Daily Currency Analysis Oct-24-2013 EUR USD Earlier in the Asian session, the Euro breached 1.38 levels against the USD, after manufacturing activity in China showed signs of a pickup. However, the gains in the Euro were reduced after manufacturing and services PMI data from Germany, France and the Euro-zone disappointed investors, renewing fears over the economic outlook in the bloc. At 09:40 GMT, the EUR is trading at 1.3793 against the USD, 0.12% higher from the New York close. During the session, the pair traded at a high of 1.3823 and a low of 1.3763. Yesterday, the EUR traded 0.11% higher against the USD in the New York session, and closed at 1.3777. The pair is expected to find its first support at 1.3740 and first resistance at 1.3830. GBP USD At 09:40 GMT, the GBP is trading at 1.6186 against the USD, 0.14% higher from the New York close, ahead of the Bank of England Governor, Mark Carney’s speech scheduled later today. Traders would also wait for tomorrow’s GDP report in UK which is expected to show a faster pace of expansion for the third quarter. During the session, the pair traded at a high of 1.6225 and a low of 1.6161. Yesterday, the British Pound traded marginally higher versus the Dollar in the New York session, and closed at 1.6164. The pair is expected to find its first support at 1.6129 and first resistance at 1.6234. USD JPY The USD is trading at 97.37 against the JPY at 09:40 GMT this morning, tad higher from the New York close, ahead of the Japanese consumer price index data. During the session, the pair traded at a high of 97.63 and a low of 97.17. In the New York session yesterday, the USD traded 0.12% lower against the JPY, and closed at 97.37. The pair is expected to find its first support at 97.15 and first resistance at 97.61. USD CHF This morning at 09:40 GMT, the USD is trading at 0.8916 against the Swiss Franc, 0.09% lower from the New York close, as negative sentiment surrounding the US economy continued to hurt the demand for the greenback. With no economic events scheduled through the balance week, the pair would rely upon the global macroeconomic data points for further direction. During the session, the pair traded at a high of 0.8929 and a low of 0.8902. In the New York session yesterday, the USD traded 0.26% lower against the CHF, and closed at 0.8924. The pair is expected to find its first support at 0.8893 and first resistance at 0.8948. USD CAD At 09:40 GMT, the USD is trading at 1.0403 against the CAD, 0.19% higher from the New York close. With no domestic releases in store ahead this week, the Loonie is likely to be influenced by economic releases from the US later today and the all important Canadian GDP data scheduled next week. During the session, the pair traded at a high of 1.0405 and a low of 1.0364. Yesterday, the USD traded 0.58% higher against the CAD in the New York session, and closed at 1.0383. The Canadian Dollar came under pressure, after the Bank of Canada lowered the anticipated growth path for the economy for current year till 2015 and dropped language referring to the need for future rate increases from its monetary policy statement. The pair is expected to find its first support at 1.0341 and first resistance at 1.0435. AUD USD The AUD is trading at 0.9620 against the USD, at 09:40 GMT this morning, marginally higher from the New York close, as encouraging Chinese manufacturing PMI data supported the trading prospects between the two nations, offsetting the fears that Chinese central bank might tighten monetary policy to curb inflation. Earlier today, the Reserve Bank of Australia Deputy Governor, Philip Lowe opined that lower interest rates and a weak currency might improve the growth prospects of the nation. During the session, the pair traded at a high of 0.9673 and a low of 0.9611. AUD traded 0.19% lower against the USD in the New York session, and closed at 0.9617. The pair is expected to find its first support at 0.9593 and first resistance at 0.9660.
Posted on: Thu, 24 Oct 2013 14:46:18 +0000
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