27th March 2015 – Daily Currency Market Report.

The market in brief:

  • AUD rally falters back to close flat
  • NZD at its week long lows
  • UK Retail Sales beat expectations
  • US Weekly Unemployment Claims drop
  • Gold at $1204.50 & Brent Crude at $56.21

Market moving events for the next 24 hours:

  • US GDP
  • US Fed Chairwoman Yellen speaks

AUD-USDThe Australian Dollar had a run higher during the Asian session and was a healthy 90 cents off its days lows at one stage. However the resistance up there held firm again and with a slightly better US jobs number, as well as concerns over tonight’ s US GDP data and speech by the Fed Chairwoman, the market was reluctant to take the currency out of its comfort zone. Technically we see the highs holding firm once again, however much hinges on what Janet Yellen and if she has any further clues to the timing of the eagerly awaited interest rate hike. Support is seen only 25 points below, for you AUD buyers.

AUD-EURThe Euro has given up the ground it had made on Wednesday as more rumblings between the Greeks and German’s plus strong technical support ensured the month long range was held firm. There is no major data from the EU this evening so we see this pair trading around the current levels, being the 50% retracement. Therefore fair value for importers and exporters.

AUD-GBPA volatile session for this pair as the both the Aussie and Pound strengthened during our trading, with the local currency winning out. Although better than market forecast Retail Sales numbers had Sterling recover late on. There is no UK data due until next week so we see this pair trading just shy of the medium term channel that was discussed earlier this week.

AUD-NZDA typical 60 point range for this pair with a near enough flat close as developments offshore effected both currencies in equal measure. With no data due in either center and just the cricket world cup final to look forward to, we cannot see any great shakes occurring in price action until perhaps the RBA meet just after Easter.

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