The Reserve Bank of New Zealand (RBNZ) kept its benchmark interest rate at a record low of 1.75 percent. The RBNZ Governor Graeme Wheeler stated that monetary policy “will remain accommodative for a considerable period.” The kiwi edged up after the bank’s statement and as such, the NZD/USD was seen up at 0.69 percent to the 0.7256 level. Elsewhere, the Bank of England chief economist Andy Haldane said he may vote for a rate hike in the second half of 2017.
The U.S. dollar eased from its three-week high versus the Japanese yen on the foreign exchange market. As such, the USD/JPY pair shed 0.2 percent to 111.15 yen earlier today. Events due in the U.S. on Thursday is the Initial Jobless Claims which is due to be released at 12:30 GMT. Later during the day, the U.S. FOMC member Powell will deliver a speech at 14:00 and his comments could leave clues on future interest rates.
Canada will be presenting its Core Retail Sales for April at 12:30 GMT today and investors are recommended to pay much attention to this data as it accounts for the overall economy of the country, and may also affect its assets. Yesterday’s U.S. Crude Oil Inventories reported a fall of 2.45m barrels in the week ended June 16th, which is much below economists’ expectations of a fall of 2.1m barrel.
Yesterday, the GBP/USD pair managed to pick some strength on the forex market. It gained momentum around 18:00 UTC to close its bullish trend by 21:00 UTC at $1.26741. In today’s session, it started tumbling from the very beginning at 00:00 UTC and was last quoted on a bearish candle at $1.26654 around 02:00 UTC. However, it started climbing as from 03:00 UTC and it may follow an uptrend in the next few hours.
This currency pair was dragged by a set of pullbacks starting from 13:00 UTC at the 0.75627 level to closing this bearish trend by 17:00 UTC at the 0.754606 level on Wednesday. Today, it initiated its session on a positive note at 00:00 UTC at the 0.75496 level. It recorded several momentary jumps as from 02:00 at $0.75423 to close this bullish trend by 05:00 UTC at $0.75577. It is expected to rise further today, consider the FX/CFD tool.
A look at the dollar index clearly depicts a downtrend since yesterday as it was quoted on many bearish candles. Yesterday, this index started losing value as from 16:00 UTC where it was quoted at the 97.11 level and ended these pullbacks by 21:00 UTC at the 97.54 level. In today’s early trading hours, it recorded much volatility, but it is seen nearing a downtrend through the day.
Consider trading currency pairs such as the GBP/NZD, EUR/NZD, and the GBP/JPY as these are available for most of the trading tools on our trading platform.
The changing value of the U.S. dollar is expected to change trends of pairs such as the EUR/USD, USD/JPY and the AUD/USD. These assets are available for trade on the Options Builder tool.
Consider trading the GBP/CAD, USD/CAD, EUR/CAD with the Limits Trading tool, along with the TSX 60 index .