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Thursday, August 6th
EUR/USD is firm above 1.09. In July, the pair was trading in the corridor between 1.1214 and 1.0810, which means that current quote of 1.0907 indicates a 2.73% decline from the highs of the previous month. Yesterday’s mixed data from US supported the single currency, but the market is likely to keep steady ahead of tomorrow’s crucial data on US labor market. German Factory Orders were significantly higher than expected today, while Retail PMI was at 54.2.
Today is a stress-test day for the cable with series of economic data reports coming out. While the interest rate is highly unlikely to be changed at this point, market is waiting for confirmation of stronger British economy, so the Manufacturing and Industrial Production reports will be closely watched. In the middle of the day BoE MPC minutes will probably add some volatility to the sterling trade, but the overall sentiment remains bullish. GBP/USD is changing hands at 1.5623. The important resistance level to watch is 1.5689, while support is located at 1.5555. EUR/GBP is at 0.6983.
USD/CAD is slightly down today changing hands at 1.3165. Considering current development as a consolidation move, the new support level to watch is close to 1.3106 with stronger support still at 1.3063. Initial jobless claims report from the US due later in the day will be an early indicator of tomorrow’s US labor data.
AUD/USD slips lower after mixed Australian jobs data. The pair already hit 0.7320 level and continues to lower even further, as demand for the dollar is starting to pick up after yesterday’s non-farm private employment did not reach the expected levels. In June, Australian unemployment figure ticket up to 6.3%, while the employment change figure was at 38.5K against the forecast of 10K. The support can be found at 0.7261. Closest resistance is located close to 0.7429.
NZD/USD was trimming yesterday’s losses earlier today after Wednesday mixed data from US. Although, without any significant news coming out from New Zealand, the movements of this pair will be stipulated mostly by tomorrow’s Non-Farm Payrolls data.
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