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Thursday, October 8th
NZD/USD slipped lower but remains close to its six-week highs currently changing hands at 0.6595. The gains seen in the Kiwi are mostly stipulated by the decline in demand for the greenback as expectations for a rate hike this year are becoming increasingly fragile. Tomorrow, N.Z. publishes the data on Electronic Card Retail Sales and volume of home loans. Current support and resistance levels are located at 0.6541 and 0.6721.
USD/JPY was lower despite continued weak manufacturing data from Japan. The core machinery orders plunged 5.7% in August, missing the expectations of 3.2% decline. The Japanese current account figures were positive at 1.653T, beating the forecast of 1.221T. The yen saw significant gains as US dollar index was down 0.05%. On the US side, investors were becoming suspicious over the possibility of a rate hike this year, as global economic conditions and recent data from US labor market showed that Fed is likely to hold the policy steady until further growth indications are seen. The support and resistance levels are seen at 118.96 and 120.79, respectively.
GBP/USD showed significant gain on Wednesday, second session in a row, after falling as low as 1.5107 last week. The pair is currently changing hands at 1.5213 ahead of MPC meeting. The members will vote on the interest rate and while the possibility of a rate hike this year remains really low, the ratio of votes is what the market will pay its attention to. Yesterday, the manufacturing production data from UK was in green colour at 0.5% versus 0.3% expected. The support and resistance levels are seen at 1.5194 and 1.5468.
EUR/USD was higher in Asia, coming close to the top of its current range between 1.1060 and 1.1296. Later in the day, ECB Publishes Account of Monetary Policy Meeting, which will be closely watched by investors. On the US side, the market will be monitoring the FOMC Meeting Minutes. The support and resistance levels are located at 1.1132 and 1.1317.
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