RBNZ on hold as we await UK GDP data today

<p>Range trading continues to rule in the FX space, with the summer markets bringing low volumes and uninspiring ranges. Overnight NZD rallied 40 points after […]</p>

Range trading continues to rule in the FX space, with the summer markets bringing low volumes and uninspiring ranges. Overnight NZD rallied 40 points after the RBNZ added a hawkish line in their accompanying statement that stimulus removal is needed at some point although it expects rates to remain unchanged throughout 2013.

The debate on who will take over from Bernanke at the Fed seems to be getting some attention following an article in WSJ outlining the two main candidates as Janet Yellen and Larry Summers, with the latter sitting on pole according to the article.

Today we finally have some reasonable data releases in the form of the IFO survey from Germany, followed by the UK GDP Q2 data at 9.30am. The consensus is looking for an expansion of 0.5% for the quarter and a 1.3% increase year on year led by the service sector. The US session brings us weekly jobless claims along with durable goods data, where the market expects an increase of 1.4%.

 


EUR/USD

Supports 1.3175 1.3140 1.3120 | Resistance 1.3260 1.3280 1.3340


USD/JPY

Supports 99.30 98.80 97.50 | Resistance 100.60 100.90 101.55


GBP/USD

Supports 1.5285 1.5250 1.5190 | Resistance 1.5390 1.5420 1.5500

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