Unemployment Number Helps Boost Aussie Dollar Overnight
The break in the equity markets contributed to late session
profit-taking in the AUD USD and NZD USD after strong rallies the past three
days.Early Wednesday morning China
reported that factory output increased but imports and exports fell.This may have contributed to the weakness as
both New Zealand and Australia
are major trading partners.News that
Australian unemployment came out just like economists forecast is helping to
aid the rally in the Aussie this morning.
The U.S. Dollar recovered late in the afternoon after
hitting a 15-month low against a basket of currencies early in the trading
session on Wednesday.A break from the
top in the equities markets triggered a short-covering rally. Concern that the demand for higher risk assets
may be too strong is leading to the downside reaction in the other currencies.
The rally in the EUR USD failed just short of the recent top
at 1.5062.Traders have been hesitant to
maintain upside momentum each time itâ€™s neared this level over the past few
weeks.Fear that a move over this price
may induce a stern warning or even stronger action from the European Central
Bank may have triggered this adverse reaction by investors.
Comments from Bank of England Governor King regarding
additional quantitative easing and a lower British Pound, attributed to the
selling pressure on the GBP USD.Although the BoE believes the U.K. economy is beginning to
recover, comments suggest that lower interest rates, government spending and
quantitative easing may not be enough to maintain the recovery.King feels that additional measures may have
to be taken because strength remains â€śhighly uncertainâ€ť.
Oversold conditions are helping to contribute to the
turnaround in the USD CHF and USD JPY.Yesterdayâ€™s intraday sell-off in the equity markets encouraged shorts in
these two currency pairs to lighten up their positions.
With the stock market backing off its high and crude oil
treading water, selling pressure hit the Canadian Dollar late in the afternoon
but conditions turned bearish for the USD CAD once again into the close.Technical factors contributed to the
short-covering rally after this currency pair reached a key retracement level
at 1.0446. Regaining 1.0522 will put this currency pair in a serious position
to rally further. Another push under 1.0446 could trigger a further decline to
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Tue 17 July 2018 AA 08:30 GB- Employment A 13:15 US- Industrial Production AA 14:00 US-Powell Testimony Wed 18 July 2018 AA 08:30 GB- CPI A 12:30 US- Housing Starts/Permits AA 14:00 US-Powell Testimony Thu 19 July 2018 AA 1:30 AU- Employment AA 08:30 GB- Retail Sales A 14:30 US- EIA Crude A 12:30 US- Weekly Jobless Fri 20 Jun 2018 A 12:30 CA- CPI/Retail Sales
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