Yesterday, USD strengthened against all major currencies.
The U.S. Retail Sales m/m data released yesterday were mixed.
-Core Retail Sales m/m (Actual: -4.5%, Forecast: -4.9%, Previous: -0.4%)
-Retail Sales m/m (Actual: -8.7%, Forecast: -8.0%, Previous: -0.4% revised from -0.5%)
The U.S. Unemployment Claims data (Forecast: 5350K, Previous: 6606K) will be released later at 2030 (SGT).
If the released data is better than or as forecasted, USD may strengthen.
NZD/USD Outlook (16 April 2020)
Overall, NZD/USD is trending upwards. Recently, NZD/USD moved lower, breaking the support level of 0.60300.
NZD/USD’s next support level is at 0.58400 and the next resistance level is at 0.60300.
AUD/USD Outlook (16 April 2020)
Overall, AUD/USD is trending upwards. Recently, AUD/USD moved lower, breaking below the key level of 0.64.
The Australian employment data released earlier today showed that jobs were still being added in March and unemployment rate increased only by 0.1%, indicating that the Australian job market was not being hit as badly as the other countries with jobs decline.
-Employment Change (Actual: 5.9K, Forecast: -33.0K, Previous: 25.6K revised from 26.7K)
-Unemployment Rate (Actual: 5.2%, Forecast: 5.4%, Previous: 5.1%)
AUD/USD’s next support level is at 0.61800 and the next resistance level is at 0.64800.
USD/JPY Outlook (16 April 2020)
Overall, USD/JPY is ranging across. Recently, USD/JPY failed to break below the key level of 107.
Currently, USD/JPY is moving towards the key level of 108. Its next support level is at 107.300 and the next resistance level is at 109.000.
EUR/USD Outlook (16 April 2020)
Overall, EUR/USD is ranging across. Recently, EUR/USD rejected the resistance level of 1.10000, moving lower and breaking below the key level of 1.09.
EUR/USD’s next support level is at 1.08000 and the next resistance level is at 1.10000.
GBP/USD Outlook (16 April 2020)
Overall, GBP/USD is trending upwards. Recently, GBP/USD moved lower, breaking below the key level of 1.25.
Earlier today, in regard to the lockdown extension, British Foreign Secretary Dominic Raab said that they “don’t expect to make any changes to measures at that point” until they are confident that the easing of the lockdown can be carried out safely. Although official announcement has not been made, it is likely that the lockdown may be extended for another three-weeks since the Covid-19 situation in the UK is nowhere close to being over and that measures are reviewed every three weeks.
Currently, GBP/USD is moving towards the support level of 1.24400 and the next resistance level is at 1.26000.
USD/CAD Outlook (16 April 2020)
Overall, USD/CAD is trending downwards. Recently, USD/CAD has moved higher, breaking the resistance level of 1.39800.
Yesterday, the Bank of Canada (BoC) held interest rate unchanged at 0.25%.
In addition, the BoC announced several new measures to help ease pressure on Canadian borrowers:
-Increasing the level of purchases of Government of Canada securities per week in the secondary market.
-Temporarily increasing the amount of Treasury Bills it acquires at auctions to up to 40%.
-New Provincial Bond Purchase Program of up to $50 billion to supplement the Provincial Money Market Purchase Program.
-New Corporate Bond Purchase Program to acquire up to $10 billion of investment grade corporate bonds in the secondary market.
USD/CAD’s next support level is at 1.39800 and the next resistance level is at 1.42250.