Aussie Dollar Corrects Higher As GBPUSD Continues To Gain

Aussie Dollar Corrects Higher As GBPUSD Continues To Gain

By: Simon Furman | Where To Trade | On:05-02-2015 11:09
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Key Highlights

  • Euro moves higher against the US dollar, but looks like struggling around the 1.1440 level.

  • In Switzerland, the SECO Consumer Climate released by the State Secretariat for Economic Affairs SECO came in at -6, compared with the last reading of -11.

  • German Factory orders released by the Deutsche Bundesbank registered an increase of 4.2%, more than the forecast of 1.5%, and above the preceding month decrease of 2.4%.

  • France Individual Investment released by INSEE registered a rise of 3%, compared with the last decline of 3% in the first quarter of 2015.

  • UK Halifax House Price Index released by the HBOS managed to register an increase of 8.5%, compared with the same month of the preceding year.

  • BoE Interest Rate Decision was announced by the Bank of England in which the central bank kept the interest rate and asset purchases as it was earlier just what the market expected.

  • US Challenger Job Cuts, released by Challenger, Grey & Christmas increased from the previous reading of 32.640K to 53.041K in January 2015, compared with January 2014.

  • GBPUSD marched higher and cleared the 1.5200 level to challenge the 1.5250 area.

US Initial Jobless Claims

Earlier during the NY session, the US Initial Jobless Claims were released by the US Department of Labor. The forecast was slated for a rise from the last reading of 265K to 290K. However, the outcome was a touch better with a reading of 278K, but it was still one the higher side.

London Session Recap

The most important event during the London session was the BOE interest rate decision announced by the Bank of England. The market was expecting the central bank to make no changes in the interest rates. The outcome was as expected, as the BOE kept the interest rate at 0.5%. Moreover, the asset purchases value was unchanged from £375B. So, there was no shock from the BOE, which kind of helped the GBPUSD pair in the near term. Another low risk event in the UK was the UK Halifax House Price Index published by the HBOS. The market was expecting the index to rise by 0.1% in January 2015. However, the result was a good one, as the UK Halifax House Price Index climbed by 2% in January 2015, compared with the preceding month. In terms of the yearly change, the UK Halifax House Price Index increased by 8.5% in January 2015. This was on the higher side compared with the same month of the last year.

In the Euro Zone, the German Factory orders report was released by the Deutsche Bundesbank. The outcome was on the positive side, as the factory orders increased by 4.2%, which was more than the forecast of 1.5%. The last reading was disappointing with a decrease of 2.4%.

Technically, the EURUSD pair is facing a critical resistance around the 1.1440-50 level where sellers appeared many times. It would be interesting to see whether the pair can manage to move above the same or not moving ahead.  

Simon Furman

Simon Furman

Think Global - Act Local

Simon Furman is one of the best financial analyst with 27 years of trading experience

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