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AUD firms up slightly despite of uneventful RBA minutes

USD index downs further to a 3 week low and consecutively lower in 5 quarters since 2017. With overnight Trump’s war cry about the weaker USD which nothing new but it works. As Trump prefers a weaker dollar against the backdrop of an economy with a growing budget deficit and a larger trade deficit. Also trade dispute in US/China remains to be unsolved and uncertainty driven more safe heaven that is falling into GBP and EUR side. And also adding more pressure for USDJPY and JPY cross as well.

GBP goes over a year high 1.4346 in early European trading and going higher up to to 1.4377 ahead of today UK job data. With support at 1.4300 intraday and hold above still risk for upside further extension.

EUR goes higher on following the GBP move with break of 1.24 which driven more momentum in short term. Topside resistance at 1.2470-80 region ahead of year high 1.2555 with downside support at 1.2360-70 initially.

AUD firm up slightly despite of an uneventful RBA minutes. But point next move on rate is up despite the near term balance risk with no rate change action. NZD and CAD grid higher gradually on lower USD and higher commodity move.

Today US Housing starts, building permits, Industrial Production, Capacity Utilization and Fed’s Williams, Quarles, Harker and Evans speech as well as stock/bond market move will direct the intraday action.

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    Research Risk Warning

    At Hantec Global Ltd we provide an execution only service. Any opinions expressed by analyst Richard Perry should not be construed as investment advice or an investment recommendation. This report does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. Forex and CFDs are leveraged products which can result in losses greater than your initial deposit. Therefore you should only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved, seeking independent advice if necessary prior to entering into such transactions.