ORBEX | Sep 20, 2018 02:45AM ET
Daily Forex Market Preview, 20/09/2018
The U.S. dollar pulled back on Wednesday amid a slight improvement in the emerging markets. Economic data was mostly quiet from the U.S.
Consumer prices in the UK advanced 2.7% on the year ending August 2018. This beat the median forecasts of a 2.4% increase. Core CPI also advanced 2.1% beating estimates of 1.8% increase.
Data from the U.S. saw housing starts rising at a modest pace last month. Housing starts rose 9.2% in August from the month before.
New Zealand's quarterly GDP report was released during the overnight trading session. The GDP advanced 1.0% during the three months ending June 2018. Economists were expecting a 0.8% increase during the period.
Later in the day, the Swiss National Bank will be holding its monetary policy meeting. The SNB is expected to leave its monetary policy unchanged at today's meeting.
The UK will be releasing the retail sales figures for the month. Forecasts show a 0.2% decline in retail sales following a 0.7% increase the month before.
The NY trading session will see the release of the Philly Fed manufacturing index. Activity is expected to show the index rising to 17.5.
EUR/USD intraday analysis
GBP/USD intraday analysis
GBP/USD (1.3149): The GBP/USD currency pair was seen briefly testing the resistance level at 1.3205 before easing back. We expect to see a solid retest of this level once again before price action could potentially post a pullback. The retest of the support at 1.3036 is likely to form. Establishing support at this level could put GBP/USD on track to breach the current resistance level at 1.3205.
XAU/USD intraday analysis
XAU/USD (1205.52): Gold prices continue to consolidate above 1197.50 level of support. Price action remains broadly muted at this level. With gold trading above 1197.50, the sideways range is expected to continue. The upside resistance at 1219.75 is likely to cap any further gains. To the downside, we expect the support at 1197.50 to hold in the near term. A decline below this level could, however, post further losses pushing gold prices down to 1183.30 support.
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