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EUR/USD Key Support Under Pressure

FOREX
  • USD's traded softer overnight, but ranges have been contained - typified by EUR/USD's 20 pip bounce off the overnight lows of 1.1702. The low print in the pair is worth watching, showing signs that markets are putting key support at 1.1704/02 under pressure. A break through here in European or US hours would be more notable, opening losses toward 1.1603 and putting the pair at the lowest level since November last year.
  • Antipodeans are clawing back some of Tuesday's losses. The overnight unchanged rate decision from RBNZ prompted initial downside to $0.6870, but the rate's bounced as the bank point to October as the month for rate liftoff.
  • US housing starts, building permits & Canadian CPI are the data highlights. FOMC minutes are also due.

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