How Much Did the US Economy Grow in Q2?
What will happen? The US Q2 Gross Domestic Product will be announced at 15:30 MT time (GMT+3) on Thursday, July 29…
Forex today: a lot of news, few movements
New airstrikes in Syria. At night two additional areas were attacked. The US denies their participation. However, there was no specific reaction in the markets.
- The US dollar is climbing down. The greenback is near 89. Although yesterday’s economic data were quite good, it did not support the USD.
This week FOMC’s members give speeches. Traders, pay attention to their announcements.
- The RBA presented monetary policy meeting minutes today. There was no sensation. The central bank confirmed their stable policy in regard to the AUD: “An appreciation in AUD would slow expected inflation”. One single hint that the bank announced today was the claim: “Given current circumstances, the board agreed next move in rates likely to be up”.
However, the aussie did not react a lot. The AUD/USD pair is still above the pivot point of 0.7770. No important data for the aussie is anticipated in next several days, however, if the USD continues to fall, the AUD has chances to break the resistance at 0.7790.
- After the confident upward movement, the pound is slowing down. Average earnings index growth is less than expected. However, claimant count change and unemployment rate figures are better than expected.
The GBP/USD pair reached the resistance at 1.4376 but rebounded. We can expect the movement to the support at 1.4303. If bears are stronger than bulls, the next support for the pair is at 1.4263. However, according to the Ichimoku cloud, the uptrend will be resumed soon. It will continue for at least several days.
- Yesterday the USD/CAD reached the resistance at 1.2622 (200-days MA) but could not break it and rebounded. Today the pair is standing still. Foreign securities purchases and manufacturing sales m/m will be out today (15:30 MT time). If data are greater than expected, the Canadian dollar has chances to recover. Moreover, tomorrow the BOC will release the interest rate and monetary policy report. The rate is supposed to remain unchanged. Investors anticipate the same interest rate, so it is not expected to shake the loonie. The support lies at 1.2540.
However, if the report brings something unexpected for the CAD, the USD/CAD will rise. The resistance is still at 1.2622.
- The New Zealand dollar is depreciating ahead of the Global Dairy Trade auction. On the daily and weekly charts, Ichimoku cloud signals about the downward movement. The resistance is at 0.7315.
There is no change in the direction of other currencies.
That is all for today. Follow markets news with us!
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