Yohay Elam, Forex Crunch - After receiving 3 blows, the pound managed to recover and even ignore the miss in wage data. Can this turn into a big rally? The Australian dollar suffered from more Chinese data and rising expectations for a rate cut from the RBA. Also the US Federal Reserve is seen as dovish with growing doubts about a rate hike in December.
This time, EUR/USD is rising but certainly hesitating ahead of the huge resistance line. We also talked about the break higher in the price of gold which is enjoying the good market mood and the fall in AUD/NZD which reflects different directions in commodity currencies.
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