Quiet Market Sends Dollar Tossing

Quiet Market Sends Dollar Tossing

By: Oliver Miller | Where To Trade | On:13-10-2014 08:36
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Key Highlights

  • Forex market is quiet today due to holiday in the US and Canada. However, the market sentiment was not seen favoring the US dollar in low volume sessions.
  • US dollar declined against the Euro, British pound, Australian dollar and the New Zealand dollar.
  • German wholesale price Index released was mostly in line with the expectation, as it registered an increase of 0.1% in September 2014.
  • Guy Debelle, the Assistant Governor (Financial Markets) at the Reserve Bank of Australia is scheduled to speak later, which might ignite some moves in the Aussie dollar.
  • AUDUSD performed well since the start, and looks set for more gains in the near term.

 

German Wholesale Price Index

Earlier during the London session, the German wholesale price Index was released by the Statistisches Bundesamt Deutschland. The market was expecting the German wholesale price Index to register an increase of 0.1% in September 2014, compared to the last time decline of 0.2%. The outcome was as expected, as the index slightly rose by 0.1%.

 

Index of selling price wholesale trade

 

However, there was a disappointing side as well. When we consider the yearly change, then the German wholesale price Index decreased by 0.9% in September 2014 from the corresponding month of the preceding year. The market was expecting a decline of 0.7% in September 2014.

The Euro was not seen bothered about the outcome, as it is trading higher Intraday. The EURUSD pair found support around the 1.2640 area and climbed higher towards the 1.2690 level. There is a tough resistance around the 1.2700 area. So, the Euro buyers might struggle around the mentioned area, and until the pair is trading below the same gains would be limited. On the downside, support is formed at 1.2640 where the pair might continue to find bids.

 

REINZ House Price Index

Earlier during the previous Asian session, there were a couple of important releases lined up in the New Zealand including the food price index, and REINZ house price index. The REINZ house price index was the most important one, which was released by the Real Estate Institute of New Zealand. The report published mentions that the REINZ house price index increased by 0.2% in September 2014, which is a lot lower than the previous month rise of 1.1%. The report added that there were 5,911 dwelling sales in the month of September, down 12.0% on September 2013 but up 7.8% compared to August. The outcome was not that encouraging. Helen O’Sullivan, Chief Executive of Real Estate Institute of New Zealand (REINZ) mentioned in the report that “the real estate market appears to have moved on from the election, with a noticeable increase in activity over the last 10 days of the month”.

The NZDUSD pair was not affected that much by the report. The pair was seen trading higher after forming a base around the 0.7800 level. As of writing, the pair is trading around the 0.7880 level, which is an immediate resistance. If it manages to break it, then the 0.7920 level might be tested in the near term. 

Oliver Miller

Oliver Miller

"Patience is the key for success"

Oliver Miller is one of the best financial analyst with 18 years of online trading experience

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