Yahoo Finance Forex Daily Recap – AUD/USD Rose +0.53% over Upbeat July Jobs Data
AUD/USD
Aussie pair bulls appeared happy today on the backdrop of upbeat July Jobs data. The consensus had estimated the July Employment Change to report 14.0K this time. Quite surprisingly, the actual reports displayed a whooping 41.1K. The primary driver for such a strong Employment change was the rise in the July Full-time Employment data that recorded 34.5K. Meantime, the July Part-time Employment statistics came around near 6.7K that had previously reported -23.4K. On the other hand, the July Unemployment figures stood near 5.2% the same as the last time.
Another point of interest on the Australian economic docket was the August Consumer Inflation Expectations. This Expectation data came around 3.5% above the prior 3.2%, showing bullish prospects of the consumer. Anyhow, despite such strong economic data releases, the AUD/USD pair continued to stay within 0.6822/0.6734 range level.
USD/JPY
After marking the day’s opening near 105.89 level, the Ninja showcased a pretty decent performance on Thursday. The Japanese June YoY Industrial Production came around -3.8% in comparison to -4.1% market hopes. Also, the MoM Industrial Production remained near -3.3% over -3.6% estimates. Somehow, the June Capacity Utilization published -2.6% statistics over 0.2% forecasts.
On the technical side, 106.74 resistance continued to put a lid over the pair’s daily gains that had initiated since August 3. Any triumphant march above the aforementioned resistance handle would have activated the robust 109.05 support-turned-resistance. On the flip side, a stable multiple-month-old slanting support line ensured to limit any potential daily losses.
GBP/USD
On the daily chart, the Relative Strength Index (RSI) upshot to 37 mark today, straight from 29.43 mark. Such a strong rise in the overall sentiment came amid higher-than-expected UK July Retail Sales data releases. However, the actual Retail figures remained below the last recorded data.
The July YoY Retail Sales reported 3.3% over 2.6% estimate while the MoM Retail Sales recorded a 0.2% over -0.2% forecast. Notably, the YoY Retail Sales statistics that excluded the Fuel data rose 0.6%, publishing 2.9% this time. And, a stubborn resistance cluster made up of all the major SMAs and a stable slanting descending resistance line was restricting Cable‘s upper side.
USD Index
Greenback continued to sustain positive price actions even today. At 15:49 GMT, the USD Index bulls were struggling to make a move above the 98.22 mark. However, the overall intensity appeared to stay low amid mixed economic data. The highly significant July Retail Sales Control Group rose 0.7% over 0.3% market expectations.
Meanwhile, the Retail figures that excluded Auto data also sustained near 1.0%. Anyhow, the Initial Jobless Claim calculated since August 9 grew 9K over 211K previous figures. Also, the Continuing Jobless Claim computed since August 2 disappointed market participants, recording 1.726 million over the prior 1.687 million.
Nevertheless, upbeat August NY Empire State Manufacturing Index, Q2 Non-Farm Productivity, and August Philadelphia Fed Manufacturing Survey report helped the bulls to take back control. The Greenback was quite swiftly moving around in the upper vicinity of the Bollinger Bands, luring the buyers. Anyhow, any march above the 98.22 resistance would have enabled fresh challenge on 98.35 resistance handle. In case of any unfortunate downfall, the USD Index would have encountered support lines stalled at 97.01 and 96.56 levels.
This article was originally posted on FX Empire
