Currency movers report for November 03, 2015

November 3, 2015

The USD within the last 5 days’ of trading is lower across the board, in the wake of the latest US economic data that could be viewed by some market analysts that the Fed will continue to hold off again on any move on rates. However, the latest data does contradict the FOMC statement that hinted at a potential rate hike as early as December. For the time being, the market expectation looks to remain a mixed bag. The ISM manufacturing PMI in October inched down to 50.1 from 50.2 in the preceding month, the ISM headline missed the mark, and the Atlanta Fed’s GDP for Q4 fell to 1.9% from 2.5%, last forecast on Friday. The USD market will now focus on the U.S. Non-farm Payroll report due out on Friday.

The AUD is attempting to break a recent downtrend, as the RBA held rates steady at 2.00%, matching expectations. The central bank also noted that “growth in output had continued at around the average pace of recent years” and that while global trade was “subdued” it had “picked up recently,” although China was still seen as a main risk.

The JPY has weakened against most of the majors, news that the Japanese government will put forward a supplementary budget of at least JPY 3 tln, has weighed on the yen. Given the weakened state of the Japanese economy further QE moves are expected from the Bank at some point. For now, USDJPY remains as a buy on the pullbacks.

AUDUSD, Daily

Technically, the recent bullish momentum on the AUDUSD pair should continue since stochastic analysis, as well as moving average indicators, point to a potential close above the downward slopping trend line. Should we see a solid price close above the downward trend line, I would expect to see sellers emerging around the 0.7260-0.7290 areas before the continuation of its downtrend for a 0.7062 target.

USDJPY, Daily

The short-term trend is up as price is trading above the downward trend line (Aug – Oct), and price is above its 1 year moving average. Upside potential remains for a 121.80 target, on a break of 121.50, but losing 120.25 will point back towards 119.60.

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