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AUD, NZD Solid, NOK Drops Off Firmest Level in Two Years

FOREX
  • Growth proxies and antipodean currencies are faring most firmly, with AUD and NZD at the top of the G10 pile. AUD/USD is extending the Tuesday rally (spurred by a somewhat hawkish set of RBA minutes), allowing the pair to narrow in on key resistance at the 0.7566 200-dma.
  • GBP edged lower through the European open, with GBP/USD trading south of the 1.38 handle ahead of NY hours. Price action seems more reminiscent of consolidation and profit-taking following sharp strength seen since the beginning of the week rather than a direct market response to the slightly softer-than-expected CPI data - although that will be supporting.
  • A failure to sustain gains in GBP/USD at these levels will mean the pair failed to break the 200-dma at 1.3848 which becomes an important level ahead of any progress on the mid-September high at 1.3913.
  • NOK is the poorest performing currency in G10, knocked back by a modest reversal in oil prices (WTI and Brent crude futures are both lower by circa 1%) and some profit-taking on yesterday's strength in the currency. EUR/NOK bounced off yesterday's 9.7063, which marked a new two-year low for the cross, but the outlook remains resolutely bearish below resistance at 9.9417 - the 23.6% retracement of the July-Oct downleg.
  • Canadian CPI data is the sole release on the data schedule, with focus turning to the Fed's Beige Book and speeches from ECB's Holzmann, Villeroy and Visco as well as Fed's Bostic, Quarles, Kashkari, Evans and Bullard.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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