Forex news for US trading on August 11, 2016
- All US stock indices end the day at record closes
- A look at the major technical levels in play for some of your favorite pairs
- NZDUSD whittles away at the post RBNZ cut gains
- US Crude oil futures settled today at $43.49/BBL
- USDCAD moving lower as oil moves toward session highs
- Sec of State Clinton outlines economic plan
- Feds Williams: It is still appropriate to raise rates this year
- Forex trading: EURUSD moves back toward key support area
- US sells 15 billion 30 year bonds at high yield of 2.274%
- European stocks end the day with strong gains
- And we think trading is hard...
- Is the fourth time the charm for this oil rally?
- Forex trading: USDJPY moving up and down in narrow range
- Q2 2016 US MBA mortgage delinquencies 4.66% vs 4.77% prior
- Oil - Saudi/Algeria meeting will discuss any possible action to stabilise the market
- Reuters poll - Fed to hike in December
- Hear ye! Hear ye! The end of the world is nigh as the UK is slipping into recession
- The US initial jobless claims 266K vs. 265K estimate
- July 2016 US import prices 0.1% vs -0.3% exp m/m
- The strongest and weakest currencies as NA traders enter for the day
Oil surged higher. Canadian dollar rises.
The US dollar ending the day mixed - rising against the EUR, GBP and JPY and falling mainly against the CAD. The rest of the majors (CHF, AUD and NZD) are little changed.
In the US session today, the jobless claims came in as expected. The job market remains a bright beacon. The Import price data was better than expected but only up 0.1%. So good but in the environment where the traders are tired of job related growth that leads to 2% growth (ho hum), it is either inflation or increased productivity that will get the attention of traders. A 0.1% reading is not an inflation concern. Anyway the data had minimal impact.
So that leaves, things like stocks (all the major indices closed at record levels on the same day which was the 1st time since 1999 according the CNBC at least). That helped the JPY pairs move higher (the JPY move lower). Oil, which was sharply higher, and the ubiquitous (but my favorite - ok I am biased) technicals. Let's take a look.
For the EURUSD, the pair started the day near support against the 1.1135 area (MA, Retracements). The rally off the level reached near a topside trend line at 1.1184 (high reached 1.1182) before coming all the way back down to the aforementioned support at the 1.1135 level again. Doing laps in the summer time trading. IF the price is going lower, getting below 1.1122 (100 hour MA) would be another downside hurdle in the new trading day.
USDJPY started the NY session near support trend line at the 101.19, stocks in Europe and the US were supported which helped the buying. When the price moved above the 101.61 level, more buying entered and that was the spring board for further gains higher. The 100 hour MA was broken in the NY afternoon at the 101.82 level and that led to further buying to - and through - the 102.00 level. The minor correction off the high took the price close to the 100 hour MA a 101.816. Key level in the new day of trading.
GBPUSD printed the day's lows in the London morning session. The rest of the day was spent moving up and down, but it stay below the 1.3000 level but also above 1.2950 as well.
