FX News – September 26: Quiet Trading in Europe Today, UK GDP Coming Up

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The EUR/USD pair has so far hovered between the 1.3510 and 1.3530 zones in today's trading due to the lack of significant data coming from Europe. The main drivers will come later in the day, with a load of data coming from the US, including the GDP annualised, initial jobless claims, pending home sales, and a speech by FOMC Member Jeremy Stein.

The pair is currently trading at 1.3520, with initial resistance seen at 1.3571, followed by 1.3605. Meanwhile, initial support is at 1.3494, followed by 1.3460.

As for the AUD/USD, the pair managed to recover after bottoming out early in today's trading at the 0.9350 zone. The pair has been able to climb back over the past few hours and is nearing the 0.9400 zone again. It is currently trading at 0.9393, with initial resistance seen at 0.9382, followed by 0.9405. Meanwhile, initial support is at 0.9323, followed by 0.9300.

Increased talk over Japan's possible reduction in its corporate tax rate and a speech by the country's chairman of the pension fund at 6 PM, Japan time, have weakened the yen considerably and shot the USD/JPY pair to the 99.00 zone from below 98.40 in a span of just two hours. This helped counter the effects of the issue on the US debt ceiling, which weakened the greenback yesterday.

The USD/JPY pair is currently trading at 98.94, with initial resistance seen at 98.63, followed by 98.99. Meanwhile, initial support is at 98.18, followed by 97.93.

The UK will also release its GDP along with its total business investment data less than an hour from now. The country's GDP is expected to remain at 1.5% on a YoY basis, while it is seen to rise from 0.3% to 0.7% on a QoQ basis.

The GBP/USD pair is currently trading at 1.6089, with initial resistance seen at 1.6140, followed by 1.6181. On the other hand, initial support is at 1.6030, followed by 1.5989.

By FX Strategy Team, Published on 26th of September 2013
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