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Forex News Timeline

Thursday, June 21, 2018

The USD/JPY has continued to recover in Thursday's Asia trading, lifting into 110.50 as market sentiment continues to favor the Greenback and risk flo

Market sentiment continues to improve, sending the Dollar higher against the safe haven Yen.Thin schedule for Thursday sees risk appetite driving the pair solo.The USD/JPY has continued to recover in Thursday's Asia trading, lifting into 110.50 as market sentiment continues to favor the Greenback and risk flows from the early week begin to reverse. US Treasury yields recovered on Wednesday, stabilizing the US Dollar and pushing the pair higher into Thursday. Little of note is on the economic calendar for Japan for Thursday, though National CPI figures will be dropping late at 23:30 GMT. The headline figure is expected to contract from 0.6% to 0.3%, though Tokyo CPI releases several weeks earlier, so traders are prepared for the reading. On the US side will be Jobless Claims dropping at 12:30 GMT, with initial claims expected to tick up slightly from 218 thousand to 220 thousand. USD/JPY levels to watchAs noted by FXStreet's Valeria Bednarik, "according to the 4 hours chart, the upside potential is limited, as technical indicators hold below their mid-lines with modest upward slopes, indicating no buying interest. The pair is resting above directionless 100 and 200 moving averages, which converge around 109.85, providing a short-term support." Support levels: 110.15 109.85 109.55     Resistance levels: 110.45 110.90 111.34

In the view of analysts at TDS, the Bank of England (BOE) is expected to leave the interest rates unchanged at its monetary policy meeting today while

In the view of analysts at TDS, the Bank of England (BOE) is expected to leave the interest rates unchanged at its monetary policy meeting today while remaining cautious on the forward guidance.Key Quotes:“We expect the MPC to keep policy on hold and shy away from comments about market expectations of future rate hikes.  But in reaffirming its view that the 2018 Q1 growth slowdown was temporary, markets might interpret that as a signal that an August hike is more likely.  We expect a 7-2 vote, but risks of a 6-3 vote should not be discounted.”

Analysts at Nomura are out with a brief preview of the Swiss National Bank’s (SNB) quarterly monetary policy assessment, with the interest rates decis

Analysts at Nomura are out with a brief preview of the Swiss National Bank’s (SNB) quarterly monetary policy assessment, with the interest rates decision due to be announced at 0730 GMT.Key Quotes:“The ECB's new forward guidance on rates means that the SNB is unlikely to move policy any time soon, with 2020 the most likely timing, in our opinion. Near-term CPI forecasts could be revised higher, but the recent market developments on balance could see a softer growth outlook and revisions lower in the long term. ECB dovishness, Italian politics and a softening in global growth indicators would advise caution from the SNB. The commitment to the two pillars of low-interest rates and the willingness to intervene in the FX market should remain.  Given the SNB will be one of the last movers in normalizing monetary policy, the risk-reward remains to trade EUR/CHF to the topside unless a broad-based market risk-off materializes again.”  

The AUD/USD pair staged a sharp V-shaped reversal last hour, bouncing-off two-day lows of 0.7356 in a bid to take-out the 0.7398/40 resistances amid r

Lifted by Australia’s proposed tax cuts and risk-on rally in the Asian equities. Bulls need a break above the 5-DMA resistance at 0.7398 for a sustained recovery.Eyes on Aussie tax cuts approval and US macro news for further momentum.The AUD/USD pair staged a sharp V-shaped reversal last hour, bouncing-off two-day lows of 0.7356 in a bid to take-out the 0.7398/40 resistances amid risk-on market profile and expectations of the Australian tax cuts.AUD/USD: A Doji on daily sticksThe Aussie paused its five-day losing streak and rebounded this Thursday, now forming a Doji candle on the daily sticks, which suggests indecision heading into the Australian parliament’s approval of the proposed tax cuts in the Budget this year. However, the sentiment around the spot remains supported by the risk-on rally in the Asian equities, especially with the Australian ASX 200 index rallying +1.20%. More so, the USD bulls continue to run into resistance near 95.20 levels, adding to the positive tone around the Aussie. All eyes remain on the Aussie tax cuts approval for fresh direction on the pair ahead of the US datasets due later in the NA session.AUD/USD Technical LevelsResistance 1: 0.7382 (daily pivot), Resistance 2: 0.7398/0.7400 (5-DMA/ round number), Resistance 3 0.7468 (10-DMA).    Support1: 0.7347 (2018 lows), Support2: 0.7312 (classic S3), Support 3: 0.7250 (psychological levels).

Reuters reports further headlines from the Chinese Commerce Ministry, this time highlighting the US-Sino trade spat. The US abuses tariffs, breaks gl

Reuters reports further headlines from the Chinese Commerce Ministry, this time highlighting the US-Sino trade spat. The US abuses tariffs, breaks global trade orders. Hopes the US will be fair in its anti-dumping probe against China firms. China will take action to defend its interests. If the US releases new tariffs list, China fully prepared to respond with qualitative and quantitative tools. China believes previous negotiations with the US were positive and constructive. The US is being unpredictable and challenging, China has to make strong responses. No matter how the US attitude changes, China will continue on its own path China's economic prospects are bright, we are fully confident.

China’s Commerce Ministry is out with a statement on Thursday, announcing that the country’s Vice Premier Liu will attend the upcoming meeting with Eu

China’s Commerce Ministry is out with a statement on Thursday, announcing that the country’s Vice Premier Liu will attend the upcoming meeting with Europe delegation in Beijing.Additional Headlines:Meeting with European delegation is of great significance at this important time. Hopes the meeting with European delegation will send a signal that both sides oppose unilateralism. The US has many structural problems but always uses other countries as a scapegoat. The US accusations of forced technology transfer is a severe distortion of reality.

The NZD/USD pair remains heavily offered so far this Thursday, having faced fresh selling pressure following the release of NZ Q1 GDP report, which sh

A weaker annualized New Zealand’s (NZ) Q1 GDP figures continue to weigh.Bears targeting 0.7800 ahead of the US Philly Fed manufacturing index and jobless claims.The NZD/USD pair remains heavily offered so far this Thursday, having faced fresh selling pressure following the release of NZ Q1 GDP report, which showed a downtick in the annualized figures when compared to the fourth quarter. The Q1 GDP data casts doubt over the expectations of a rebound in NZ second-quarter growth while also weighing negatively on the Reserve Bank of New Zealand’s (RBNZ) interest rates outlook in the coming months. Also, a pick-up in the US dollar buying across the board in Asia, as improved risk appetite lifted the demand for Treasury yields across the curve, collaborated to the weakness in the major. However, over the last minutes, the spot is seen making tepid recovering attempts, tracking the uptick in its OZ neighbor Aussie. But the divergent monetary policy outlooks between the Fed and RBNZ will continue to remain supportive of the greenback, keeping the sentiment undermined around the Kiwi. Data-wise, markets await the US Philly Fed manufacturing index and jobless claims for near-term trading opportunities.NZD/USD Technical LevelsResistance 1: 0.6900-0.6923 area figure and supply/demand level,  Resistance 2: 0.6960, June 1 low, Resistance 3 0.7000 (round number).    Support1: 0.6833, current 2018 low, Support2: 0.6816 December 1, 2017 low, Support 3: 0.6780, 2017 low.

The GBP/JPY is trading into 145.50 in Thursday's Asia session ahead of an upcoming Bank of England (BoE) showing for another rate call. The Sterling

Sterling lifting against the Yen as markets recover cautiously.The BoE is due later with another rate call that is expected to hold steady.The GBP/JPY is trading into 145.50 in Thursday's Asia session ahead of an upcoming Bank of England (BoE) showing for another rate call. The Sterling is walking higher against the Yen as broader markets cautiously recover from the early week's risk aversion, and the GBP/JPY pair is looking to stage a correction against the latest leg down for the pair. The Yen has a quiet Thursday lined up with National CPI due at 23:30 GMT, but the headline figure, which is expected to decline from 0.6% to 0.3%, but with the Tokyo CPI figures being a fairly accurate bellwether of national inflation, and releasing several weeks earlier, impact is likely to be limited, while on the Sterling side will be another rate call from the BoE, where the central bank is widely expected to remain stalled on a potential rate hike, and hopes of a summer rate hike are beginning to fade as the 'first quarter slowdown' continues to seep further and further into the rest of the year.GBP/JPY levels to watchWith the pair crawling higher for Thursday, the immediate challenge for bulls will be to make a break of the 145.70 level and then hold it in order to make a run at last week's high of 147.85, while a decline breaking the 144.40 level will quickly run into the May low at 143.20.

The Irish Prime Minister (PM) Leo Varadkar was on the wires earlier today, via Reuters, speaking about the Brexit issue ahead of his meeting with the

The Irish Prime Minister (PM) Leo Varadkar was on the wires earlier today, via Reuters, speaking about the Brexit issue ahead of his meeting with the European Union (EUR) President Juncker.Key Points:Expects the UK to intensify efforts.  Need much more Brexit progress from the UK.

More comments flowing in from the BoJ board member Funo, via Reuters, as he continues to speak about the economy and trade barriers. Uncertainty is h

More comments flowing in from the BoJ board member Funo, via Reuters, as he continues to speak about the economy and trade barriers. Uncertainty is high on other countries' trade policies, warrants attention. Prices are weak compared to the economy, labor market. Expects CPI to grow towards 2 pct on improvements in output gap and rises in inflation expectations. Risks firm's price setting stance may remain cautious. Sees slowing growth and no financial stability threats. 

The Bank of Japan (BoJ) board member Funo is out on the wires now, via Livesquawk, commenting on the Japanese economy and monetary policy programme.

The Bank of Japan (BoJ) board member Funo is out on the wires now, via Livesquawk, commenting on the Japanese economy and monetary policy programme.Key Headlines:Need to patiently promote strong monetary easing under the current framework. Momentum towards 2 percent price target in place, still distance to price target. Risk of instability in the financial system is not large. Prices remain weak, downside risk to medium to long-term inflation expectations large. Expects the pace of economic growth to slow in fiscal years 2019 and 2020.

Oil is grinding higher, with WTI crude prices testing into the 65.50 level after a bumpy ride on Wednesday that ultimately sees crude on the rise as I

Iran waffles on production limits, may be willing to engage in a small increase.Shortside declines on potential production boosts get capped by US domestic demand continuing to rise.Oil is grinding higher, with WTI crude prices testing into the 65.50 level after a bumpy ride on Wednesday that ultimately sees crude on the rise as Iran loosens its previous position, open to the possibility of production increases being pushed by Saudi Arabia and Russia. The possibility of an OPEC production limit increase is moving back towards reality after Iran conceded the possibility of allowing OPEC production limits to move higher today. Saudi Arabia has joined with Russia and are looking to lift oil production caps that went into place to prevent a further slide of oil prices as a supply overhang from the US threatened global oil markets. Demand appears to have finally caught up with supply, and now key players in the oil markets are looking to allow some more slack back into the markets, though Iran had previously joined up with Iraw and Venezuela saying they will not back the limit lifts. The possibility of production increases had little bearish effect on oil prices thanks to another reduction in US crude stocks, which shows that the US' internal demand is continuing to eat away at clogged supply lines for crude products.WTI levels to watchWednesday's action whipped new near-term barriers on either side of the bids today, with yesterday's high making a new barrier at 66.25 and the day's low marking out a lowside boundary at 64.70; continued bullish action will see further resistance at the key 67.00 handle near last week's high, while resumed selling will quickly run into the week's low at 63.35.

The People's Bank of China (PBoC) has set the Yuan's reference rate at 6.4706 for Thursday, versus yesterday's fix of 6.4586.

The People's Bank of China (PBoC) has set the Yuan's reference rate at 6.4706 for Thursday, versus yesterday's fix of 6.4586.

The USD/JPY pairing is testing close to Wednesday's high, near 110.40 as the Greenback corrects the early week's slide,  bolstered by rising Treasury

Dollar continues to post gains against the Yen as bonds boost the Dollar.Broader market correction sees risk flows edging cautiously out of the safe-haven Yen.The USD/JPY pairing is testing close to Wednesday's high, near 110.40 as the Greenback corrects the early week's slide,  bolstered by rising Treasury yields. After a quick decline earlier in the week the USD is grinding higher against the Yen, lifting in Wednesday's trading to continue the technical correction from the week's bottom at 109.55.  Foreign investment in Japanese stocks contracted further, sinking to ¥-40.8 billion after the previous reading of ¥-108.3 billion, but on the flip side, foreign investment in Japanese bonds surged to ¥1.49 trillion after printing a ¥-475.6 billion decline in the previous period. Thursday will also bring y/y National CPI figures for Japan beginning late at 23:30 GMT, with the headline figure expected to come in at 0.3%, a notable decline from the previous reading of 0.6% as inflation continues to slump far below the Bank of Japan's inflation target of 2%.USD/JPY levels to watchThe pair's latest bullish correction isn't necessarily promising further gains, and as FXStreet's own Valeria Bednarik noted, "according to the 4 hours chart, the upside potential is limited, as technical indicators hold below their mid-lines with modest upward slopes, indicating no buying interest. The pair is resting above directionless 100 and 200 moving averages, which converge around 109.85, providing a short-term support." Support levels: 110.15 109.85 109.55     Resistance levels: 110.45 110.90 111.34

The AUD/USD is trading quietly near Wednesday's close, cycling near 0.7370 ahead of a quiet Wednesday. Market sentiment saw a mild recovery yesterday

The Aussie is trading sluggishly ahead of a quiet Thursday session.The RBA Bulletin due today encompasses the entirety of the AUD's showing on the economic calendar for today.The AUD/USD is trading quietly near Wednesday's close, cycling near 0.7370 ahead of a quiet Wednesday. Market sentiment saw a mild recovery yesterday, pumping the brakes on the Aussie's decline, but not providing enough incentive for the AUD to deliver more than a half-hearted bounce from the week's technical bottom near 0.7345. The Reserve Bank of Australia's (RBA) Governor Lowe delivered remarks at a central banking meetup for the EU's Sintra Forum, though Lowe's remarks delivered little of note for traders, as the general theme of the meeting focused primarily on trade concerns surrounding the scaling-up of trade war rhetoric between the US and China. Thursday sees the RBA's Quarterly Bulletin at 01:30 GMT, a collection of speeches and notes detailing the central bank's outlook on the Australian economic outlook, as well as highlighting the RBA's operations, though with the bank's forward guidance model giving traders a front-row seat to all of their major decisions, little new information is expected in the bulletin.AUD/USD levels to watchThe Aussie is seeing little buying action amidst a mild market recovery, and as FXStreet's own Valeria Bednarik noted, "the 4 hours chart shows that the intraday recovery stalled below a bearish 20 SMA, while technical indicators retreated from their intraday highs before stabilizing, the Momentum well below its 100 level and the RSI at around 31, all of which leans the risk toward the downside.  The weekly low was established at 0.7346, the immediate support, with a  break below the level favoring a continued decline toward the 0.7250 region, a strong long-term static support." Support levels: 0.7345 0.7310 0.7275 Resistance levels: 0.7395 0.7430 0.7480

Broader markets experienced a recovery in sentiment after getting knocked back a couple of pegs by the ramp-up in the US' trade war rhetoric against C

Market recovery failed to spark upside moves for riskier currencies, and its all about the Greenback for now.Thursday sees BoE rate call, and little else for the Asia and US sessions.Broader markets experienced a recovery in sentiment after getting knocked back a couple of pegs by the ramp-up in the US' trade war rhetoric against China. President Trump is positively itching for an all-out dust-up against China, and China seems prepared to deliver, cautioning that more tariffs from the US will be met with retaliation, though the Chinese are definitely playing their cards closer to their chest than the Trump administration, opting to avoid making more announcements than necessary.Risk pairs go flat for WednesdayThe Euro and the Sterling both moved sideways for Wednesday, with the EUR/USD and the GBP/USD closing the day close to where they started, with the Euro barely shedding 20 whole pips between its opening and closing prices for the day. Resolutions on Brexit continue to remain thin to the point of non-existence, though Prime Minister Theresa May did win yet another key vote over the Brexit "meaningful vote" in the parliament, while the European Central Bank's (ECB) Mario Draghi hit many of the same, well-worn notes in his speech on Wednesday. Thursday brings the Bank of England's next rate call, though markets have already priced in a lack of movement from the BoE on the matter of interest rates, and now its a matter of identifying any changes to the vernacular the central bank uses in its Monetary Policy Summary, due at 11:00 GMT.Central banker gathering delivers plenty of rhetoric, little actionOn the USD side, the Fed's Jerome Powell cautioned that changes to trade policy will cause the Fed to have to readjust their outlook for the US economy, a sentiment that was echoed by all of the other central bankers that were in attendance of the ECB's panel, which was titled 'Price and wage setting in advanced economies'. Very little new information came out of the panel, and the three-way speech event of the Fed's Powell, the ECB's Draghi, and the Reserve Bank of Australia's (RBA) Lowe brought little to the table for traders to chew on. The Aussie also went flat for Wednesday, finishing almost exactly where it started despite some lift early on in the Asia session, while the Kiwi managed to slip further, tucking closer into the year's low near 0.6850, only pumping the brakes after New Zealand's GDP figures for the first quarter came in exactly as expected. The rest of the week is quite clear for both the AUD and the NZD, though whether this is a good thing is up to the markets. The Yen gave up a little ground against the Greenback as Treasury yields moved higher, buoying the USD and keeping markets subdued.

Japan Foreign investment in Japan stocks: ¥-40.8B (June 15) vs ¥-108.5B

Japan Foreign bond investment: ¥1490.4B (June 15) vs ¥-488.5B

The NZD/USD is trading near 0.6860, flat for Thursday and close to Wednesday's closing price. The Kiwi was little-moved following the New Zealand GDP

The Kiwi barely registers NZ GDP figures, which came in at expectation, but forecasts aren't expecting much from the NZ economy lately.The NZD/USD is toying with 2018's key low as bidders remain constrained by overall market sentiment.The NZD/USD is trading near 0.6860, flat for Thursday and close to Wednesday's closing price. The Kiwi was little-moved following the New Zealand GDP figures, which came in at expectations, and the NZD/USD pair is free to continue moving with overall market sentiment. GDP figures for the first quarter was the big showing for the NZD this week, and little else remains on the NZ side of the data docket, though US Jobless Claims will be hitting in the US session later today, and at 12:30 GMT Initial Jobless Claims are expected to tick up slightly from 218 thousand to 220 thousand.NZD/USD levels to watchThe Kiwi is accelerating into 2018's low for the pair of 0.6854, and NZD buyers could be looking to set off a double bottom reversal from the key support level, though a break lower will see further declines into the December 2017 swing low of 0.6816. Spot rate:                       0.6864
Relative change:           Negligible     
High:                              0.6865
Low:                               0.6858 Trend:                             Bearish Resistance 1:                 0.6900-0.6923 area figure and supply/demand level   
Resistance 2:                 0.6960, June 1 low
Resistance 3                  0.7000 figure    Support 1:                      0.6854, current 2018 low
Support 2:                      0.6816 December 1, 2017 low
Support 3:                      0.6780, 2017 low

New Zealand GDP came in at expectations, with the q/q figure printing at 0.5% (previous 0.6%), and the y/y/ figures coming in at 2.7% (previous 2.9%).

New Zealand GDP came in at expectations, with the q/q figure printing at 0.5% (previous 0.6%), and the y/y/ figures coming in at 2.7% (previous 2.9%).  Domestic household spending was flat from the previous quarter, while household spending overseas climbed 2.9%, the highest quarterly growth since the December 2016 quarter.Key quotes"Primary industries were up 0.6 percent in the March 2018 quarter due to increased agricultural activity. This follows a 2.6 percent drop in the previous quarter. Growth in the agricultural industry was driven by increased milk production, brought about by more favourable weather conditions in February and March. Increased milk production flowed through to an increase in manufacturing of dairy products. However, dairy exports were down 1.0 percent in the quarter. Beef and sheep farming fell in the March 2018 quarter, offsetting the growth from dairy production. At the same time, manufacturing of meat and meat products also fell, while exports of meat products were down 8.9 percent. Forestry production experienced strong annual growth of 6.7 percent for the year ended March 2018. This growth came on the back of record harvest volumes, despite an 8.4 percent fall in the March 2018 quarter. The decrease in harvest volumes this quarter aligns with a 15 percent drop in forestry primary product exports. Household spending was flat in the March 2018 quarter, following a 1.2 percent rise in the December 2017 quarter. Up until the March 2018 quarter, household spending had been growing every quarter since September 2012. Increased household spending on services was offset by decreased spending on goods. A fall in spending on new and used motor-vehicle purchases was likely the result of the reduced availability of cars after stink bugs were detected in car shipments. Little growth in the retail trade industries reflects the flat household spending across the quarter."

On July 11th, Japan will be ratifying a trade agreement with the EU. The trade agreement was negotiated easily between the two, and all that's left is

On July 11th, Japan will be ratifying a trade agreement with the EU. The trade agreement was negotiated easily between the two, and all that's left is to sign the document on the designated date. With the US' shotgun-style trade diplomacy as of late, Japan and the EU were quick to set about settling trade matters across their borders, and the ratification comes at a time when Japan is beginning to ramp up their immigration efforts as they seek more skilled labour to make up shortages from within their population.

New Zealand Gross Domestic Product (YoY) meets forecasts (2.7%) in 1Q

New Zealand Gross Domestic Product (QoQ) meets forecasts (0.5%) in 1Q

Westpac analysts deliver their breakdown of the day's events, and where markets might turn from here. Key quotes "There was a brief dip in US treasu

Westpac analysts deliver their breakdown of the day's events, and where markets might turn from here.Key quotes"There was a brief dip in US treasury yields and USD/JPY as China state news agency Xinhua said China would take “strong counter-measures against US tariffs” but otherwise risk appetite improved modestly. Central bankers spoke on a panel at an ECB forum in Portugal. RBA governor Lowe said issues around trade tariffs were “incredibly worrying.” He also said inflation might be lower than the RBA would like for a while and that the bank had not embraced forward guidance (perhaps a reference to the June minutes’ removal of the line about the next move on rates likely to be up). Fed chairman Powell said the case for further gradual rate hikes remains strong and that the funds rate is perhaps 100 basis points below neutral – which is essentially just describing the “dots” in last week’s quarterly projections. Powell did say though that the Fed’s business contacts are expressing increased concern over US trade policy.  With 9 days left in Q2, we finally see New Zealand Q1 GDP data (8:45am Syd/6:45am Sing/HK). Growth momentum looks to have slowed, with Westpac forecasting 0.4%qtr, 2.8%yr, which would be the slowest growth since 2014. The public sector and agriculture should be stronger, but consumer spending looks to have been muted. Consensus is 0.5%qtr and the kiwi often responds to this data. Asia’s calendar is low key – Thailand May trade data and an expected steady hand at 1.375% by CBC Taipei, which has kept steady for 2 years. There is no real tension over the outcome of the BoE MPC policy meeting, with pricing for a rate hike near zero and only rising above 40% for the 2 August meeting. But there is always plenty to absorb in the statement and minutes. GBP/USD hit lows since November on Wednesday, which seems unlikely to be of much concern to the MPC. The US data calendar remains low key – weekly jobless claims (though it is for the week that includes the June payrolls survey) and the June Philadelphia Fed business survey."

New Zealand quarterly GDP overview Tuesday at 22:45 GMT sees the latest quarterly GDP figures from New Zealand, and the headline q/q/ figure is expec

New Zealand quarterly GDP overviewTuesday at 22:45 GMT sees the latest quarterly GDP figures from New Zealand, and the headline q/q/ figure is expected to tick down from 0.6% to 0.5%, while the y/y figure is expected to match, forecast to come in at 2.7% versus the previous reading of 2.9%. How could it affect the NZD/USD?A worse-than-expected miss for the GDP figures would be poorly timed, with the Kiwi slumping into technical lows, while expectations of a positive reading are limited, with the New Zealand economy consistently mixed on data releases recently. As FXStreet's own Eren Sengezer noted, "the pair could face the first support at 0.6850 (May 16 low) ahead of 0.6800 (psychological level) and 0.6775 (Nov. 17 low). On the upside, resistances align at 0.6940 (Jun. 19 high), 0.6990/0.7000 (50-DMA/psychological level) and 0.7060 (Jun. 6 high). The RSI indicator on the daily chart remains a little above the 30 mark, suggesting that the pair could edge lower before becoming technically oversold."About the NZ GDPThe Gross Domestic Product released by the Statistics New Zealand is a measure of the total value of all goods and services produced by New Zealand. The GDP is considered as a broad measure of New Zealand economic activity and health. Generally speaking, a high reading is seen as positive (or bullish) for the NZD, while a falling trend is seen as negative (or bearish) for the NZD.

Brazil Interest Rate Decision in line with forecasts (6.5%)

South Korea Producer Price Index Growth (YoY) up to 2.2% in May from previous 1.6%

South Korea Producer Price Index Growth: 0.2% (May) vs 0.1%

EUR/GBP 15-minute chart Spot rate:                0.8787 Relative change:    -0.11%      High:                       0.8803 Low:                

EUR/GBP is evolving in a bull channel but has found resistance at the 0.8800 figure. A breakout above the 0.8800 level should lead to a test of the 0.8826-0.8840 area which is the daily 200-period simple moving average (SMA) and last week’s high.However, if the market repeatedly fails at the 0.8800 level, it is reasonable to expect a rotation down towards 0.8759, the daily 50-period SMA.EUR/GBP 15-minute chartSpot rate:                0.8787 Relative change:    -0.11%     
High:                       0.8803
Low:                        0.8768 Trend:                     Neutral Resistance 1:         0.8800 figure
Resistance 2:         0.8826-0.8840 area, 200-day SMA and last week’s high
Resistance 3:         0.8861 weekly 50-period SMA
      
Support 1:              0.8759 daily 50-period SMA
Support 2:              0.8723, 5 June low
Support 3:              0.8700 figure