Sellers ... some around 0.7400, then 0.7430 through 50. There are stop loss buyers mingled above 0.7430
Buyers lurking ... the change in tack from the RBA on currency comments have left a few shorts still wanting to cover ...0.7370 down through 0.7350 initially then 0.7300/15. Some trading stops mingled below 70 and 50.
Sellers 0.6555/65 then 0.6610/20
Buyers 0.6500 again, and stops below here. (ps. If the price approaches 0.6500, the how it approaches will bear watching)
New Zealand Q2 employment data
Unemployment rate for Q2: 5.9%
- expected 5.9%, prior was 5.8%
Employment change for Q2 q/q: +0.3%
- expected +0.5%, prior was +0.6%, revised from 0.7%
Employment change for Q2 y/y: +3.0%
Forex trading news and economic data headlines August 4, 2015
It looked like a repeat of yesterday's trading. Ranges for most pairs (sans the AUDUSD) were well off their recent averages (i.e. volatility down). There was some choppy action with no discernible trend. Factory Orders came in close to expectations. IBD/TIPP Economic optimism was weaker. The market stayed in a range.
Reuters with the headlines on the IMF recommending delaying the adoption of the Chinese yaun into its Special Drawing Rights currency basket
- International Monetary Fund staff report recommends putting off any move to add the yuan to its until September 2016
Due from Australia today, at 2330GMT
- AiG Performance of Services index for July, prior was 51.2
AiG stand for Australian Industry Group. Yeah, the "I" for industry is not capitalized in the abbreviation. Go figure.
Bloomberg with the headline
Follows (yeah, that's how they spell it ... spacesbetweenwordsareso5minutesago, you know?) auction.
more declines in dairy prices overnight at the GlobalDairyTrade
Note - the Fonterra board meeting is scheduled for August 7, revisions to the payout are expected at this meeting (current payout figure is at $5.25/mskg)
The laps continue for this pair
The GBPUSD is also making new lows on the day. This is the 3rd time today near this extreme today. Yesterday the pair got close to it as well. We are also below the 50% retracement and 200 hour MA for the 5th time this week. The other 4 times were failures that led to sharp retracements higher. Will the 5th time be the charm? The same rules apply...Stay below the 200 hour and 50% retracement and the bears are in control. Move back above and all bets are off.
They all join the EURUSD. Lockhart comments cited.
Atlanta Fed Lockhart said he saw liftoff in September and the dollar soared. New extremes have been made (at least for the day) in the EURUSD, USDCHF, USDCAD, USDJPY, and NZDUSD. Below are some looks at those pairs with targets and close risk levels. Remember, the markets are prone for failures so be aware and prepared.
At least the range is no longer 56 pips
The EURUSD has hit an air pocket and traders get out of the way after Lockhart's comments that a September liftoff for him would only be avoided if there is a "significant deterioration" in the economic data.