EUR/USD: investors are waiting for US inflation statistics
EUR/USD is testing the price level of 1.0080.
Bidders continue to evaluate the final minutes of the ECB (European Central Bank) meeting in which officials approved a 0.75% interest rate hike and updated expectations for consumer prices and the pace of economic strengthening in the short term. According to the latest forecasts, the correction was reversed in favor of an increase, with inflation at 8.1% by the end of the year versus expectations of 6.8% in June, and 5.5% next year versus 3.5%. Meanwhile, the regulator notes a year-end GDP correction to 3.1%, beating the previous estimate of 2.8%, but a correction to 0.9% instead of 2.1% is already expected in 2023. Economic activity continues to decline vigorously, as the Advance article confirms. According to the published information, a number of leading companies in Germany have decided to partially or completely halt production, with supply chain disruptions intensifying and gas quotes holding high.
- Support levels: 1.0000, 0.9800.
- Resistance levels: 1.0160 and 1.0400.
AUD/USD: the pair is moving in consolidation
The instrument AUD/USD is demonstrating an ambiguous quotation trend within the Asian trading session, testing the level of 0.6830. Market participants are trying to model further fluctuations on the market, when a number of key currencies in the global basket strengthened against the U.S. dollar last week. "The Aussie was able to build up to its local high of August 31 in the trading session on Friday, September 9 alone.
Investors expressed their disappointment with the published They noted the inflation recession by 0.1% against 0.5% last month; the annual growth rate indicator showed the correction to 2.5% against 2.7% with the economists forecast of 2.8%, which gives a signal of the national economic indicators beginning to decline.
- Resistance levels: 0.6853, 0.6900, 0.6950 and 0.7000.
- Support levels: 0.6800, 0.6750, 0.6700, 0.6650.
NZD/USD: The pair is trying to overcome the level of 0.6100.
The New Zealand currency is trading in moderate growth against the American dollar in a bullish trend that started last Friday. At the time of writing, the instrument NZD/USD reached the level of 0.6100, with the prospect of further gains, waiting for an additional driver to accelerate the pace of strengthening.
The asset found support in the strong macroeconomic national statistics. Thus, the consumer activity in retail purchases payment with the help of electronic cards for August increased by 0,9%, earlier having shown the decrease by 0,2%, the index annual level strengthened by 26,9% earlier having shown the decrease by 0,5% for July. Investors on Monday assessed data on tourist arrivals in New Zealand, which showed a positive trend, soaring 344.2% year on year from the previous 83.5% a month earlier. The growing inflow of tourists was made possible by the absence of quarantine travel restrictions due to new outbreaks of COVID-19.
- Resistance levels: 0.6155, 0.6200, 0.6250 and 0.6300.
- Support levels: 0.6100, 0.6049, 0.6000, 0.5960.
USD/CHF: The initiative has been captured in the instrument
The Swiss franc has successfully intercepted the momentum because of the decline of the US dollar, which allowed the pair to reach 0.9595, despite the difficult situation in the economy of the country.
By the end of the previous week the labor market statistics came out. Thus, the number of unemployed citizens for three months in a row kept at 2.0%, which remains the average for the country, before the pandemic in the world. Manufacturing showed a correction to -0.5%, ending a seven-quarter streak of strength amid declines in exports from the chemicals and pharmaceuticals sectors. Experts expect the industrial value index for August to show an increase of 0.1%, giving up on the 1.0-1.2% reading at the start of the summer, while the annual figure has a chance to consolidate below 6.3%, which would be a negative value dynamic for the second month in a row.
- Support levels: 0.9539 and 0.9412.
- Resistance levels: 0.9620, 0.9770.