Market Sentiment 12th of August – Forex Trading Tips

Posted On 12 Aug 2015

There is no opening trade call for the session as the AUD and NZD are currently reacting to fresh multi-year lows vs the USD. We will look ahead to the UK jobs data for potential opportunities on the GBP.

Current Market Sentiment:

NY trade saw Preliminary Labor Costs and Non-farm Productivity from the US. Productivity came in slightly lower than expected, a slight miss but not enough to influence the Fed. Labor costs slightly beat the near-flat expectations. Neither release triggered any major reaction in the greenback due to their close alignment with forecasts.

The Euro was boosted on news of a deal between Greece and it’s creditors, which, if approved, could unlock up to €86 billion in financing over the next 3 years. The EURUSD continues to trade near it’s daily highs.

In Asia the PBOC set the daily benchmark rate just marginally weaker (0.1% against its Tuesday close) further reinforcing the expectation that the central bank wants the yuan to depreciate further. This recent move has continued to keep pressure on both the AUD and NZD as both have moved to fresh multi-year lows versus the US dollar.

Coming up for the London session we have UK Employment on tap. Once again, take a look at my weekly Forex news event’s overview here in order to learn more about interpreting this release.

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