USD struggles without data
City Index December 9, 2014 2:12 PM
<p>With little inspiring data yesterday, the USD took a breather from its dominant run and let EUR, GBP and JPY rally. This is continuing this […]</p>
With little inspiring data yesterday, the USD took a breather from its dominant run and let EUR, GBP and JPY rally. This is continuing this morning as we await some macro data. First up today is from the UK with manufacturing production set to be weaker, but this not making any difference to the GBP/USD price as it starts up 40 points, currently just below 1.5700.
USD/JPY has just collapsed since yesterday, already down over 100 points today, after hitting highs of 121.83 only on the open Sunday we are now trading below 120.00, with no real important data from the US until Thursday’s retail sales.
EUR/USD is trading just above the 1.2350 level after an impressive turnaround yesterday, after hitting lows of 1.2243. It’s started today in this upward move gaining back ground, with little data to go on today, possible range trading ahead.
The Aussie data overnight disappointed with weaker business confidence knocking AUD/USD lower, with a lot of speculation the RBA could be ready to cut rates. For the time being, AUD is struggling against USD.
Supports 1.2260 1.2200 1.2160 | Resistance 1.2360 1.2400 1.2450
Supports 120.00 119.35 118.50 | Resistance 121.50 122.35 123.00
Supports 1.5570 1.5485 1.5430 | Resistance 1.5705 1.5760 1.5845
StoneX Financial Ltd (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.