DAILY CURRENCY UPDATE
Sterling falls to 1-week lows against dollar
The pound fell to one-week lows against the dollar on Wednesday, extending losses from the previous session as dovish comments by Bank of England Governor Mark Carney curbed expectations for a U.K. rate hike.
GBP/USD touched lows of 1.6952, and was last at 1.6966, down 0.11%.
Cable was likely to find support at 1.6925 and resistance at 1.7030, Tuesday’s high.
The drop in the pound came after BoE Governor Mark Carney said Tuesday that wage growth has been lower than expected, which could indicate that there is more slack in the U.K. labor market than the bank previously thought.
He balanced this by saying that the economic recovery has more momentum than the bank would have expected.
NZD/USD steady, near 1-week lows
The New Zealand dollar was steady against its U.S. counterpart on Wednesday, hovering close to one-week lows as demand for the greenback remained supported by Tuesday's strong U.S. data.
NZD/USD hit 0.8682 during late Asian trade, the session high; the pair subsequently consolidated at 0.8676, inching up 0.05%.
The pair was likely to find support at 0.8606, the low of June 12 and resistance at 0.8724, Tuesday's high.
The greenback strengthened after data showed that consumer confidence and new homes sales both rose to six year highs.
The CB consumer confidence index jumped to 85.2 in June from 83.0 last month. It was the highest reading since January 2008.
AUD/USD edges lower on U.S. data
The Australian dollar edged lower against its U.S. counterpart on Wednesday, as Tuesday's upbeat U.S. economic reports still lent support to the greenback.
AUD/USD hit 0.9354 during late Asian trade, the pair's lowest since June 18; the pair subsequently consolidated at 0.9358, slipping 0.11%.
The pair was likely to find support at 0.9323, the low of June 18 and resistance at 0.9431, Tuesday's high.
The greenback found support after data showed that consumer confidence and new homes sales both rose to six year highs.
The CB consumer confidence index jumped to 85.2 in June from 83.0 last month. It was the highest reading since January 2008.
The Aussie was lower against the euro, with EUR/AUD edging up 0.19% to 1.4551.
Dollar steady against euro, yen
The dollar was steady against the euro and the yen on Wednesday, with the major currencies sticking to recent ranges in subdued trade.
EUR/USD was trading at 1.3611, remaining inside the month's range of 1.3503 to 1.3678.
The pair was likely to find support at 1.3573 and resistance at 1.3642.
The outlook for the U.S. recovery was boosted on Tuesday after data showed that consumer confidence and new homes sales both rose to six year highs.
The CB consumer confidence index jumped to 85.2 in June from 83.0 last month. It was the highest reading since January 2008.
Sterling falls to 1-week lows against dollar
The pound fell to one-week lows against the dollar on Wednesday, extending losses from the previous session as dovish comments by Bank of England Governor Mark Carney curbed expectations for a U.K. rate hike.
GBP/USD touched lows of 1.6952, and was last at 1.6966, down 0.11%.
Cable was likely to find support at 1.6925 and resistance at 1.7030, Tuesday’s high.
The drop in the pound came after BoE Governor Mark Carney said Tuesday that wage growth has been lower than expected, which could indicate that there is more slack in the U.K. labor market than the bank previously thought.
He balanced this by saying that the economic recovery has more momentum than the bank would have expected.
NZD/USD steady, near 1-week lows
The New Zealand dollar was steady against its U.S. counterpart on Wednesday, hovering close to one-week lows as demand for the greenback remained supported by Tuesday's strong U.S. data.
NZD/USD hit 0.8682 during late Asian trade, the session high; the pair subsequently consolidated at 0.8676, inching up 0.05%.
The pair was likely to find support at 0.8606, the low of June 12 and resistance at 0.8724, Tuesday's high.
The greenback strengthened after data showed that consumer confidence and new homes sales both rose to six year highs.
The CB consumer confidence index jumped to 85.2 in June from 83.0 last month. It was the highest reading since January 2008.
AUD/USD edges lower on U.S. data
The Australian dollar edged lower against its U.S. counterpart on Wednesday, as Tuesday's upbeat U.S. economic reports still lent support to the greenback.
AUD/USD hit 0.9354 during late Asian trade, the pair's lowest since June 18; the pair subsequently consolidated at 0.9358, slipping 0.11%.
The pair was likely to find support at 0.9323, the low of June 18 and resistance at 0.9431, Tuesday's high.
The greenback found support after data showed that consumer confidence and new homes sales both rose to six year highs.
The CB consumer confidence index jumped to 85.2 in June from 83.0 last month. It was the highest reading since January 2008.
The Aussie was lower against the euro, with EUR/AUD edging up 0.19% to 1.4551.
Dollar steady against euro, yen
The dollar was steady against the euro and the yen on Wednesday, with the major currencies sticking to recent ranges in subdued trade.
EUR/USD was trading at 1.3611, remaining inside the month's range of 1.3503 to 1.3678.
The pair was likely to find support at 1.3573 and resistance at 1.3642.
The outlook for the U.S. recovery was boosted on Tuesday after data showed that consumer confidence and new homes sales both rose to six year highs.
The CB consumer confidence index jumped to 85.2 in June from 83.0 last month. It was the highest reading since January 2008.
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