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Thursday, September 10th
NZD/USD fell sharply after RBNZ cut its interest rate to 2.75%. The pair quickly erased gains of the previous two days currently trading at 0.6262. Meanwhile, the NZ Electronic Card retails sales rose 0.5% after 0.4% growth rate in the previous month. Overnight, the US dollar pushed higher against the basket of major currencies, as China’s finance ministry said it would implement fresh easing measures to support the economy growth. The pair will find support at 0.6242 and resistance at 0.6310.
AUD/USD also suffered considerable losses after a brief rise on Wednesday. This morning, Australian employment data was positive. However, the Chinese data was mixed with CPI coming out in green light at 2% and PPI in red light with 5.9% contraction. The stronger dollar was also pushing the aussie lower, which lead to pair’s fall down to 0.7009. The support and resistance levels can be found at 0.6950 and 0.7087, respectively.
USD/CAD is showing consolidation signs around 1.3240 this week ahead of Canadian data due later in the day. New Housing Price Index will be published this evening together with Capacity Utilization Rate figure. On the US side, we will see the Crude Oil Inventories and Initial Jobless Claims data. The expectations remain bullish for this instrument with target set at 1.3300.
Today is an important day for GBP/USD and the session promises to be very volatile as BoE MPC meeting is held this afternoon. The British Halifax House Price Index showed some healthy growth numbers, so the point of attention has now turned to the outcome of the MPC meeting, which will show the ratio of votes on the interest rate hike. The pair is currently changing hands at 1.5350 with support and resistance levels located at 1.5270 and 1.5505, respectively.
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