FX News – August 14: EUR, JPY, USD, GBP & NZD Updates

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The USD/JPY pair fell early today after a strong performance in yesterday's trading session. The pair opened yesterday at 97.19, before peaking at 98.34 late in the same trading day. Today, however, it has sunk below 98.00 and is currently trading at 97.96.

The drop is primarily caused by the poor performance from the Nikkei today, which found itself at the -0.30% territory.

Initial resistance for the USD/JPY pair is at 99.04, followed by 99.29. Meanwhile, initial support is at 97.54, followed by 97.29.

As for the EUR/USD, the pair fell sharply in yesterday's trading, dropping to this week's low at 1.3233. However, it has remained flat so far in today's session as traders await GDP data from Germany (6:00am GMT) and the EU (9:00am GMT), as well as the US PPI (12:30pm GMT).

The EUR/USD pair is currently trading at 1.3262, with initial resistance at 1.3291, followed by 1.3324. Meanwhile, initial support is seen at 1.3207, followed by 1.3174.

The GBP/USD continued with its slide this week, although the pair has remained flat at the opening of the Asian session. Traders currently await minutes of the BoE's meeting and voting by the BoE's Monetary Policy Committee, both happening at 8:30am GMT. The US PPI mentioned earlier will be a key factor in the pair's trading as well.

The GBP/USD pair is currently trading at 1.5444, with initial resistance seen at 1.5481, followed by 1.5519. Meanwhile, initial support is at 1.5395, followed by 1.5356.

The NZD/USD spiked after the better-than-expected sales data from New Zealand, which came out at 1.70% instead of 1.25%. This helped the pair peak at 0.7987 earlier today before dropping down sharply several hours later. It is, however, currently on a recovery and is trading at 0.7982.

Initial resistance for the pair is at 0.7989, followed by 0.8009. Meanwhile, initial support is at 0.7909, followed by 0.7889.

By FX Strategy Team, Published on 14th of August 2013
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