New Zealand GDP rises 1.0% in Q2
|The U.S. dollar pulled back on Wednesday amid a slight improvement in the emerging markets. Economic data was mostly quiet from the U.S.
Consumer prices in the UK advanced 2.7% on the year ending August 2018. This beat the median forecasts of a 2.4% increase. Core CPI also advanced 2.1% beating estimates of 1.8% increase.
Data from the U.S. saw housing starts rising at a modest pace last month. Housing starts rose 9.2% in August from the month before.
New Zealand's quarterly GDP report was released during the overnight trading session. The GDP advanced 1.0% during the three months ending June 2018. Economists were expecting a 0.8% increase during the period.
Later in the day, the Swiss National Bank will be holding its monetary policy meeting. The SNB is expected to leave its monetary policy unchanged at today's meeting.
The UK will be releasing the retail sales figures for the month. Forecasts show a 0.2% decline in retail sales following a 0.7% increase the month before.
The NY trading session will see the release of the Philly Fed manufacturing index. Activity is expected to show the index rising to 17.5.
EURUSD intraday analysis
EURUSD (1.1678): The EURUSD currency pair was seen trading flat on Wednesday. Price action was seen stuck below 1.1730 resistance with brief attempts on an intraday basis. On the 4-hour chart, the EURUSD is seen trading slightly choppy as a result. The ranging price action could continue within the levels mentioned. A breakout from the range is however expected to set the direction in the trend in the near term.
GBPUSD intraday analysis
GBPUSD (1.3149): The GBPUSD currency pair was seen briefly testing the resistance level at 1.3205 before easing back. We expect to see a solid retest of this level once again before price action could potentially post a pullback. The retest of the support at 1.3036 is likely to form. Establishing support at this level could put GBPUSD on track to breach the current resistance level at 1.3205.
XAUUSD intraday analysis
XAUUSD (1205.52): Gold prices continue to consolidate above 1197.50 level of support. Price action remains broadly muted at this level. With gold trading above 1197.50, the sideways range is expected to continue. The upside resistance at 1219.75 is likely to cap any further gains. To the downside, we expect the support at 1197.50 to hold in the near term. A decline below this level could, however, post further losses pushing gold prices down to 1183.30 support.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.