NZD/USD has been on a very strong uptrend since the start of the month, as the RBNZ’s hawkish remarks and risk appetite have been spporting the pair.
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The Greenback still gave up some ground to the major currencies during yesterday’s trading, as news of Summers’ withdrawal from the Fed head race led to more dollar-selling.
GBP/USD is still on its current uptrend, based on the rising channel on the pair’s 1-hour time frame.
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The US dollar lost ground to most of its major counterparts on Friday’s New York session, as the retail sales report printed weaker than expected results.
USD/JPY is currently treading above the 98.80 area, which is right in line with a former resistance turned support zone. Stochastic is moving up from the oversold region, suggesting a potential bounce.
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With the US retail sales report coming up, the US dollar was stuck mostly in consolidation against its counterparts.
NZD/USD has been trending higher on its 1-hour time frame, thanks to rate hike speculations confirmed by the recent RBNZ meeting.
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The US Dollar extended its losing streak yesterday, as there were no reports for the currency to draw support from. At the same time, the risk rallies aren’t doing so good for the safe-haven dollar.
RBNZ Governor Graeme Wheeler also adopted forward guidance in his latest rate decision in saying that the central bank is looking to increase interest rates by next year. According to him, the recovery in the housing sector and the rise in commodity prices could lift inflationary pressures and require a rate hike.
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A fresh wave of risk appetite hit the markets and the U.S. dollar in yesterday’s trading. This caused a selloff for the safe-haven currency, as Obama announced that the U.S. Congress has postponed its vote on the military attack in Syria.