GBP/USD pair is better offered in Asia around 1.30 handle, having witnessed a temporary reversal a day before from three-week lows of 1.2950.
EUR/USD fell to 1.1689 [support offered by the trend line sloping upwards from June 23 low] on Wednesday before recovering losses to end the day on a flat note at 1.1757 levels. The sharp recovery from the trend line support is no doubt encouraging for the EUR bulls, however, the US-German 10-yr bond yield spread tells another story.
The post-RBNZ spike in the NZD/USD to 0.7368 was short lived. This is not surprising, if we take into account the sharp drop in the one-month 25-delta risk reversal.
Goldman Sachs Global Investment Research is out with its revisions to their FX views and forecasts, mainly highlighting its view on the US dollar in months ahead
Prices for the barrel of West Texas Intermediate reacted adversely following the EIA’s weekly report, navigating within the daily range in the $49.00 neighborhood. The barrel of WTI surrendered gains despite the EIA’s report showed US crude oil supplies decreased by 6.451 million barrels during the week ended on August 4, more than initially estimated.
Daily Support & Resistance Level
|Currency Pair||S3||S2||S1||Pivot Points||R1||R2||R3|
|CRUDE OIL WTL||49.45||49.49||49.51||49.55||49.59||49.61||49.65|