Sep 2: AUD, NZD rise, JPY falls

2 September, 2013

EUR/USD is trying to break the $1.3215/3190 range to the upside. On Friday the pair has found some support at $1.3175. Today watch the Spanish and Italian manufacturing PMIs (forecast – improvement). On Friday European stock markets closed the day in the red territory. GBP/USD opened the week with a bullish gap at $1.5530 and strengthened to $1.5570. Traders are looking forward to the UK manufacturing data at 8:30 GMT (the index is expected to reach its highest level since 2011).

USD/JPY rose to 98.67, resistance line descending from May high. Yen weakened as Prime Minister Shinzo Abe got backing for a sales-tax increase from panels that urged an increase in stimulus to cushion the economic blow. Nikkei stock index is up and the pair’s effectively wiping out the losses from the Syria-induced slide earlier last week. As for this country, the US decided to wait for Congressional approval before launching what might be a unilateral attack against the Syrian regime. USD/CHF opened the week with a small gap up. The pair touched 0.9335, but then eased lower, holding above the 0.9300 mark.

AUD/USD opened with a 40-pip gap up and is trading on the upside. NZD/USD also gapped up by about 30 pips. Aussie and kiwi gained after a Chinese factory gauge (manufacturing PMI) rose to a 16-month high, boosting trade prospects. USD/CAD initially rose to 1.5042 before sliding to 1.0516. Banks in the US and Canada are closed today for a holiday.


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