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Session Recap: USD eases to key level at 83.50 ahead of US GDP

FXstreet.com (Barcelona) - Asian session was somehow a slow one for the USD, that finally has steadily taking it lower, given resilience in Euro, and the spike higher in Aussie after mixed data, but taken as positive for the AUD because of great performance of housing sector. EUR/USD is off session highs last at 1.2960, while AUD/USD is last at 0.9668, off session highs at 0.9692.

USD/JPY instead was a source of USD strength following the Tokyo open when it bounced strongly from fresh 3-week lows below previous support area in the 100.60 level, up to session highs at 101.52. Initial Yen strength came in the back of Nikkei selling off an extra -2.75% adding to yesterday's losses, to be now around the 13850 level, down -3.3% for the day. USD/JPY is last at 101.10, off recent lows at 100.91.

Local share markets have been all pretty much in the red with the exception of Korean Kospi and Shanghai Composite, while Gold and Oil finally managed to crawl a bit higher. Data in Japan showed Japanese investments in foreign bonds are not as high as previously anticipated, while mixed data in Australia revealed that while the housing sector is having a boost, private capital expenditure is at a fresh 4-year lows level.

Main headlines in the Asian session:

USD/CAD consolidates lows around 1.0345

GBP/JPY recovers from 152.20 and tests the 153.00 area

NZD/USD sticks to 0.8100 as intervention looms

New Zealand Building Permits s.a. (MoM) up to 18.5% in Apr from -8.3%

EUR/JPY declines remain shallow as buyers defend the 130.00 area

Commodities Brief: Oil suffers steep losses, looking for bids just above 92.00

Brazil raises its benchmark lending rate by 50 basis points

Japan May 24 Foreign bond investment falls to ¥-1117.3B vs ¥-800.6B

USD/JPY posts fresh 3-week lows and bounces back above 101 again

BOJ’s Kuroda: BOJ easing is needed and sufficient to end deflation

Australia 1Q Private Capital Expenditure decreases to -4.7% vs -2.1%

Australia Building Permits (YoY) rises to 27.3% in Apr from 3.9%

Kuroda continues: data suggests inflation expectations are rising

Aussie edging higher towards resistance at 0.9700

EUR/USD edging towards resistance at 1.3000

Suga: Japan’s economy is steadily recovering

EUR/AUD prints new multi year highs above 1.3500

GBP/USD – Bullish engulfing candle to spur further advances?

Will US GDP data be the catalyst to break EUR/USD out of ‘pennant’ pattern on daily chart?

Will US GDP data be the catalyst to break EUR/USD out of ‘pennant’ pattern on daily chart?

The EUR/USD ended the day sharply higher, shaking off less than stellar economic data out of Germany with both CPI and Unemployment Change figures coming in below expectations to close up 88 pips at 1.2940. Expect volatility to be high again tomorrow, with a number of Confidence figures to be released out Europe, followed by GDP, Pending Home Sales, Jobless Claims, and the PCE Deflator out of the US.
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USD index at a break or make point

The USD spot index (DXY) is currently sitting at the 83.48 mark, right above past 2 weeks lows, which turn out to be April highs at the same time. Currently at 83.45, the index is struggling to hold on as most major pairs are all aligned in critical levels as well.
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