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Price action has been extremely choppy and unpredictable since the market topped out by 1.3030 a few days back and it is unclear at this point in time whether we are on the verge of carving out a medium-term lower top or are prepping for the next upside extension towards the 1.3200 area
The Euro may advance as Germany’s Unemployment rate drops to 7.6 percent, matching a nearly two-decade low and boosting hopes that the Euro Zone’s largest economy can keep the region-wide recovery on pace.
Wednesday’s trading session was rather disappointing with the major currencies mostly confined to some consolidation.
New Zealand’s Trade Balance surplus narrowed to 276M in June from a revised 768M in the previous month as exports fell 9.8 percent while imports advanced 2.3 percent. Sales to Australia, China and Japan – New Zealand’s top three trading partners – fell 5.6, 15.9 and 14.3 percent respectively. A stronger currency may have accounted for the drop in overseas sales after the New Zealand Dollar added 0.5 percent in trade-weighted terms in June against its top counterparts. Indeed, a gauge from ANZ Bank showed the prices for the island nation’s top export commodities in terms of the local currency fell for the first time in five months in June.
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Inventories
The Department of Energy reported that in the week ending July 23, 2010, US crude oil inventories increased by 7.3 million barrels, gasoline inventories were close to unchanged, distillate inventories increased by 0.9 million barrels, and total petroleum inventories increased 9.0 million barrels. The latest movements put all inventory components at or near record seasonal highs. Refinery utilization finally ticked lower, but gasoline production hit a new all-time high. More encouragingly, demand continues to rebound, with gasoline consumption at three-year highs.
• Euro Tumbles Against Most Major Currencies as Bank Lending Remains Tight, Euribor Pushes Higher
• British Pound Looks for Direction as Comments by Governor Mervyn King Raises Concerns of Stagflation
• Australian Dollar Dips Back Below 200-Day SMA as Traders Pare Bank Interest Rate Expectations
• Japanese Yen Rallies as Speculation for BoJ Intervention Subside
• New Zealand Dollar to Face Whipsaw Price Action Ahead of RBNZ Rate Decision