The forex markets in today’s subdued trading are normally trapped within yesterday’s range. At the start of the session, Chinese stocks attempted a turnaround, but quickly switched to red again, continuing with the mini-crash on Thursday. But other Asian markets are mixed, with little close overnight reaction to weaker US.
As for the week, Euro is the strongest at the moment, followed by the Australian Dollar and the Canadian Dollar. Sterling is the worst runner, followed by Swiss Franc and Kiwi. The dollar is mixed but the greenback, judging from the gold pulls back, has the potential to rebound a little more before closing.
Technically, as consolidation from 1817.91 extends with another falling leg, gold dips under 1800 handle backward. The trend of recent increases is not yet able to resume. However, in any event, as long as 1773.42 support holds, an upside breakout is eventually expected.
We will also argue that the Dollar has the potential for a stronger recovery, considering that it is close to the main level of support against Euro and Aussie. They are 1.1496 in EUR/USD resistance, and 0.7064 in AUD/USD resistance. A break of 1.1325 minor support in EUR/USD and 0.6922 minor support in AUD/USD will signal a greenback rebound in progress.
New Zealand BusinessNZ Manufacturing Index output grew sharply from 39.8 to 56.3 in June. This is also the highest level as of April 2018. Looking at some of the data, efficiency improved from 38.1 to 58.6. New orders rose to 58.6, from 39.2. Employment increased to 48.5 from 39.2 but remained beneath 50.
Catherine Beard, manufacturing executive director of BusinessNZ said: “We should be cautious that one expansionary outcome does not reflect a pattern given the continuing offshore confusion surrounding COVID-19. A steady trail of new orders in the coming months will go a long way to ensuring better than the first half of 2020.”
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