FX News – July 12

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After making a comeback to the 0.9200 level over the past few days, the AUD/USD has returned to below 0.9100 in today's trading.

The pair's drop was partially caused by the disappointing Industrial Production data from the EU, which found itself at -0.3% instead of analysts' prediction of -0.2%.

Another factor in the drop was the weaker than expected trade data from China, Australia's closest trading partner. China's exports fell by 3.1% in May (YoY), instead of the expected 3.7% increase. Meanwhile, exports were at 0.7%, which was way out of the expected rise by 6.0%.

The AUD/USD pair is currently trading at 0.9072, with initial resistance seen at 0.9344, followed by 0.9367. Meanwhile, initial support is at 0.9154, followed by 0.9131.

The EUR/USD pair, meanwhile, fell during the start of the London session, from around the 1.3066 level to 1.3037. It has made a slight recovery over the past hour, however, and is currently trading at the 1.3047 level.

Initial resistance for the pair is at 1.3274, followed by 1.3307. On the other hand, initial support is at 1.3030, followed by 1.2997.

As for the GBP/USD pair, it fell during the start of the European session after trading at around the 1.5174. It is currently trading just below the 1.5100 level.

Initial resistance for the pair is at 1.5317, followed by 1.5355. Meanwhile, initial support for the pair is at 1.5090, followed by 1.5052.

All in all, today's session will be a fairly quiet one, with no any earth-shattering announcements coming from any major market. The US, however, will release a number of data later today, including the YoY and MoM Producer Price Index data, as well as the Reuters/Michigan Consumer Sentiment Index.

As for next week, expect a number of important data coming from the US, UK, and Canada. We shall update you then before they happen.

By FX Strategy Team, Published on 12th of July 2013
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