Market updates on August 12
Speech by RBA Assistant Governor Kent – 23:00 MT (20:00 GMT) time
- During the Asian trading session, the People’s Bank of China once again set its reference rate for USD/CNY at 7.0211 (lower than expected). The USD/CNH pair inched lower on that announcement, but then immediately rose back to the resistance at 7.1080. At the moment the pair is testing the highs above this resistance level. In case of the stronger yuan, watch the levels at 7.0880 and 7.0650.
- After the crucial test of the 1.2015 level, GBP/USD has moved higher towards the resistance at 1.2084. If this level is broken, pay attention to the 50-period SMA, which lies at 1.2145. From the downside, watch for the retest of the 1.2015 level. After that, the further fall will be limited by 1.1993.
- USD/JPY has been moving down. On H4, the price is forming the descending triangle and is looking forward to the test of the 105.04 level. The next support will lie at 104.73. From the upside, pay attention to the 105.7 level. If bulls manage to break it, there is a chance of the rise towards the 106.22 level.
The record-high unemployment claims may pull the USD down
Canada will post an update on change in core retail sales on March 20 at 14:30 MT time.
Economic activity in service sector in the Euro zone and the UK is on its lowest rates since 2009.
Jerome Powell made a rare appearance in the public media this Thursday. What did he bring to the audience?