

The Euro weakened against the US Dollar in the New York session yesterday, closing 0.15% lower at 1.1521.

At GMT 0500, the Euro is trading at 1.1512 against the US Dollar, 0.08% lower from the New York close.

The Euro hit a high of 1.1539 and a low of 1.1510 against the US Dollar in the New York session.

The pair is expected to find its first support at 1.1495 and first resistance at 1.1538. The second support is expected at 1.1479 and second resistance at 1.1565.

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GBP/USD

GBPUSD

In the New York session yesterday, the Pound weakened 0.08% against the US Dollar to close at 1.3026.

The pair is trading at 1.3021 at GMT 0500 in the Asian session, with the Pound trading marginally lower against US Dollar from the New York close.

The pair witnessed a high of 1.3050 and a low of 1.3013 in the New York session.

On the technical indicator front, the short term Simple Moving Average (SMA) has crossed the long term SMA from below and the Parabolic SAR has crossed the price from above.

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USD/JPY

USDJPY

The USD traded 0.2% higher against the JPY in the New York session yesterday, with the pair closing the session at 111.90.

The pair is trading at 112.08 at GMT 0500 in the Asian session, with the US Dollar trading 0.16% higher against Yen from the New York close.

In the New York session, the pair traded at a high of 111.97 and a low of 111.56.

In technical indicators, the Moving Average of Commodities Channel Indicator (CCI) has crossed 75 from above and the Relative Strength Index (RSI) has moved down from the overbought region.

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EUR/GBP

EURGBP

Yesterday, the Euro traded 0.06% lower against the Sterling in the New York session and ended at 0.8844.

In the Asian session, at GMT 0500, the pair is trading at 0.8842, with the Euro trading marginally lower against Sterling from the New York close.

The pair witnessed a high of 0.8855 and a low of 0.8829 in the New York session.

The pair is expected to find its first support at 0.8828 and first resistance at 0.8856. The second support is expected at 0.8814 and second resistance at 0.8871.

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AUD/USD

AUDUSD

Yesterday, the Aussie Dollar traded 0.11% higher against the US Dollar in the New York session and ended at 0.7955.

In the Asian session, at GMT 0500, the pair is trading at 0.7939, with the Aussie Dollar trading 0.20% lower against US Dollar from the New York close.

The AUD hit a high of 0.7959 and a low of 0.7933 against the USD in the New York session.

The pair is expected to find its first support at 0.7904 and first resistance at 0.7981. The second support is expected at 0.7870 and second resistance at 0.8024.

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Major Indices

Major Indices
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FTSE 100

FTSE 100

The FTSE 100 rose 0.55% yesterday and closed at 7430.91. During the day, the index traded at a high of 7442.84 and a low of 7379.33.

The FTSE 100 is expected to find support at 7392.55, and a fall through could take it to the next support level of 7354.18. The index first resistance level is at 7456.06, and a rise through could take it to the next resistance level of 7481.20.

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Dow

DOW

The DJIA rose 0.31% yesterday and closed at 21640.75. During the session, the index traded at a high of 21640.75 and a low of 21576.31.

In technical indicators, the price has crossed the short term SMA from below and the Positive Directional Indicator (+DI) has crossed the Negative Directional Indicator (-DI) from below.

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Nasdaq Composite

NASDAQ

The Nasdaq Composite strengthened 0.64% yesterday and closed at 6385.04. During the session, the index traded at a high of 6387.73 and a low of 6364.03.

The Nasdaq Composite is expected to find the first support at 6,370.14, and the next support at 6,355.24. The index is expected to find the first resistance at 6,393.84, and the next resistance at 6,402.63.

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Major Commodities

Major Commodities - Yearly Performance

Commodities
Gold/Silver
Crude/Corn
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Gold ($/oz)

Gold

Gold fell in the New York session yesterday, closing 0.06% lower at USD 1240.80 per ounce.

At GMT 0500, the precious metal is trading at USD 1238.20 per ounce, 0.21% lower from the New York close.

Gold hit a high of USD 1243.50 per ounce and a low of USD 1238.80 per ounce in the New York session.

On the technical indicator front, the Moving Average of CCI has crossed -75 from below and the RSI has crossed the oversold level (30) from below.

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WTI Crude ($/barrel)

Crude Oil

Yesterday, crude oil traded 1.27% higher in the New York session and ended at USD 47.09 per barrel.

At GMT 0500, the commodity is trading at USD 47.11 per barrel, marginally higher from the New York close.

Crude oil witnessed a high of USD 47.26 per barrel and a low of USD 46.33 per barrel in the New York session.

Crude oil is expected to witness its first support at USD 46.41 per barrel and second support at USD 45.72 per barrel, while the first resistance is expected at USD 47.53 per barrel and second resistance at USD 47.96 per barrel.

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