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Global macro overview for 26/08/2015

Global macro overview for 26/08/2015:

There is an important news release from the US scheduled at 12:30pm today regarding the Durable Goods Orders for the month of July. The market expects a decline in the orders to the level of 0.4% m/m vs. 3.4% m/m prior. This indicates a 3% decline, which might look like a rather big tumble. However, if we look at this kind of data dynamics, we can see a cyclical 2-3 month 0.4%-0.5% decline since a big drop in August 2014, so it is nothing unusual for this data. Nevertheless, a bigger-than-expected decline (like double the range) would have definitely iinfluence the global markets causing a further decline in dollar prices.

The EUR/USD rate has managed to go as high as the level of 1.1718 (which is an upper golden channel boundary) and currently is testing the support at the level of 1.1470. Next support comes at the level of 1.1215 and resistance is at the level of 1.2000 (round-number psychological level).


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