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Wednesday, September 30th
AUD/USD was higher on Wednesday in Asia currently trading at 0.7011. In Australia, building approvals fell 6.9% in August, much quicker than the 2.0% fall expected and the fifth straight negative monthly fall, while housing credit rose 0.6% in the month, the same pace as July, and private house approvals rose 4.9% after a 3.5% fall in July. Private sector credit rose 0.6% month-on-month in August, better than the 0.5% gain seen. The support and resistance levels are seen at 0.6882 and 0.7041, respectively.
EUR/USD was mostly flat trading in a narrow range close to 1.1234. Forex traders are awaiting the release of critical inflation data from the euro zone on Wednesday for further indications on the strength of the global economy. Analysts are expecting to see a 0.1% gain for the month, following a 0.1% increase in August. On the US side, investors are watching ADP Nonfarm Employment Change data as well as the speech of Fed chair J. Yellen. Support is seen at 1.1165, while resistance might be met at 1.1367.
GBP/USD is changing hands at 1.5158 ahead of important UK GDP data. The British GDP is expected to grow 2.6% YoY and in case the actual numbers are higher it will provide a good ground for MPC to consider policy changes in course of the forthcoming year. The September Nationwide HPI numbers were higher than expected at 0.5% versus 0.4% expected. The pair might find support at 1.5025, while resistance is seen at 1.5255.
USD/JPY is lower just below 119 as Japanese data was out in red colour. Industrial production fell 0.5% month-on-month in August, compared to a 1.0% gain seen. Retail sales gained 0.8% YoY in the same month, below the 1.1% rise expected. The support is seen at 118.43 and resistance can be found at 120.55.
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