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Forex: Recap & Ranges

Posted by Akhilesh Ganti on Dec 11, 2013 10:58:00 PM

RBNZ announced that their monetary policy would remain as is by leaving the OCR at +2.5% though they did add that it was "becoming unnecessary to maintain the current degree of monetary stimulus" as the economy continues to strengthen and inflationary pressures start to rise. Additionally, their current forecasts implied that rates may need to be hiked sooner than they had previously thought. Governor Wheeler reiterated that the Kiwi's strength is not sustainable but, since he had previously confessed that there wasn't much that they could do about it, the currency spiked higher on this release.

Australia's November employment rate came out at +5.8% which was in line with market expectations. The number of employed people rose by +21k exceeding estimates for a rise of +10k. Full time workers rose by +15.5k while part-timers rose by +5.5k and the participation rate was steady at 64.8%. Aussie initially spiked up to make session highs of 0.9083 but has since reversed course and currently trades below its pre-data levels as traders appear to have concluded that the labor market is still fragile.

Ranges:{WWM's New ALPHA Trader-DAILY charts[EUR,GBP,AUD,YEN,GOLD,OIL,WallStreet]}(click to enlarge)


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