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Market Update – Risk FX mixed, USDCAD lower, AUS employment, BOE to come

jeffriess
December 19, 2019
by Joseph Jeffriess, Market Analyst

Article Recap

USDCAD hit new weekly lows after CPI data - NZ GDP hits 0.7% - Bitcoin rallies 9.97% after touching new weekly lows.

Mixed directions overnight from risk currencies.

Overnight the EUR and GBP lost ground to the USD, as the USDCAD declined. The GBPUSD closed 47 pip lower while the EURUSD fell 34 pips lower. The USDCAD was tracking well until Canadian CPI came in as expected giving the CAD boost this sent the $/CAD to new weekly low at 1.3102.

This morning NZDUSD saw a small boost after GDP increased to 0.7%, the move was short-lived as sellers faded the rally completely on the 1H. Risk has been firming this morning the AUDUSD moving back into the positive and the NZDUSD is trimming losses. The AUD could see volatility this morning with Australian employment data due at 11:30 am AEDT.

Local and Asian shares are mixed at this point, the ASX200 has a 0.23% gain while the Nikkei is trading 0.13% lower.

The GBP could also be set for a busy night with retail UK sales data due at 8:30 pm and BOE rates decision from 11 pm.

Today’s video we look in detail at; AUDUSD, has price started to form support? Gold, resistance continues to hold buyers back with a new triangle forming in the range. Bitcoin, we discuss the new recovery rally that formed yesterday after sellers touched new weekly lows. Is this history repeating?

Good trading from Eightcap.
All times are AEDT.