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Tuesday, November 3rd
AUD/USD rises to one-week highs after the Reserve Bank of Australia left interest rates on hold and signaled the possibility of further rate cuts in the future. Speaking after the decision, RBA Governor Glenn Stevens that "the outlook for inflation may afford scope for further easing of policy, should that be appropriate to lend support to demand.” The American dollar remained under pressure after the Institute for Supply Management said its index of purchasing managers fell to a more than two-year low of 50.1 last month from a reading of 50.2 in September. Current support and resistance levels are located at 0.7094 and 0.7205.
NZD/USD fell this morning but the losses were limited as demand for the greenback remained under pressure after the previous session's weak U.S. data. ANZ Commodity Price Index came out with 6.9% reading after its previous 5.5%. Later in the day, US publish its Factory orders numbers. The support and resistance levels are at 0.6666 and 0.6796, respectively.
EUR/USD posted modest losses on Monday remaining above 1.10 amid a wave of mixed manufacturing data around the globe. In Europe, overall export levels surged in October to a four-month high while total order growth across the euro zone rose to its highest level since April, 2014. The Spanish Unemployment change figures camou out in red colour at 82.3K versus 70.3K expected by analysts. Later in the day, the market is expecting a speech from ECB President Mario Draghi. The support is seen at 1.0927, while resistance is located at 1.1091.
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