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Currency Analyst since 2010

July 23: Asian session

UD dollar weakened yesterday as data showed residential sales unexpectedly fell. Today America will release home prices and Richmond manufacturing index at 13:00 and 14:00 GMT respectively.

EUR/USD tested levels above $1.3200 both yesterday and today. However, on Monday euro didn’t manage to close above this handle and finished the day at $1.3184 after reaching $1.3218. Today the single currency visited $1.3207, but then retreated to $1.3290. Demand for EUR is supported ahead of data tomorrow forecast to show services and factory output in the region contracted at the slowest pace in more than a year.

GBP/USD is little changed in the $1.5360 area after adding almost 100 pips yesterday. Watch BBA mortgage approvals at 08:30 GMT. USD/JPY returned to 99.50 after a dip to 99.15. According to the BoJ governor Kuroda, the yen is weak because of differing Fed and BoJ policies, and that the Japanese regulator would continue its easing stance. USD/CHF is consolidating around 0.9360.

AUD/USD rose to $0.9290 in the Asian trade, but then corrected lower to $0.9260. NZD/USD tested the levels above $0.8000. According to the New Zealand prime minister Key, the country is on track to budget surplus in 2014/15 and the government is planning to cut net debt to 20% of GDP by 2020. USD/CAD found support at 1.0321 after sliding from 1.0360 yesterday. Canada will release retail sales at 12:30 GMT. 

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