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Tuesday, July 7th
EUR/USD opened today’s trade at 1.1055 in Asia as Greece received hard news from IMF about Fund’s inability to provide the country with any additional funding. Since the opening of the market, the single currency slid down to 1.1025 and further falls are expected ahead in the day.
AUD/USD dropped to 0.7477 amid Reserve Bank of Australia keeping the interest rate unchanged at 2.00%. The markets will be monitoring the Australian data for confirmation of economic rebound. Otherwise, the interest rates are more than likely to go down in course of further easing, pulling AUD lower. The support and resistance levels are at 0.7443 and 0.7571, respectively.
NZD/USD followed the Australian counterpart dipping down on the discouraging NZIER Business Confidence survey for Q2. The pair is traded at 0.6654 and remains in red as the bearish trend continues.
The U.S. dollar index was stronger – up 0.11% to 96.53.
GBP/USD is erasing yesterday’s gains in anticipation of British Manufacturing production due later in the day. The cable is quoted at 1.5568 but the main developments of the pair’s movement will be determined by the manufacturing data. Support is likely to be found at 1.5492.
Ahead in the day, the Canadian and U.S. Trade balance data is due, so higher volatility is expected for USD/CAD.
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