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AUD / USD
0.7900 – 0.8000
The Australian Dollar is stronger this morning when valued against the Greenback. The Aussie reached an overnight high of 0.7983. Yesterday we saw the release of monthly New Home Sales data for July. Australian new home sales tumbled to a four-year low in July, driven by a 15.7 per cent decline in apartment sales. While sales of detached housing fell by 0.4 per cent. Looking ahead today Australia will release monthly Building Approvals and Quarterly Construction Work Data for July. The AUD/USD pair is currently trading at 0.7952. We now expect support to hold on moves approaching 0.7930 while any upward push will likely meet resistance around 0.7990.
Great British Pound
GBP / AUD
1.6100 – 1.6400
USD, EUR, JPY
Markets were sent into turmoil yesterday morning after news broke of a missile fired by North Korea which flew over Japan. As expected there were large movements into safe haven currencies such as the Swiss Franc and Japanese Yen while waiting for confirmation on further news from the UN Security Council. USD/JPY recovered from three year lows overnight of 1.0830 after a flight initially into the Japanese Yen, finishing the day at 1.0960. Recoveries were seen overnight as the Euro surged above 1.20 for the first time since January 2015 and hit an intraday high of 1.2070, helped by a solid German GfK consumer climate reading and French consumer spending results overnight. Momentum was stalled, eventually pulling back to 1.1970 against the greenback in the North American session, helped by a solid increase in United States CB Consumer Confidence levels. Key events to watch overnight will be the release of the latest ADP Non-Farm Employment figures along with Prelim GDP for the 2nd quarter of 2017 in the United States.
New Zealand Dollar
NZD / USD
0.7200 – 0.7300
The New Zealand Dollar seesawed against the Greenback during yesterday' session, having initially dropped 40 pips in early morning trade to a low of 0.7218 as news broke of missiles being fired by North Korea over Japanese airspace. The pair clawed back losses and with 73c in sight the Kiwi rallied to a high of 0.7298 on the back of broad based USD weakness. On the data front today sees the release of low tier data Building Consents, we can expect to see immediate resistance around the 0.7300 level with support sitting at 0.7220.
0.7850 – 0.7970
Driven by broad-based US Dollar weakness and improved risk appetite the Australian Dollar is stronger this morning when valued against the Greenback. The Aussie settled late in the US session trading at its highest level since August 4th. The Aussie reached touched an overnight high of 0.7973. The Australian macroeconomic calendar will have little to offer again this week with no scheduled data releases today. Locally all eyes will be on tomorrows monthly Building Approvals for July. The AUD/USD pair is currently trading at 0.7924. We now expect support to hold on moves approaching 0.7930 while any upward push will likely meet resistance around 0.7990.
1.6200 – 1.6500
Macroeconomic data was light overnight, The U.S. Dollar remaining weak post last weekend' Jackson Hole Symposium. The U.S Dollar index (DXY) which is measured against six major currencies was down 0.15% to 92.20 at the time of writing. The main movements were seen this morning as it was confirmed by Japanese Prime Minister Shinzo Abe that North Korea fired a missile which flew over the region of Japan. This caused immediate moves back into traditional safe haven currencies such as the Swiss Franc and Japanese Yen. Investors sold off the USD/JPY cross immediately from 1.0935 to 1.0862 as Japanese officials are due to meet for an emergency meeting this morning. It was better news for the Euro as it pushed to two year highs capping out at 1.1982 in its attempts to push through 1.20. Markets will be focused on further comments in Asia this morning as we look towards United States CB Consumer confidence this evening.
Yesterday lacked any data of economic significance and kept the NZD/USD within a range of 0.7230 and 0.7262. Fonterra Cooperative Group said its New Zealand milk collection was up by 10.4 per cent for the first two months of the season however, they reported that a small number of farms were flooded after some heavy down pours in July with farmers now facing challenging conditions. The news did little to move the NZD/USD pair and with a tick-up in US treasury bond yields this has kept a lid on high yielding currencies advancing further. On the technical front we see immediate support around 0.7220 and 0.7190. Resistance is sitting around 0.7260 followed by 0.7300.
The Australian dollar advanced against the greenback on US Fridays session. The Aussie reached a session high of 0.7948 trimming its weakly losses. The Australian macroeconomic calendar was empty last week, and will remain light in the upcoming few days ahead with monthly Building Approvals for set for release on Wednesday. The AUD/USD pair is currently trading at 0.7946. We now expect support to hold on moves approaching 0.7910 while any upward push will likely meet resistance around 0.7960.
Markets were driven by a lack of monetary policy remarks by Fed Reserve Chair Janet Yellen at the Jackson Hole Symposium over the weekend. The US Dollar index dropped immediately to three week lows of 92.80 as markets were disappointed from a lack of fresh news and closed 0.72% lower at 92.52. The Euro was one of the best performing currencies on Friday hitting twenty month highs of 1.1950 as ECB President Mario Draghi refrained from further rhetoric to talk down the higher common currency. Following the flow of US weakness, USD/JPY fell from intraday highs of 1.0985 to close at 1.0910. It will be a quiet 24 hours with little on the economic docket as we look towards ADP Non-Farm and Prelim GDP figures Wednesday evening out of the United States.
The New Zealand dollar advanced against the greenback on US Fridays session after the Jackson Hole speeches of Janet Yellen and Mario Draghi which drove the USD weaker. The Kiwi trading higher this morning reached a top of 0.7253. A fairly quiet start to the week with no scheduled macroeconomic data releases until Wednesday with the release of monthly Building Consents for July. On Thursday we will see the release of ANZ Business Confidence. The Kiwi finished the week flat against the Aussie 1.0945 (0.9136) and weaker against the Euro 0.6071 (1.6471).
0.7830 – 0.8030
Whilst remaining steady, the Australian dollar struggled to advance during Thursday' session, idling between a slim trading band when valued against its US Counterpart. Limiting its momentum, investors have become increasingly cautious in the lead up to this evening' Central Bank gathering with political wrangling over the US debt ceiling also keeping a number of participants sidelined. During a window which has generally supported the Greenback, tonight' Jackson Hole Symposium has the potential to dramatically change the near-term make-up of markets. Opening marginally lower the Australian dollar currently buys 78.97 US Cents.
1.6030 – 1.6330
The U.S Dollar steadied through trade on Thursday recouping a small portion of the losses suffered through trade on Wednesday following Presidents Trumps threats to NAFTA and suggestion of a wider government shutdown. As focus shifted back to macroeconomic indicators ahead of the Jackson Hole Symposium the dollar moved back through 1.09 JPY to touch intraday day highs at 1.0960 while the Euro moved through 1.18 to 1.1784. Driven by a reasonably stable macroeconomic set the dollar found momentum as investors square positions ahead of key commentary from Fed Chair Janet Yellen and ECB President Mario Draghi. Both central bank figureheads are due to address the Jackson Hole Symposium today with analyst closely attuned to the rhetoric and fundamental undertone of their respective commentaries. Should Yellen drive home the Fed' desire to push through a December rate hike we may see some dollar strength and a shift in focus back to the Federal Reserve monetary policy.
0.7130 – 0.7280
The New Zealand dollar remains little changed against the greenback on Thursday. Overnight the kiwi reached a high of 0.7235. There has been little news reported this week, a light macroeconomic calendar. Yesterday New Zealand' trade balance data surprised to the upside in July as it rose to $85m, while economists expected a deficit of $200m. The market now turns its attention to the upcoming Jackson Hole meeting this evening. The NZD/USD pair is currently trading at 0.7204. We now expect support to hold on moves approaching 0.7180 while any upward push will likely meet resistance around 0.7330.
0.7830 – 0.7980
The Australian dollar remains little changed against the greenback on Wednesday falling to a weekly low of 0.7882. The Australian macroeconomic calendar once again has no scheduled data releases set for today. The Aussie remains on a neutral footing around the 0.7900 level while the lack of local data leaves traders focussed on the Jackson Hole meeting in the US tonight. The AUD/USD pair is currently trading at 0.7906, slightly down from this time yesterday 0.7912. We now expect support to hold on moves approaching 0.7880 while any upward push will likely meet resistance around 0.7940.
1.6050 – 1.6350
The U.S Dollar retreated through trade on Wednesday giving up gains against the Euro, Yen and basket of major currency counterparts. The dollar met selling pressure as markets appetite for risk was tested following comments from President Trump suggesting he would end the North American Free Trade Agreement. Talks between the US, Mexico and Canada seemingly broke down again on Tuesday as divisions between the three leader' expectations widened. Trump even went so as far to suggest he would shut down government and deny increases in the debt ceiling if he was unable to obtain funding to build his Mexico border wall. Falling back through 109 JPY and giving back 1.18 to the 19 nation Euro the dollar opens this morning broadly lower. The ongoing stream of uncertainty emanating from the White House continues to weigh on the worlds base currency as attentions turn to Central Bank monetary policy expectations on day one of the Jackson Hole symposium. A hawkish or upbeat Janet Yellen may be the fodder needed to spark a revival in dollar demand and break the recent bearish downtrend.
0.7180 – 0.7280
The New Zealand dollar is weaker this morning when valued against the Greenback. Overnight saw the Kiwi fall to a low of 0.7197 hanging near a 6-week low. The kiwi dollar was the worst performer yesterday in the Asian region, off as much as 0.7 per cent after the New Zealand Treasury reduced its economic growth forecast for the year to June to 2.6 percent from 3.2 percent previously, and cut its future growth estimate for the year to June 2018 to 3.5 per cent from 3.7 per cent. The NZD/USD pair is currently trading at 0.7226. We now expect support to hold on moves approaching 0.7125 while any upward push will likely meet resistance around 0.7280.
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