UK GfK Consumer Confidence (Jul): 4 (exp 5 prev 7)
Australia PPI (QoQ) Q2: 0.3% (prev 0.5%)
Australia PPI (YoY) Q2: 1.1% (prev 0.7%)
New Zealand ANZ Activity Outlook (Jul): 19.0 (prev 23.6)
New Zealand ANZ Business Confidence (Jul): -15.3 (prev -2.3)
Taiwan GDP (YoY) Q2, P: 0.64% (exp 2.55%, prev 3.37%)
Asia shares edge up, wary of China volatility – RTRS
Japan spending slump heightens chance of second quarter contraction – RTRS
Dollar off post-GDP highs, but supported by rate rise view – RTRS
The US Dollar gave up some of its gains and is lower against most major currencies on the day, except the New Zealand Dollar. The NZD extended losses after another bad data print, this time in form of the ANZ Business Confidence and Activity Outlook. The pair reached a low of 0.6570 and it seems that it is only a matter of time until it revisits the earlier July low (and current yearly low) of 0.6497. USD/CAD fell from 1.3040 in yesterday’s NY session to a low of 1.2990 in the APAC session, as Oil prices have bounced slightly. Intraday support now seen at 1.2960 and 1.2910, while the key level remains 1.2860.
EUR/USD broke below the 1.0920/25 support area yesterday, but the lack of momentum led to a consolidation between 1.0925 and 1.0950 overnight. The key level now to watch is 1.0860. A break below would suggest a retest of 1.0805. USD/JPY failed to breach the 124.50 resistance area once again and was sold-off in the Asian session. Decent support expected at 123.50.