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US dollar extends advances as Atlanta Fed official backs rate hike
The US dollar prolonged its surge Wednesday as Atlanta Federal Reserve President Dennis Lockhart supported the call for an interest rate hike in September. The Federal Open Market Committee voter said it would take a considerable degeneration in the American economy for him not to back rate increase next month. The greenback closed at $1.0847 per euro. Versus the Japanese yen, the currency ended at ¥124.46. Lockhart was not slated to speak until August 10. Hence, his remarks “and the timing of the interview is surprising,” said Richard Cochinos, Head of Americas G10 FX Strategy at Citi. Amidst his comments, the odds of a September increase are still seen hanging on Frid's jobs data.
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Canadian dollar drops back to 11-year low on weak commodity prices
The Canadian dollar fell back to an 11-year trough Wednesday as weak oil and other commodity prices offset the decline in the country's June trade deficit. US crude prices ended at $45.15 a barrel, while Brent crude closed at $49.59. Also, Statistics Canada reported a trade deficit of C$476 million ($361 million), the smallest in seven months. The loonie closed at 75.83 US cents from Tuesday's 75.87 US cents. Better than projected trade data lifted the currency, but then began to “trade again with commodities and US yields,” said Matt Perrier, Managing Director of Foreign Exchange Sales at BMO Capital Markets. Meanwhile, the Canadian employment data will be released Frida
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Canadian dollar drops back to 11-year low on weak commodity prices
The Canadian dollar fell back to an 11-year trough Wednesday as weak oil and other commodity prices offset the decline in the country's June trade deficit. US crude prices ended at $45.15 a barrel, while Brent crude closed at $49.59. Also, Statistics Canada reported a trade deficit of C$476 million ($361 million), the smallest in seven months. The loonie closed at 75.83 US cents from Tuesday's 75.87 US cents. Better than projected trade data lifted the currency, but then began to “trade again with commodities and US yields,” said Matt Perrier, Managing Director of Foreign Exchange Sales at BMO Capital Markets. Meanwhile, the Canadian employment data will be released Frida
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Australian dollar recuperates from mixed jobs data
The Australian dollar recovered on Friday following a slightly negative reaction to jobs data in July. According to Australian Bureau of Statistics, jobless rate climbed to 6.3% last month from 6.1% in June. The Aussie closed at 67.23 euro cents from Thursday's 67.16 euro cents, and 73.43 US cents from 73.30 US cents. Although the number of employed people rose by 38,500, traders believed the Reserve Bank of Australia wants greater proof on the labor market before making any policy changes.
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Gbp/jpy Takes Support at 193, Jump Till 195 Is Possible
Potential reversal zone (PRZ) - 193 GBP/JPY retreated after making a high of 195. trend is still bullish as long as support 193 holds. Any break below 193 will drag the pair further down till 192/191 in short term. On the higher side GBP/JPY is facing short term resistance around 194.20 and any break above will target 195/195.25. It is good to buy at dips around 193.50 -55 with SL around 192.95 for the TP of 194.50/195
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Gbp/jpy Breaks Major Support 193, Targets 190.60
Potential Reversal zone (PRZ)- 193 GBP/JPY has broken short term trend line support and also PRZ . It confirms short term weakness , a decline till 190.55 cannot be ruled out. On the downside any break below will target 192/190.60 in short term. The pairs minor resistance are 193.10/193.75/194.25. Weekly Major resistance - 194.25 Major support - 192 It is good to sell on rallies around 192.85-90 with SL around 193.60 for the TP of 191/190.55.
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Fxwirepro: Usd/jpy Faces Strong Support Near 124,good to Buy at Dips
USD/JPY has made a temporary top around 125 and retreated from that level. Overall trend is till bullish as long as short term support 124 holds. It has made a low of 124.09 on Friday and has started to recover from that level. On the downside major support is around 124 (20 day MA) and any break below will target 123.50/123 in short term. Major intraday resistance 125 and intraday support -124. Any break of 125 will extend gains till 125.85. It is good to buy around 124.35-40 with SL around 123.95 for the Tp of 125.84
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Eur/jpy Breaks Short Term Resistance 138, Targets 140
EUR/JPY has broken major resistance 138 and this confirms short term bullishness , a jump till 141 cannot be ruled out. Short term weakness can be seen only below 136.85 level.Any break below 136.85 will drag the pair further down till 136/135. On the higher side minor resistance is around 139.20 and break above would extend gains till 140./141. Intra day major resistance -139.20 and major support level -136.90. It is good to buy at dips around 138.10-15 with SL around 136.80 for the TP of 140/140.90.
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Australian dollar skids following Chinese yuan devaluation
The Australian dollar touched its weakest level since 2009 Wednesday following the People's Bank of China weakened the Chinese yuan to bolster exports. China's central bank set the midpoint rate at 6.3306 to the US dollar. Previously, PBOC devalued the currency by 1.85%. The Aussie ended at 65.61 euro cents from Tuesday's 66.72 euro cents, and 72.16 US cents from 73.23 US cents. The Australian dollar is declining on woes about China's official attitude. Chinese policymakers “have strong concerns about their growth and economy,” said Masashi Murata, Senior Currency Strategist at Brown Brothers Harrima
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Eur/usd Faces Strong Resistance Around 1.1218, Further Bullishness Only Above That Level
EUR/USD has recovered till 1.12123 and retreated from that level. It is facing strong resistance around 1.1218 (61.8% retracement of 1.1465 and 1.08190) and any break above only will confirm further bullishness. Any break above would extend gains till 1.1250/1.1280 in short term. On the downside minor support is around 1.1130 and any break below will drag the pair further down till 1.1080/1.1035/1.100. Bearish invalidation only above 1.1218. It is good to sell on rallies around 1.1175-80 with SL around 1.1220 for the TP of 1.1085/1.1035
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