FX Brief Tight Ranges Ahead Of European And US Data

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By :  ,  Financial Analyst

FX Brief: Tight Ranges Ahead Of European And US Data

  • NZD CPI rose in line with expectations to alleviate a little pressure for RBNZ to ease in August. NZD remains the firmest major this session and over the past month. NZ TWI has moved up to a 3-month high.
  • AUD and CHF are currently the weakest majors. Although AUD/USD did briefly move to an 8-day high in quiet trade.
  • Equities and index futures traded cautiously higher ahead of earnings and US data.          
  • Brexit concerns continued to weigh on GBP and EUR, with investors nervous that Boris Johnson winning the leadership contest in just a couple of weeks.

Up next:

  • UK employment data puts GBP crosses into focus, at a time when traders are adjusting to the potential for BOE to ease in-light of recent comments (therefor likely sensitive to any weakness in the data).
  • Germany’s ZEW economic sentiment, which is seen as a leading indicator for the Eurozone’s broader ESI, has turned markedly lower at -21.1%, which could keep EUR crosses under pressure if these cracks continue to widen.
  • US retail sales, industrial production, manufacturing production make the bulk of data in the US session to make the major in focus for traders.

Related tags: Forex USD

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