Forex news for US trading on July 23, 2015:

  • Goldman Sachs says EURGBP will be at 0.6500 in 12 months
  • US initial jobless claims 255k vs 280k exp
  • Canada May retail sales +1.0% vs +0.6% expected
  • New low in jobless claims sends US dollar to new high
  • IMF: Japan reaching 2% inflation target "challenging"
  • South African central bank raises interest rates to 6.00% from 5.75%
  • July adv Eurozone consumer confidence -7.1 vs -5.8 exp
  • US July leading index +0.6% vs +0.3% expected
  • ECB's Weidmann: Suggests 3-yr extension of countries in bailout programs
  • IMF says participation in Greek program contingent on balanced approach
  • EUR/CHF higher for fourth day. What's behind the bid?
  • ECB's Nowotny: Could consider extending maturity of Greek debt
  • Gold, oil and stocks take a breather
  • BOE's McCafferty: Must be careful not to leave hike until too late - MNI
  • Shares of forex broker FXCM hammered
  • Canadian dollar won't withstand falling oil for long
  • Forex technical analysis: GBPUSD hits a sweet spot

The dollar was mixed in trading today. It rose against the GBP and AUD, fell against the EUR NZD. and JPY, and was little changed vs the CAD and CHF.

The cable was the big loser on the day and is closing near low levels after weak retail sales took some of the jubilance from thoughts of a quicker tightening. BOE McCafferty did comment, however, that the BOE must be careful not to keeps rates too low for too long. EURGBP surged higher in trading today.

In Canada, stronger than expected retail sales sent the USDCAD sharply lower, but oil price continued to fall with WTI crude down 1.14% on the day at the close. What was gained in the London morning session for the loonie (and after the release of the data) was taken all back by the close.

The EURUSD rallied to new week highs (highest level since July 15th). The pair did find sellers against technical levels defined by the 50% retracement and the 100 day MA at the 1.1011 and 1.1000 respectively.

Twenty-four hours after the RBNZ cut their rate by 25 basis points, the NZDUSD is ending the day up from 5 pm close at 0.6560 but off the London session highs at 0.6694. The pair is ending the NY session testing the 200 hour MA at the 0.6606 level. Disappointment from not cutting 50 basis points sent the pair higher but lower rates are still expected between now and the end of the year.

On the economic front in the US. US initial claims came out at the lowest level since 1973 but automobile plant shutdowns have a tendency to mess with the seasonals at this time of the year.