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Wednesday, April 13th
EUR/USD is under the bearish pressure this morning after positive results from Chinese trade balance figures that have given extra legs to the risk-on sentiment during the Asian session today, prompting sellers to return to the markets and push spot lower. In addition, the greenback seems to have managed to revert the recent weakness, collaborating with the pair’s correction lower from yesterday’s fresh 2016 top spot at 1.1460. Data wise today, ECB’s E. Nowotny is due to speak ahead of EMU’s Industrial Production during February, while Retail Sales and the EIA’s weekly report on crude inventories will take center stage across the Atlantic. Now pair trades 1.1355 with its todays support and resistance levels located at 1,1278 and 1,1455.
USD/JPY spiked to fresh daily highs at 109 levels after the Nikkei climbed further to hit fresh highs, triggering a renewed risk-on wave in the markets, which further dampened the safe-haven appeal of the yen. The fresh buying interest witnessed around the riskier assets such as the equities, was fuelled by upbeat Chinese trade data. Ahead in the day, the traders continue to track the sentiment in the oil and stock markets ahead of crucial US retail sales and PPI data due later in the NY session. Pair trades at 108.90 with its support and resistance at 107.93 and 109.41 respectively.
The Australian and New Zealand dollars rallied against their U.S. counterpart in Asia, as a rise in oil prices provided strong support to the commodity currencies, although disappointing Chinese trading balance (Mar) limited gains.
AUD/USD jumped 1% to 0.7671, the pair’s highest since March 31 what was related to oil prices surge to a five-month high on Tuesday following reports Russia and Saudi Arabia had already reached a deal on an oil output freeze. Now pair trades at 0.7665 with its todays support and resistance levels located at 0.7614 and 0.7761
NZD/USD advanced
0.96% to trade at 0.6925, also the highest since March 31.. Chinese exports
increased at an annual rate of 11.5% last month, while imports dropped by 7.6%.
China is Australia’s biggest export partner and New Zealand’s second biggest
export partner. After reaching its highest point pair rebounded to 0.69 and now
trades at 0.6925 with its support and resistance levels at
0.6871 and 0.6982.
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