BoE minutes will be released at 9.30am

<p>  EUR/USD Range: 1.2240 – 1.2500 Support: 1.2300 Resistance: 1.2400 Better than expected GDP data from France and Germany yesterday caused the euro to add […]</p>

EUR USD

EUR/USD

Range: 1.2240 – 1.2500
Support: 1.2300
Resistance: 1.2400

Better than expected GDP data from France and Germany yesterday caused the euro to add to its recent strength. Unfortunately any potential rally was reversed by far weaker than expected ZEW sentiment figures from Germany and the eurozone, as well as poor industrial production. During the Asian session, volumes were thin and the single currency was restricted to a very narrow range, hovering around 1.2320. Bank holidays today in France and Germany will only contribute to already thin volumes. No data due from Europe today.

 

 

GBP USD

GBP/USD

Range: 1.5550 – 1.5775
Support: 1.5605
Resistance: 1.5700

So far it’s been a very subdued week for the British pound, which is attempting to break the significant level at 1.5720 but failing each time, condemning cable to a relatively narrow range. Today, however, at 9.30am we have BoE minutes and employment data, which could stir things up. The general expectation is a unanimous vote to maintain both the bank rate and asset purchase target. Analysts also expect the unemployment rate to come in at 8.1% and the claimant count to increase by 6.2k.

 

 

AUD USD
AUD/USD

Range: 1.0400 – 1.0570
Support: 1.0435
Resistance: 1.0505

Eagerly anticipated US retail sales exceeded analysts’ forecasts yesterday at 0.8%, causing USD to strengthen. Gold took the brunt of the move, but JPY and AUD also suffered. Figures released overnight showed Australian consumer sentiment remained depressed in August. The Westpac Index fell 2.5% in August.

 

 

Join our live webinars for the latest analysis and trading ideas. Register now

GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.