Daily Commentary

GBP/USD- A fairly decent move on the upside for cable today, reaching session of 1.68106. We saw a pretty large fall on the downside for the pair yesterday, looking oversold in the short term and because of this we saw it jump up. It is most likely the move was on the back of the good sterling data we had out earlier, this being claimant count change coming out at -27.4k from an expected -25.0k. As soon as we saw this data released, cable jumped up to 1.67909. It continued to climb to some previous congestion around the 1.681 level and started to come back down after reaching this level.

EUR/USD- Not to much movement in euro dollar today, after we saw two days of heavy selling. It reached sessions highs of 1.35564 and lows of 1.35209, but doesn’t seem to want push lower than this level as we have seen a a double bottom for on the H1. It seemed to barely flucuate in price today and just seems to be traversing. With it looking very oversold now, potentially a big move up to come.

NZD/USD- We have seen Kiwi dollar surging nearly 110 pips in an hour. Reaching recent highs of 0.86267 and session lows of 0.85171. With the reserve bank of New Zealand hiking rates to 3.25% from a previous 3.00%. This is due to the fact that the economy is growing but inflation may occur if it continues at the rate it is going, so by increasing interest rates it should slow this down somewhat. With the pair bouncing off of its 100 EMA it looks like this is being formed into some strong support.

GOLD- A further but not such a significant move on the upside from gold today, as we have seen it reach highs of 1265.20 but it soon came back down to 1258.59. Not too much movement in one direction but generally a move on the upside for gold, after we saw it rally yesterday this didn’t come as much of a surprise as the buyers have seemed to take a breather.