Forex trading news and economic data headlines 30 July 2015
- Q2 2015 US GDP advance 2.3% vs 2.5% exp q/q annualised
- US initial jobless claims 267k vs 270k exp
- US growth: Back on track or still got more to do?
- IMF cannot join Greek bailout - Livesquawk
- IMF won't fund Greece without debt relief
- How much more does the Fed want from the jobs market?
- AUDUSD holding a very strong line around 0.7260
- Citi like a pound short while Morgan Stanley likes a long
- What trading lesson can we get from boxing?
- Bill Gross sees a sick patient in the US economy
We got the reason why there was no clue to growth from the Fed last night. US GDP managed to get back to winning ways, although there were no champagne corks popping
We put Q1 in the rear view mirror but there was nothing for dollar bulls to grasp onto. Personal consumption is about the only real plus point but as usual it comes with bad news elsewhere, and that was from business investment falling. When all the components of the economy point the same way we may have something to celebrate
USDJPY kept itself above 124.00 into the number and via a little wobble to 124.28 from 124.40 we went on to try new highs at 124.54 before hitting 124.58 on the IMF headlines. That was as good as it got for the pair and we spent the afternoon drifting lower to 124.08
EURUSD didn't fuss much on the GDP numbers but looked heavy all day. The IMF headlines that they may not join the third bailout helped it down to 1.0910. We sat there for a while before an attempt to bust 1.0900 managed a 1.0893 low. We've since bounced as the dollar loses some support to 1.0930
AUDUSD is looking interesting as it tries it's luck at 0.7270. We managed another look lower to 0.7255 but couldn't keep the momentum and we're back above. That leaves the pair with some decisions to make on the next direction. The failure to break the level properly again should be a worry to shorts
