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Thursday, December 22nd
Having rebounded from the region of its half-year lows posted at 0.6890 earlier this morning, the NZD/USD pair has regained a smile and now is trading above the level of 0.69. The major was trading back and forward this morning on the back of auspicious heavy data bloc from New Zealand on the one hand and fresh wave of buying interest around the US dollar on another. However, a strong GDP report seen this morning eased experts’ expectations of RBNZ monetary policy easing, thereby lending extra leg to the Kiwi. Today, amid lowered trading activity the pair will remain influenced by global market’s sentiments while US heavy-data calendar will be able to bring some trading opportunities for the pair.
The USD/CAD major once again refreshed its three-week tops at 1.3446 spot this morning inspired by weaker sentiments around the oil. Yesterday oil prices came under renewed selling pressure after the EIA weekly report had shown surprisingly strong increase in crude oil inventories providing all commodity-linked currencies with extra bearish pressure. However, the major was able to consolidate its overnight gains on the back of minor oil price correction seen in Asia. Today the pair will continue to trade under influence of oil’s price-dynamics until NA session, when data bloc from both economies will be able to set up pair’s further short-term direction.
Currently the EUR/USD pair is consolidating its recent gains near the level of 1.0435. However, better tone around US dollar’s price-dynamics, supported by yesterday’s upbeat release form US housing market, is limiting pair’s further north sided traction. Expectedly today trading volumes will remain thin, but activity may pick up some pace in NA session following data bloc from the US economy, while European session will remain data-light.
Nothing much has changed for the GBP/USD pair since last trading session on the back of thin trading volumes across the market. However, risk-off moods, triggered by yesterday’s oil price rally, and broad US dollar’s recovery are suppressing the pair this Thursday. Today amid lack of fundamentals from the UK economy the pound will remain at the mercy of American dollar’s price actions while the US dataflow scheduled on NA session will also be able to provide impetus for the pair.
The main events of the day:
US Core Durable Goods Orders – 15.30 (GMT +2)
US GDP – 15.30 (GMT +2)
Canadian Core CPI – 15.30 (GMT +2)
Canadian Core Retail Sales – 15.30 (GMT +2)
Support and resistance levels for the major currency pairs:
EURUSD S. 1.0350 R. 1.0488
USDJPY S. 116.61 R. 118.53
GBPUSD S. 1.2288 R. 1.2422
USDCHF S. 1.0194 R. 1.0332
AUDUSD S. 0.7205 R. 0.7295
NZDUSD S. 0.6849 R. 0.6971
USDCAD S. 1.3329 R. 1.3467
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