As bottom currency pair to 60 + currencies to include EMs, NZD/USD for the past 3 months ranged from 0.7005 to 0.7321 or 316 pps and 222 pips in the last 2 months. NZD at current prices is contained at 179 pips from the 14 year average at 0.7267 to its vital high / low point at 0.7088.
Overall, EUR/USD was the first currency in August 2020 to break above its 5 year average at 1.1300‘s then the 10 year average in December 2020 at 1.2100’s.
Benchmark U.S. Treasury yields rose to their highest levels since March on Friday as investors closed positions ahead of a long U.S. holiday weekend.
Earnings from Australian heavyweights, including BHP Group, Rio Tinto and National Australia Bank, are scheduled for next week.
While economic data was skewed to the negative in the week, hopes of a U.S relief package continued to support riskier assets at the expense of the Dollar.
Economic data was limited to finalized inflation figures from Spain this morning. Downward revisions from prelims left the EUR in the red.
EUR/USD continues its attempts to settle above the resistance at 1.2130.
GBP/USD is trying to settle below the support at 1.3800.
U.S. cash market stock indexes are on track to post a positive week at record levels, although the strong rally appears to be losing upside momentum.
Meanwhile, Initial Jobless Claims declined from 812,000 to 793,000.
If OPEC+ decides to trim its production cuts then the hedge funds will start booking profits, setting up the possibility of a steep decline.
Consistent to trade and achieve targets for stock indices, the DAX and S&Ps over two and three days completed targets and today is offered the Nikkei 225 from its close at 29562.93.
Oil bulls are presently facing difficulty moving up at the fourth trading session of the week.
AUD/USD continues its attempts to settle above the resistance at 0.7740.
The early price action suggests the direction of the index on Thursday is likely to be determined by trader reaction to the main 50% level at 90.385.
USD/CAD settled below the support at 1.2700 and tested the next support level at 1.2665.
The US dollar has initially fallen during the trading session on Wednesday, reaching down towards the 50 day EMA. However, we have found quite a bit of support.
The British pound rallied significantly during the course of the trading session against multiple currencies, including the Japanese yen.
A shift in sentiment since the release of a weaker-than-expected U.S. jobs report on Friday helped put in the top of the USD/JPY.
Crude oil priced bulled back some of its gains at the mid-week trading session. Oil bulls seem to be having a well-deserved rest after the black liquid hydrocarbon had its longest run of upsides in two years as another key macro revealed another decline in oil inventories at the worlds largest economy.
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