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NZD/CAD has come down from the levels of 0.9750 seen in June this year to 0.9125 touched today as CAD has strengthened against almost every currency in anticipation of Bank of Canada raising interest rates from record low levels. I think the major part of weakness in NZD/CAD is over and we may see sideways trades with a upward bias. My target is 0.9205 with a stop loss of 0.9115
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Will EUR/USD resume the Rally?
Well, the answer is 'only CPI can tell'.
Tomorrow we will have the inflation data of Europe's major economy Germany and the United States. Given the recent spate of weak inflation number it will be closely watched for any indication to contrary.
As far as technical are concerned the EUR/USD is taking support near the levels of 1.170 which is also trendline support. If the CPI numbers come favorable I think it will resume the rally.
Tomorrow we will have the inflation data of Europe's major economy Germany and the United States. Given the recent spate of weak inflation number it will be closely watched for any indication to contrary.
As far as technical are concerned the EUR/USD is taking support near the levels of 1.170 which is also trendline support. If the CPI numbers come favorable I think it will resume the rally.
USD/JPY is on a crossroad.
USD:
US GDP Growth rose to 2.6 % (YoY) in second quarter of 2017 which marks a robust improvement from the first quarter of 2017 GDP growth rate of 1.4 % (YoY). The pick up in GDP growth rate is mainly driven by higher consumer spending and rising exports. Optimism about domestic economic conditions is giving the consumers the confidence to spend more as they expect the future income to rise while improvement in world economy is boosting exports as the demand for American products rise. Governme…
US GDP Growth rose to 2.6 % (YoY) in second quarter of 2017 which marks a robust improvement from the first quarter of 2017 GDP growth rate of 1.4 % (YoY). The pick up in GDP growth rate is mainly driven by higher consumer spending and rising exports. Optimism about domestic economic conditions is giving the consumers the confidence to spend more as they expect the future income to rise while improvement in world economy is boosting exports as the demand for American products rise. Governme…
EUR/USD to remain strong.
EUR:
The Euro Area economy advanced 2.1 percent on quarter in the three months to June of 2017, which is better than 1.9 percent growth in the previous quarter ending March 2017. Household consumption and public spending were the main drivers of growth while fixed investment slowed sharply and net external demand contributed negatively. The GDP growth rate serves as a broad indicator for the health of Euro-zone economies. Robust GDP growth signals a heightened level of economic activity, which i…
The Euro Area economy advanced 2.1 percent on quarter in the three months to June of 2017, which is better than 1.9 percent growth in the previous quarter ending March 2017. Household consumption and public spending were the main drivers of growth while fixed investment slowed sharply and net external demand contributed negatively. The GDP growth rate serves as a broad indicator for the health of Euro-zone economies. Robust GDP growth signals a heightened level of economic activity, which i…