Trading plan for September 11
US Dollar remains under slight bearish pressure as investors doubt the Fed will dare to hike interest rates in September. USD index slipped below 96 points. On Friday we’ll be watching the US PPI and consumer sentiment index - both forecasts are downbeat, so selling pressure on USD could persist till the end of the week.
EUR/USD jumped far above 1.1200 on Thursday following the last week’s dip to 1.1080. Next resistance is seen at 1.1330. On Friday we’ll watch the final German CPI. EU finance ministers are scheduled to meet in Brussels to discuss the most urgent issues in the regional economy.
Meanwhile, GBP/USD surged above 1.5450, supported by a slightly more hawkish Bank of England. Monetary authorities resumed talks about a potential rate hike in the near term and don’t see the crisis in China as a serious obstacle. On Friday the BOE member Forbes is scheduled to speak.
Reserve Bank of New Zealand shocked the market on Thursday, cutting its benchmark rate down to 2.75%. NZD/USD lost about 150 points on the news, but found some support around 0.6270. Resistance is seen at 0.6300 and 0.6400. As for AUD/USD, a fix above 0.7050 will pave the ground for a correction to 0.7200/50.