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Sterling Trading A Tad Lower In The Asian Session
For the 24 hours to 23:00 GMT, the GBP slightly rose against the USD and closed at 1.2582.
In the Asian session, at GMT0300, the pair is trading at 1.2581, with the GBP trading marginally lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2570, and a fall through could take it to the next support level of 1.2559. The pair is expected to find its first resistance at 1.2591, and a rise through could take it to the next resistance level of 1.2601.
Trading trend in the sterling today, is expected to be determined by UK’s Halifax house price index for June, scheduled to release in a few hours.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
Japan household spending rose 4% yoy in May, highest in four years
Japan overall household spending rose 4.0% yoy in May, well above expectation of 1.40% yoy. That's the fastest pace in four years since May 2015. The results argued that pickup in consumption could help offset some weakness in external demand in Q2.
However, spending ahead could be weighed down by sluggish wage growth ahead. Sentiments could also weaken on uncertainty over economic outlook, due to trade war. Additionally, the scheduled sales tax hike could also have negative impacts on spending.
For now, Prime Minister Shinzo Abe is holding on to the plan to raise sales tax to 10% this October.
Japanese Yen Trading Lower In The Morning Session
For the 24 hours to 23:00 GMT, the USD traded flat against the JPY and closed at 107.79.
In the Asian session, at GMT0300, the pair is trading at 107.85, with the USD trading 0.06% higher against the JPY from yesterday’s close.
The pair is expected to find support at 107.75, and a fall through could take it to the next support level of 107.66. The pair is expected to find its first resistance at 107.91, and a rise through could take it to the next resistance level of 107.98.
Moving ahead, traders would closely monitor Japan’s leading index and coincident index, both for May, set to release in a while.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
Switzerland’s Consumer Price Inflation Remained Flat In June
For the 24 hours to 23:00 GMT, the USD declined 0.15% against the CHF and closed at 0.9847.
In economic news, Switzerland's consumer price index (CPI) remained flat on a monthly basis in June, defying market expectations for a fall of 0.1%. In the previous month, the CPI had registered a rise of 0.3%.
In the Asian session, at GMT0300, the pair is trading at 0.9852, with the USD trading 0.05% higher against the CHF from yesterday's close.
The pair is expected to find support at 0.9841, and a fall through could take it to the next support level of 0.9831. The pair is expected to find its first resistance at 0.9866, and a rise through could take it to the next resistance level of 0.9881.
With no macroeconomic releases in Switzerland today, investors would look forward to global macroeconomic releases for further direction.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
Loonie Reverses Its Gains In The Morning Session
For the 24 hours to 23:00 GMT, the USD declined 0.07% against the CAD and closed at 1.3048.
In the Asian session, at GMT0300, the pair is trading at 1.3057, with the USD trading 0.07% higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.3037, and a fall through could take it to the next support level of 1.3017. The pair is expected to find its first resistance at 1.3078, and a rise through could take it to the next resistance level of 1.3099.
Looking forward, investors would await Canada’s unemployment rate for June, set to release later in the day.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
Australia’s AIG Performance Of Construction Index Climbed In June
For the 24 hours to 23:00 GMT, the AUD declined 0.11% against the USD and closed at 0.7026.
LME Copper prices rose 0.4% or $26.0/MT to $5900.0/MT. Aluminium prices rose 1.0% or $17.0/MT to $1771.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7026, with the AUD trading flat against the USD from yesterday's close.
Overnight data showed that Australia's AIG performance of construction index rose to a level of 43.0 in June, compared to a reading of 40.4 in the prior month.
The pair is expected to find support at 0.7013, and a fall through could take it to the next support level of 0.7000. The pair is expected to find its first resistance at 0.7042, and a rise through could take it to the next resistance level of 0.7058.
Looking ahead, traders would await Australia's Westpac consumer confidence index, the NAB business conditions and business confidence, slated to release next week.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
Gold: Yellow Metal Reverses Its Losses In The Morning Session
For the 24 hours to 23:00 GMT, Gold declined 0.08% against the USD and closed at USD1418.70 per ounce.
In the Asian session, at GMT0300, the pair is trading at 1420.20, with gold trading 0.11% higher against the USD from yesterday’s close.
The pair is expected to find support at 1413.00, and a fall through could take it to the next support level of 1405.80. The pair is expected to find its first resistance at 1427.10, and a rise through could take it to the next resistance level of 1434.00.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
Silver: White Metal Trading On A Weaker Footing This Morning
For the 24 hours to 23:00 GMT, Silver rose 0.20% against the USD and closed at USD15.37 per ounce.
In the Asian session, at GMT0300, the pair is trading at 15.29, with silver trading 0.49% lower against the USD from yesterday’s close.
The pair is expected to find support at 15.24, and a fall through could take it to the next support level of 15.18. The pair is expected to find its first resistance at 15.36, and a rise through could take it to the next resistance level of 15.42.
The white metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
Crude Oil: Oil Trading Extends It Losses In The Asian Session
For the 24 hours to 23:00 GMT, Crude Oil declined 0.65% against the USD and closed at USD56.89 per barrel, amid global growth concerns.
In the Asian session, at GMT0300, the pair is trading at 56.71, with oil trading 0.32% lower against the USD from yesterday’s close.
The pair is expected to find support at 56.37, and a fall through could take it to the next support level of 56.04. The pair is expected to find its first resistance at 57.14, and a rise through could take it to the next resistance level of 57.58.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
BoJ Amamiya: No plan to issue digital currency in the near future
BoJ Deputy Governor Masayoshi Amamiya said today the central bank has no plan to issue digital currency in the near future. And he disagreed to the idea that central banks can boost the effectiveness of negative interest rate policies by issuing digital currencies. "To overcome the nominal zero lower bound, central banks would need to eliminate cash," Amamiya said. "Eliminating cash would make settlement infrastructure inconvenient for the public, so no central bank would do this."
On the economy, Amamiya still expected to climb to 2% target. But he repeated BOJ wouldn't hesitate to ease policy further if momentum to hit inflation target is disrupted. While downside risks are strong, he noted many global central bankers share the view that global economy will recover in the second half.