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Tuesday, September 8th
USD/JPY is higher today despite better than expected current account figures with 1.32T proficit. The Japanese GDP numbers were out in the green colour, also. Data indicated the economy contracted just 0.3% over the last quarter versus 0.4% decline forecast. Currently, USD/JPY is trading at 119.63 with support and resistance levels at 118.44 and 120.44, respectively.
AUD/USD was higher rising from 0.6911 lows of the previous days. The aussie was supported by NAB Business Confidence positive reading as well as by Chinese Trade Balance data showing considerably bigger increase than expected by experts. The U.S. dollar index showed a little change declining just 0.32% to 95.84. The pair might find support and resistance at 0.6863 and 0.6974, respectively.
EUR/USD returned to the consolidation corridor in between 1.1333 and 1.1156 with the current quote of 1.1292. Ahead in the day, euro zone GDP is expected with 1.2% growth rate seen YoY.
GBP/USD is erasing losses after uninterrupted fall of the previous two weeks. The pair added more than 200 points since market opening on Monday with the main point of attention now at Wednesday block of news. Tomorrow, investors are viewing the British Manufacturing Production, Industrial Production and Trade Balance data coming out at the same time, so high degree of volatility is expected.
USD/CAD continues its consolidation within a narrow bullish corridor, which is forming at the top of the bigger bullish trend. This gives us technical indications of forthcoming rapid growth with the target set at 1.3320. Tomorrow, Canadian data is expected with details on Housing starts, Building Permits and Interest Rate Decision.
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