During the Asian trading session, the White House economic adviser Larry Kudlow announced the positive progress in phase one trade deal with China.
Market updates on August 30
Canadian GDP growth – 15:30 MT (12:30 GMT) time
US personal spending - 15:30 MT (12:30 GMT) time
- EUR/USD has broken the lower border of the symmetrical formation and retested the 1.1032 level (the minimum of August 1). The support levels at 1.1032-1.1025 will remain in the focus of bears. After the breakout, you will need to keep an eye on the 1.10 handle. From the upside, the first resistance level will be placed at 1.1056. If it is broke, the pair will rise as far as the 1.1086 level will be reached.
- During the Asian trading session, the release of Australian building approvals disappointed the market. The indicator fell by 9.7% (vs. the expected increase of 0.2%). As a result, the Australian dollar has moved down to the 0.6706 level on the news. The further direction of the aussie will depend on the risk sentiment in the market. If the risk sentiment increases, the pair will rise towards the resistance at 0.6744. The next key level for bulls will lie at 0.6762.
- The Canadian dollar is awaiting the release of its GDP data. At the moment the USD/CAD pair is trading near the key support at 1.33. If the Canadian dollar is supported, the current level will be broken and the next support in focus will lie at 1.3277. If that level is broken too, the next support will lie at 1.3260. From the upside, pay attention to the resistance at 1.3313 and the next one at 1.3325.
The NZD is on a steady rise after the Wednesday strong bullish move, the USD is dropping and the EUR is testing the support level.
The RBNZ kept its interest rate on hold and we are awaiting the releases for the USD and testimony by the Fed Chair Jerome Powell
The Bank of Mexico is expected to cut its interest rate from 7.75% to 7.5% today at 21:00 MT time
Today, the oil prices may move on the release of crude oil inventories at 18:00 MT time.