Kiwi And Aussie Dollar Under Immense Pressure

Kiwi And Aussie Dollar Under Immense Pressure

By: James Ansher | Where To Trade | On:29-01-2015 14:12
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Key Highlights

  • New Zealand and Australian dollar moved a lot lower against the US dollar as sellers gained control intraday.

  • German Unemployment Change published by the German Statistics Office came in at -8K, whereas the market was expecting it to be around -10K in January 2015.

  • Spanish Retail Sales released by the National Institute of Statistics registered an increase of 6.5% in December 2014, compared with the same month a year ago.

  • Euro area Consumer Confidence released by the European Commission increased from -12.5 to -8.5 In January 2015.

  • UK CBI Distributive Trades Survey released by the Confederation of British Industry decreased from 61 to 39 in January, but the market was expecting it to be around 30.

  • German consumer price index was released by the Statistiches Bundesamt Deutschland, which declined more than expected and registered a reading of -0.3% in January 2015.

  • US Initial Jobless Claims released by the US Department of Labor declined more than expected and came in at 265K, compared to the last reading of 308K.

  • EURUSD and GBPUSD pairs were seen trading a touch higher after declining a bit earlier.

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 reading of 300K in the week ending January 24 as per the advance figure for seasonally adjusted. However, the outcome was way above the forecast, as the US Initial Jobless Claims declined to 265K. So, the 4-week moving average now stands around 298,500 i.e. a decrease of 8,250 from the previous week's revised average. However, this failed to lift the US dollar in the short term.

London Session Recap

Earlier during the London session, there were a lot of releases lined up in the Euro area which failed to ignite swing moves in the EURUSD pair. The events include, German unemployment data, Euro area consumer confidence and the German consumer price index. The first one was the German Unemployment Change, which was published by the German Statistics Office. The market was expecting it to register a reading of -10K in January 2015. However, the outcome was a bit lower, as the unemployment change was -8K. The German unemployment rate was 6.5% as per the forecast. Moreover, the Germany consumer price index was released by the Statistiches Bundesamt Deutschland. The forecast was of a decline of 0.1% in January 2015, compared with the same month of the preceding year but came in at -0.3%. When we consider the monthly change, then the German CPI declined by 1% in January 2015. The outcome was definitely on the lower side, but the EURUSD pair was seen trading higher after the release.

Technically, the EURUSD pair found support around the 1.1300 area where the Euro buyers managed to defend the downside. However, later the EURUSD pair climbed above the 1.1300 level once, but failed to gain momentum. There seems to be a resistance forming around the 1.1340 level, which might contain upside in the near term.

James Ansher

James Ansher

When there is a will there is a trade

A successful Forex trader and expert advisor

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