Currencies Consolidate Ahead of Major Data Releases, Aussie Weighed By Weaker GDP | IFCM
IFC Markets Online CFD Broker

Currencies Consolidate Ahead of Major Data Releases, Aussie Weighed By Weaker GDP - 5.6.2013

The Euro versus the greenback is revisiting recent peak at 1.3105 ahead of EZ member services PMIs, EZ GDP data and the private sector US employment report later today. The currency pair has been trading between 1.3105/1.3056 narrow range on Tuesday as investors are expecting major economic news in the following days, as a virtue of that consolidation may continue until Friday US Non-Farm Payrolls. The US dollar has been mainly fluctuating between 82.87/82.56 tight sideways zone, while US shares closed slightly lower with S&P 500 losing 0.55%, Dow Jones Industrial Average retracing 0.50% and NASDAQ declining by 0.58%. The latter was due to profit taking as some speculation returned about possible reduction of asset purchases by FED.


Against the Japanese Yen, the US dollar was limited by resistance at 100.43 and moved again below 100, currently trading at 99.37, mainly here the US dollar was the mover. Concerning NIKKEI 225, it dropped deeper into negative territory printing losses up to 3.83%on Tuesday. At the same time, the Aussie is weakening versus the US dollar amid weaker than anticipated quarterly GDP data for Australia. More specifically annualized Q1 GDP reported at 2.5%, down from 3.2% the previous quarter and less than expected 2.7%. Thus the AUDUSD dipped from 0.9654 towards support at 0.9527.


Concerning economic data board, investors today are highly anticipating ADP Non-Farm Employment with market participants forecasting an increase of 171K and that would provide an early indicator of NFP. In addition later in the evening ISM Non-Manufacturing, Factory Orders and Beige Book is also eyed, ahead of tomorrow’s BOE and ECB monetary statements.
IFCM Trading Academy - New era in Forex education
Pass Your Course:
  • Get Certificate
trading academy

See Also

image
Follow the Market with Our Live Tools and Calendars
Close support
Call to Skype Call to WhatsApp Call to telegram Call Back Call to messenger