Global financial markets remained quite volatile on Thursday when the RBNZ triggered the ups and downs during early sessions. The momentum got additional support during the later part when Saudi Energy Minister signaled potential talks of oil production freeze at next month’s OPEC meeting and the San Francisco Fed President indicating one rate-hike in 2016 to be appropriate and required.
The US dollar, backed by upbeat comments from Fed policymakers and better than forecast jobless claims, managed to close the day on the positive side while the EUR remained a bit tilted.
Further, the GBP declined to a month’s low with weaker UK housing market details and the AUD, together with the NZD, having to shed their excessive gains and close in the negative; however the CAD maintained its strength on rising crude prices, and gold also registered a losing day.
As we come to the last trading day of the week, market momentum didn’t lose its vigor. Early in the day, New Zealand quarterly retail sales figures rallied to the highest in a year while German GDP growth marked better than forecast print of 0.4% but remained less than the prior 0.7% mark.
Additionally, Chinese industrial production growth also slowed down from the 6.2% forecast prior, to 6.0%.
A slew of economics data published early during the day helped EUR, crude and gold prices but the JPY, AUD and NZD remained sluggish. However, the USD is struggling between gains and losses ahead of the crucial consumer-centric details, namely the retail sales and UoM Michigan Consumer Sentiment.
Upbeat US Data
Considering the near instances of upbeat US numbers, better figures from the only important US economic calendar could help the greenback reduce some of its early-week losses.
From the technical perspective, the EUR/USD keep maintaining its 1.1230 – 1.1050 trading-range while the GBP/USD seems declining to test 1.2880-75 area. Further, the USD/JPY presently witnesses some profit-booking and upbeat US details can help it test the102.70-80 resistance-zone, but a downside dip below 101.70 can drag it to 101 and the 100.80 supports.
Moreover, the AUD/USD is near to the 0.7660-55 support-zone while 0.7150 becomes immediate support for NZD/USD traders to observe.
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