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Friday, September 25th
EUR/USD falls sharply as Federal Reserve chair Janet Yellen gave strong indications that the US central bank is likely to raise the interest rates at some point this year. After opening trades at 1.1228 this morning, the pair fell to its current 1.1168. Later in the day, data is expected from euro zone including M3 Money Supply and private sector loans. On the US side, the market is expecting to see the GDP figures before the speech of FOMC officials. The pair is likely to gain support at 1.1140. Resistance can be found at 1.1330.
USD/JPY was higher despite healthy growth data from Japan. Both National Core CPI and Tokyo Core CPI came out in line with expectations. The same indicators with fresh food taken into consideration showed higher than expected numbers. Corporate Services Price index rose by 0.7% versus 0.5% expected. The reason for the yen to weaken was the rising demand for the US dollar stipulated by Fed comments on the interest rate. J. Yellene emphasized that most of her colleagues will support the decision to raise the interest rate. The pair is trading at 120.34 with support and resistance levels located at 118.47 and 120.84.
GBP/USD is going down reaching its current 1.5223 level. With no significant news releases on Thursday and Friday, the pair was mostly driven by the fluctuations in dollar. Higher volatility is expected this afternoon as US GDP numbers will be reported. The pair will gain support at 1.5101. Resistance can be found at 1.5343.
NZD/USD is coming close to the resistance level of its bearish trend, which is located at 0.6438. The pair is currently trading at 0.6338 having risen from its yesterday’s opening level 0.6267 despite weak N.Z. Trade Balance data. The bearish moods still prevail in this market, in spite of the recent consolidation that we were observing. The support and resistance levels are located at 0.6277 and 0.6438, respectively.
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