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Thursday, September 24th
EUR/USD was rising from its two-week lows after Mario Draghi’s comments suggesting a downturn in the global economy has left European Central Bank uncertain on whether to extend the scope of its comprehensive asset-purchasing program. The single currency was trading in the range between 1.1105 and 1.1213 before consolidating at its current 1.1190. Although, euro zone data was out in the red colour with Services PMI and Markit Composite PMI below expectations, while Manufacturing PMI was in line with the forecast. Later in the day, the market is watching German Ifo Business Climate Index and Core Durable goods orders from the US. The pair is likely to gain support at 1.1090, while resistance is located at 1.1283.
GBP/USD was significantly lower on Wednesday amid speculation the BoE may have to delay the rate hike. This makes the pound the worst performer of the week having fallen from 1.5658 to 1.5273 in just a matter of a week. Later in the day, investors are viewing BBA Mortgage Approvals from the UK and New Home Sales from the US. Current support and resistance levels are at 1.5082 and 1.5384, respectively.
NZD/USD price rallied despite downbeat N.Z. Trade Balance data. The Trade Balance deficit widened more than expected reaching the 3.331M figure over 3M anticipated. The rise of NZD was stipulated by the fact that US dollar was falling from its “overbought” zone, which was entered amid rate hike expectations in the US, so investors started abandoning their long positions on dollar. The pair is currently trading at 0.6290. The support is seen ar 0.6188, while resistance is located at 0.6322.
USD/CAD passed the 1.33 level on Wednesday after Canadian retail sales data coming out flat in red colour. Core retail sales, which exclude automobiles, were expected to rise 0.4%. Meanwhile, the greenback remained supported after comments from Fed officials stating the rate hike is still in the list of plans this year. We see resistance at 1.3357 and support at 1.3265.
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