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September 27: Asian session

The US debt remains a significant problem for the markets. Yesterday’s US data came out mixed. US final Q2 GDP stayed at 2.5% q/q (forecast – revision to 2.7%). On the other hand, US unemployment claims came better than expected. USD/JPY strengthened to 98.60 on an increased demand for safe currencies on the back of the US debt woes. Yesterday’s data showed Japan’s National CPI rose by +0.8% y/y in August (this is biggest rise since November 2008), but the market didn’t pay much attention to this news. USD/CHF slipped to 0.9090.

EUR/USD has recovered some ground after a dip into the $1.3470 area earlier in the session. Euro remains below the $1.3500 mark. The ECB president Mario Draghi is scheduled to speak today at 9:00 GMT. GBP/USD jumped to $1.6130, while EUR/JPY dipped to 0.8360. The BoE head Carney has supported the sterling by saying that the economy is broadly recovering and there is no need for adding monetary stimulus.

AUD/USD is swinging in the $0.9375/45 range. NZD/USD has recovered above the $0.8300 mark. According to RBNZ, two biggest challenges for the economy are overvalued New Zealand dollar and housing market. USD/CAD is calmly trading around 1.0310. 

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