NZD/USD (New Zealand Dollar/US Dollar) – Strong Buy: Focused Currency Pairs and Technical Analysis (15-Minute Chart) for August 16, 2024
EUR/USD (Euro/US Dollar) – Buy The EUR/USD is showing slight growth, recovering from the previous day’s decline. This recovery is due to U.S. jobless claims exceeding expectations and July retail sales recording a significant 1.0% increase, well above forecasts. As a result, the likelihood of the Federal Reserve cutting rates by 50 basis points in September has decreased. Today, the Eurozone’s trade balance and U.S. housing market statistics are scheduled to be released.
GBP/USD (British Pound/US Dollar) – Buy The GBP/USD is rising, attempting to break through the 1.2875 level. The UK’s retail sales met expectations, and GDP increased by 0.9% annually. Meanwhile, U.S. retail sales also significantly exceeded expectations, providing support for the dollar.
NZD/USD (New Zealand Dollar/US Dollar) – Strong Buy The NZD/USD is recovering from its lowest level since August 7, currently attempting to break through the 0.6015 level. Support for the New Zealand dollar came from the Reserve Bank of New Zealand (RBNZ) governor’s statement that the economic situation remains uncertain. Additionally, New Zealand’s Producer Price Index (PPI) exceeded expectations, reducing expectations for further monetary easing by the RBNZ.
USD/JPY (US Dollar/Japanese Yen) – Strong Sell The USD/JPY is in a correction phase, declining from the early-month high above 149.00. Although U.S. retail sales exceeded expectations, providing ongoing support for the dollar, Japan’s industrial production fell short of expectations, maintaining pressure on the yen.
XAU/USD (Gold/US Dollar) – Buy The XAU/USD is experiencing choppy movements around the 2455.00 level, showing slight gains as the week comes to a close. The Michigan Consumer Sentiment Index, set to be released today, could provide further support for the dollar.
