Forex News AUD Current Account Balance and Inventories Out
Current Account Balance
Expected at 011650M Actual -12774 Prior -19428
Labor Cash Earnings YoY
Expected at +0.3% Actual +0.3% Prior +0.4%
Inventories
Expected at +0.6% Actual 0.3% Prior 0.9%
Forex News AUD TD Securities Inflation MoM and YoY
AUD TD SEcurities Inflation Index
MoM Prior +0.4% Actual +0.1%
YoY Prior +4.6% Actual +4.2%
" Inflation remains stubbornly high with the monthly gauge being a shock once account is taken of the obvious fall in petrol prices. Inflation pressures remain elevated despite the clear slowing in the economy." said Joshua Williamson senior economist at TD SEcurities.
Forex News Previe: August 31 Asian Session
Forex News AIG Performance of Manufacturing Index Out at 47
AIG Performance of Manufacturing Index
Prior 46.9
Actual 47
Forex Trading Some modest dollar profit taking as the weekend approaches
The EURUSD has bounced back up to the 1.4675 level from a low of 1.4640. The pair remains below the 1.4710 level where the 100 hour moving average is located. The low for the week was 1.4571. The high was 1.4811. The midpoint comes in at 1.4691.
Forex Trading Dollar buying picking up steam
The dollar buying is picking up steam. USDCAD which has been the currency of the day, broke through the 1.0606 level and is now using the level as support.
EURUSD sold off through the 1.4666 level. Traders will be watching this level now. The pair broke through key support at the 1.4708 level earlier (see earlier post) and moved sharply lower away from it.
GBPUSD is getting hit hard today after breaking through the key 38.2% retracement level yesterday (at 1.8303) and continued the trend with greater momentum today. The pressure on the GBPUSD is being helped by liquidation in the GBPJPY (192.56 was the March 2007 low which looks like a target level for that pair). GBPUSD has not been this low since June 2006.
The trend in the dollar remains in tact.
USDCAD Approaches Fibonacci resistance at the 1.0606 level
Look for resistance/profit taking against this level. This corresponds with the 61.8% retracement level of the move down (see chart below).
USDCAD: Trades through the initial resistance at the 1.0561, key Fibonacci Retracement levels and moves higher
The USDCAD moved through the 1.0561 level and moved higher (1.0582 is the high so far). The pair also moved through the 50% retracement level of the last move down from the high on August 12th (CLICK HERE TO SEE AN ENLARGED CHART). That level comes in at 1.0567. The 1.0561 to 1.0567 will now be watched by the longs as a level to hold. The next level of resistance comes in at the 1.0605 level which is the 61.8% retracement level of the same move lower from August 12th. (SEE PREVIOUS COMMENT).
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