The New Zealand dollar changed slightly during the Asian session as investors reacted to the mixed trading numbers. According to the Bureau of Statistics, exports fell from $ 5.08 billion in June to $ 4.9 billion in July. In the same month, imports rose slightly from $ 4.61 billion to $ 4.63 billion. As a result, the trade surplus fell from the previous $ 475 million to $ 282 million. These figures came at a time when the number of coronavirus cases in New Zealand has fallen slightly. Also, the country’s government recently extended the shutdown in Auckland for four more days.
The US dollar index rose slightly during the Asian session. The pair is reacting to the mixed economic data from the United States that came out yesterday. Data from the Conference Board showed that consumer confidence fell from 91.7 in July to 84.8 in August. This decline was lower than 93.0 as analysts expected. It was also the second straight month that confidence has fallen. Other data showed that new home sales in the US rose 13.9% in July to 901K. This was significantly higher than the 1.3% increase that analysts expected. Later today, the dollar responds to the number of lasting orders from the United States.
The price of crude oil rose above a key resistance as traders reacted to the weekly stock numbers released by the American Petroleum Institute (API). The data showed that oil inventories in the US fell by more than 4.5 million in the previous week. This was a larger decrease compared to the previous 4.26 million. The price will respond to the official stock data from EIA. Analysts expect inventories to fall by more than 3.69 million barrels. Separately, Mexico releases its GDP data, while Singapore releases its industrial production numbers today.
EUR / USD
The EUR / USD pair changed slightly during the Asian session and traded at 1.1820. On the daily chart, the price is above the 50-day and 100-day EMA. The price also forms a bullish pennant pattern, shown in white. This pennant sends a signal that there is indecision between bulls and bears in the market. The two lines in the Relative Vigor Index have also fallen to the neutral line. Therefore, the pair will likely remain in this team pattern ahead of Jerome Powell’s speech tomorrow.
XBR / USD
The XBR / USD pair rose to an intraday high of 46.36. On the four-hour chart, the price is above the 50-day and 100-day exponential moving averages. The price has also reached the top of the rising wedge pattern, and the average true range (ATR) has risen. While the pair is likely to continue to rise, there is also a possibility that bears will try to try the lower side of the wedge again at 45.00 again.
NZD / USD
The NZD / USD pair changed slightly during the Asian session. It is trading at 0.6551, which is in the same range as it was yesterday. On the daily chart, the price is along the 50-day simple moving average and above the 61.8% Fibonacci retracement level. The MACD’s signal and main lines have moved below the neutral line, while the price is also above the rising trend line. The couple is likely to remain at this level ahead of Jerome Powell’s speech.