Forex news for US trading on October 14 2015:

The USD was lower against all the major currencies in trading today with the NZDUSD and the GBPUSD seeing the biggest gains. The catalyst in the North American session was weaker data in the form of retail sales, PPI and inventories. Each pointed to lower inflation and lower growth for the 3Q in the US. Tracking estimates for GDP were lowered. The Atlanta Fed's GDP forecast now has 3Q growth at 0.9% on an annualized basis.

The NZDUSD rose by 142 pips or 2.14% on the day, in what started as a more bearish move after RBNZ Governor Wheeler said the central bank would likely need to cut rates further. That fall in the NZDUSD on the comments were quickly reversed, and the rest of the day was spent stepping higher and higher and higher. The pair has now closed above the 100 day MA for 4 consecutive days (the 100 day MA is down at 0.6634. The next upside target comes in at 0.6905.

The GBPUSD anxiously awaited the employment statistics. The focus - pre-report - was on the wages. When the wages dipped, the GBPUSD fell sharply to the 200 hour MA at the 1.5265. The low came in at 1.5266. That technical hold - and a relook at the data (unemployment rate at multi year lows)- led to the start of a short covering rally That momentum continued all the way to the 100 day MA at the 1.54825. This was reached in the last few hours of trading. The market is consolidating into the new trading day. Key support is now down at 1.5382.

The EURUSD was higher for the 5th straight trading day, but the pair was reluctant to push too high during the NY morning session. It was not until shortly after the Beige book headlines, that more buyers came in, and the pair surged to new day and week highs. In the process, the pair was able to get above the swing highs from Feb, May, June and September at the 1.1435-65 area. Traders will need to see the price stay above this area on corrections in the new trading day, to keep the buyers in firm control.

The USDCHF fell below the 100 day MA (at 0.9567), the 50% at 0.95496, AND the 200 day MA 0.9521 on the dollars tumble today. Look for traders to now use this area as topside risk. Stay below and the pairs next target looks toward the 0.9380 area.

The USDCAD spent most of the NY session waffling above and below the 100 hour MA. Finally, in the NY afternoon session, traders pushed the pair below the MA (at 1.2987) and sellers started to take control.

The AUDUSD is awaiting employment. Last month the Unemployment rate was 6.2%. The employment change was 17.4K. The estimate is for 9.6K this month. The AUDUSD is ending the day near the highs but relative to the other major pairs, the move was more subdued (change of 0.76%).

The US stock market ended the day down with the S&P -0.47%. The Nasdaq fell by -0.29%. The Dow was down -0.29%. The S&P index closed back below the all important 2000 level after spending a few days above the key level.

In the new trading day, in addition to the employment report from Australia, the following key events and releases will be released:

  • Japan Tertiary Industry activity 0.0% estimate
  • China New loans are scheduled to be released today or tomorrow.
  • US CPI will be released tomorrow morning in the US with expectations for -0.2% MoM and core CPI at +0.1%.
  • The weekly unemployment claims are expected to come in at 269K vs 263K last week
  • The Empire Manufacturing index (est -7.3 vs -14.7) and the Philly Fed Index (-1.8 vs -6.0) are expected to show rebounds from last months weaker numbers.
  • Fed's Dudley speaks. Dudley is a voting member on the FOMC (NY Fed pres and Vice Chair). His comments and opinions are thought to align with Chair Yellen.