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Thursday, July 9th
AUD/USD broadly higher after positive reports on the Employment change. The unemployment rate in Australia also did not reach the expected level and additional support was offered by Chinese CPI data. The pair is traded at 0.7465 with support levels at 0.7320, 0.7338 and 0.7357. The resistance level is at 0.7483.
NZD/USD rebound to above 0.67 currently quoted at 0.6730 after positive news from New Zealand’s top trade partner China. The pair was on a strong bullish trend in the last three weeks, so the current correction is somewhat a vulnerable move. Further losses are expected ahead for the Kiwi.
GBP/USD was erasing yesterday’s losses ticking up to 1.5420 earlier in Asia. Ahead in the day, BoE will decide on the interest rate, which is expected to stay at the current level of 0.50%. At the moment, the cable is quoted at 1.5384 against the greenback.
USD/JPY was much stronger after the sharp fall of yesterday, although, Japanese data was positive with Core Machinery orders (YoY) reading at 19.3% - higher than expected. The ongoing correction might signify the beginning of a more or less consolidated trade as the recent highs of the pair were considered negative for the yen by the BoJ.
EUR/USD hit one-week highs of 1.1124 amid Greeks requesting a new three-year bailout. The pair’s fluctuation continues to lack confidence as markets are getting ready for the next developments in Greece. The market price is 1.1034.
Ahead in the day, we will monitor the Canadian Housing Starts and series of reports from the U.S.
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