NZD Falls on Jobs Data, BoE Takes Center Stage

Kiwi Tumbles on Disappointing Jobs Data, Risk Appetite Eases Somewhat

The dollar continued gaining on Wednesday, against all the other G10 currencies. It gained the most against NZD, SEK, AUD and CAD in that order, while the currencies that slid the least were JPY, GBP and CHF.

NZD/JPY — Technical Outlook

The weakness of the New Zealand dollar over the past two days managed to push NZD/JPY out of its rising channel formation through the lower bound of it. Even though, at some point soon, we might see a correction back up, still, if the rate stays below the lower end of the aforementioned changed, the pair may turn south again and continue sliding further.

Spotlight Falls on First BoE ‘Super Thursday’ for 2019

As for today, we have a central bank deciding on interest rates and that’s the Bank of England. Actually, it is a “Super Thursday” for the Bank, as besides the rate decision and the meeting minutes, we will also get the quarterly Inflation Report, as well as a press conference by Governor Mark Carney.

EUR/GBP — Technical Outlook

EUR/GBP continues to climb higher, after its reversal on January 25th. The pair keeps on printing higher highs and higher lows and is supported by a short-term upside line taken from that reversal-day low. For now, we will continue targeting higher areas, especially if EUR/GBP clears this week’s high, at 0.8820.

As for the Rest of Today’s Events

Apart from the BoE decision, we get the US initial jobless claims for the week ended on Friday 1st. Expectations are for claims to have declined to 221k from 253k, something that would drive the 4-week moving average up to 221.5k from 220.25k.



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