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Tuesday, August 25th
EUR/USD surged more than 2% amid Chinese equity sell-off. The pair reached its eight month highs at 1.1713 subsequently consolidating close to 1.1566. The U.S. dollar index fell to its lowest since January reaching the 92.54 level. Today, German GDP came out in line with expectations at 0.4%. Ahead in the day, investors are viewing CB Consumer Confidence and New Home Sales data from the US. The support and resistance can be found at 1.1437 and 1.1840, respectively.
USD/CAD remains broadly higher as commodity currencies suffer the most losses over concerns about potential Chinese recession. The pair is currently trading at 1.3276 with a new target set at 1.3350. The support can be found at 1.3180. On Thursday, Canadian Corporate Profits data will be published – right before the IPPI and RMPI data on Friday.
Yen reached 116.19 level yesterday, after which the Japanese currency was weakening amid comments from Atlanta Federal Reserve Bank President Dennis Lockhart said he expects the Fed to start raising rates before the end of this year.
NZD/USD broke through the key support level at 0.65 opening new horizons for further falling to 0.6350. In the morning, New Zealand Inflation Expectations came out in line with the figures of last month at 1.9%. Today’s little recovery was mostly stipulated by the rise in the oil prices. The expectations remain bearish.
GBP/USD is still heading up as yesterday’s move added to the confidence of bulls. The pair, quoted at 1.5668, is trading close to 1.58 level, which act as the resistance level. Later this morning, British Index of services will be published.
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