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Friday, November 6th
AUD/USD gains in Asia currently trading at 0.7149. The aussie rose higher after the Monetary Policy Statement by RBA. The central bank said that Asian growth remained a key uncertainty on future policy and also noted that the scope for easier policy remained in place. AIG Construction Index was higher than last month at 52.1. Current support and resistance levels are located at 0.7076 and 0.7193.
GBP/USD fell sharply on Thursday, extending losses down to its current 1.5194 after a dovish Bank of England quarterly inflation report signaled that interest rates are likely to remain on hold for an extended period. Later in the day, Britain is publishing the Manufacturing Production data and Trade Balance figures. The support is seen at 1.5034, while resistance is likely to be met at 1.5384.
EUR/USD remained near 14-week lows ahead of key US jobs report despite a slight uptick on Thursday. The currency pair traded in a tight range between 1.0834 and 1.0897 before settling at 1.0880. The next two U.S. job reports are viewed as critical for policymakers in favor of an imminent rate hike. Yellen reiterated in her testimony that the Federal Open Market Committee will continue to take a data driven approach to its decision on whether to normalize monetary policy. The support and resistance levels are located at 1.0801 and 1.0974.
USD/CAD rose on Thursday as expectations for a December rate hike in the U.S. continued to support despite the release of disappointing U.S. jobless claims data. USD/CAD hit 1.3181 during early U.S. trade, the session high; the pair subsequently consolidated at 1.3175. Later in the day, Canada is publishing Building Permits and Labor market data. On the US side, investors are waiting for Non-Farm Payrolls publication.
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