Hectic day for EURUSD and AUDUSD traders 1 week ahead of the NFP, who keep their eyes peeled on the news for EMU CPI data.
EURUSD Ahead of EMU CPI
EURUSD started the day at 1.8518 ahead of EMU CPI data. Facing some solid buying earlier on, the pair is off to fresh tops around the 1.18758 area. The US dollar index remains subdued at 93.20.
The upbeat move in the pair is supported by a softer trend in US 10-year yields, which lost impetus after hitting a daily top on Wednesday, right above 2.40%.
EMU CPI figures are closely eyed by investors for more impetus in single currency trading.
Away from the 3rd support at 1.1836, EURUSD is approaching the 2nd level of support at 1.1844. Resistance is envisaged around 1.1869 (R1), 1.1886 (R2) and 1.1901 (R3).
AUDUSD Clings on to Petty Gains
AUDUSD has been clinging on to petty gains on positive Chinese PMI data, which helped the pair gain pace. Currently, the pair trades around 0.75643, following a daily open at 0.75659. The release of capex data attracted some Aussie buyers, reflecting a 1% q-o-q increase for the third quarter.
Investors are also looking forward to the US economic data releases featuring the PCE price index, personal income and spending data and the unemployment claims for more impetus in the greenback.
An Extension of Oil Output Cuts?
According to Reuters, OPEC and allied oil-exporting powers are likely to shake hands on the extension of oil output cuts till the end of 2018. Quoting two sources close to OPEC, the agency says that “they will agree on the nine months”, and “no surprises… all are for nine months”.
Sensitive to these comments, Brent crude started the day at $62.51 per barrel and hovers above $63.26 per barrel, while US crude trades around $57.84 per barrel following an open at $57.34 per barrel.