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Friday, August 21st
EUR/USD surged more than 1% amid Fed rate hike uncertainty as currency traders analyze the outcome of FOMC minutes that were published on Friday. The pair traded between 1.1107 and 1.1244 on Thursday, before settling at 1.1239, which indicated a 1.08% rise. The PMI data from Europe showed stable growth and currently EUR is trading at 1.1242 against the US dollar, with support and resistance levels at 1.1119 and 1.1342, respectively. Euro zone consumer confidence is expected by economists later in the day.
USD/CAD has grown to 1.3101 as market is putting the greenback under pressure. Ahead in the day, Canadian CPI and Retail Sales data is due right before the publication of the US Manufacturing PMI so higher degree of volatility is expected for this instrument.
AUD/USD fell lower as Chinese Caixin Manufacturing PMI showed slower growth than expected. The pair changed hands at 0.7285 before coming back above 0.73. Even lower reading of the US dollar index could not provide the needed support for the aussie. The support and resistance levels are located at 0.7230 and 0.7374, respectively.
GBP/USD was higher at 1.5722 earlier today, breaking through the 1.5690 level. The British Public Sector Net Borrowing and Public Sector Net Cash Requirement readings were out in red light. Current support and resistance levels are at 1.56708 and 1.5750.
NZD/USD was slightly lower today, but the pair managed to stay above the 0.66 level currently trading at 0.6620. Earlier in the morning New Zealand published the external migration data, which was lower than the previous month, and permanent/long-term migration, which was higher than in June. The outlook for today is neutral and will be mostly driven by the fluctuations of the US dollar.
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