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Friday, August 28th
Yen was weaker in Asia as mixed data from Japan came in this morning. National CPI reading was flat versus negative figure expectations, while household spending rose modestly 0.6%. Retail sales data was positive with 1.6% growth figure. Overnight, the greenback was stronger with the US dollar index rising 0.02% to 95.77. The pair is likely to find support at 120.11 and resistance at 122.64.
USD/CAD is trading at 1.3192, as greenback was pairing losses against its Canadian counterpart. The gains were stipulated by stronger than expected GDP reading in the US for the previous quarter. Initial jobless claims numbers were even below the forecasts. However, Pending Home Sales missed the expectations by 0.5%. Canadian Corporate Profits data was out with 12.9% figure after 0.6% contraction in course of the previous month. Strong support is located at 1.3125 and resistance will be found at 1.3213.
EUR/USD was moving up after falling as low as 1.1203 on Thursday. Yesterday, the Euro zone M3 money supply data was out in green colour and Private Sector Loans also grew 0.9%. Ahead in the day, data is expected from the US including Goods Trade Balance, Personal Spending, and Michigan Consumer Expectations. Support and resistance levels are located at 1.1116 and 1.1362.
GBP/USD is up to 1.5423 level showing consolidated trade at the beginning of the session. In a matter of hours, British GDP is published, which is likely to add volatility to the afternoon session. The Business Investment data is published at the same time. Yesterday, the pair suffered considerable losses coming down from 1.58 level, the week’s highs.
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