FX News – August 13: Updates on the EUR, USD, GBP, AUD & JPY

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The EUR/USD has made a slight recovery today breaking beyond the 1.3310 level so far. This was after the pair dropped to this week's low at 1.3278 during yesterday's trading.

Some of the news today that could influence the pair include the German CPI and the economic sentiments in both Germany and the EU.

The EUR/USD pair is currently trading at 1.3310, with initial resistance at 1.3322, followed by 1.3356. Meanwhile, initial support is at 1.3254, followed by 1.3220.

The GBP/USD has also made a slight recovery today after several days on a downtrend. The pair dropped to a low of 1.5447 earlier today, before rising to its current 1.5476 level.

Reports that could affect the pair today include the UK's CPI, PPI, and industrial price data (8:30am GMT), followed by the US retail sales figures (12:30pm GMT).

Initial resistance for the GBP/USD pair is at 1.5493, followed by 1.5532. Meanwhile, initial support is at 1.5427, followed by 1.5388.

As for the AUD/USD, the pair reached a peak above 0.9200 yesterday before sliding and bottoming out at 0.9099 earlier today. It has recovered slightly and is currently trading at 0.9136.

Initial resistance for the AUD/USD is at 0.9187, followed by 0.9209. Meanwhile, initial support is at 0.9099 followed by 0.9076.

Yesterday, Japan released a disappointing Q2 GDP data, with growth figures that came out at 2.6%, 1% lower than the expected 3.6%. Prior figure was at 3.8%. Other areas also dropped including the country's industrial production which fell from -1.1% to -4.6%. Meanwhile, the country's debate on the tax hike continues today.

The USD/JPY has risen in value since yesterday and is currently trading at the 97.68 level. Initial resistance for the pair is at 97.44, followed by 97.68. Meanwhile, initial support is at 96.42, followed by 96.18.

By FX Strategy Team, Published on 13th of August 2013
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