The US dollar rose for the second day in a row due to stronger-than-expected US retail sales.
While overall retail sales remained unchanged.Retail sales excluding automobiles U.S. retail prices rose 0.4% in June. Yes, American shoppers were back on track in June, spending more on everything except cars.
This rapid spending was the largest in the last three months, indicating that people are still willing to open their wallets after a period of slowdown at the end of the second quarter.
Data suggests the economy is still holding up as the Federal Reserve moves closer to starting to cut interest rates.
Forex Market Drivers
Let’s review the price action in Forex today.
Which currency pairs made the biggest gains today?
GBP/NZD He was the leader of the group, and got 0.50% or 107 points.
As explained by us Foreign exchange market drivers page, EUR/NZD It was not far behind, gaining 0.46%.
look at me GBP/NZD Trend Follow EvaluationIt shows strength. rising evaluation.
The bullish price action can be clearly seen with the currency pair trading above its moving averages:
But the GBP/NZD Overbought/Oversold Rating He appears “Overpriced“So be careful if you’re looking to go long term.
Which currency pairs lost the most today?
New Zealand Dollar/Swiss Franc He was the biggest loser, he fell 0.65% or 35 points.
currency strength
What is the overall strength or weakness of the individual major currencies today?
Based on currency strength meter On MarketMilk™, Swiss Franc It was the strongest currency, while New Zealand Dollar It was the weakest currency.
If we dig a little deeper and look at how the major currency pairs work Moved in the last 24 hoursWe could see the US dollar rally driven by stronger than expected retail sales data (excluding autos).
Short term currency trends
When it comes to Short term trend strength, GBP, JPYAnd euro Shows the greatest upward force.
the New Zealand Dollar (NZD)) shows the greatest downward force.
Keep an eye on Australian Dollar (AUD)Its upward trend is weakening.
Heat map of currencies
If we take a look at Heat map of currenciesWe can see continued weakness. JPY.
New Zealand Dollar It is the currency to watch in case of continued weakness.
currency fluctuations
What is the most volatile currency today?
Based on our website Currency Volatility MeterIt’s the New Zealand (NZD).
Check the American dollar Volatility during the release of US retail sales data.
JPY It was most volatile during the Asian and European sessions.
What is the most volatile currency pair today?
Since the Japanese Yen was the most volatile currency, it had to be a pair with the New Zealand Dollar. Right?
No, it was actually AUD/USD. But NZD/CHF was hardly at the top of the list today.
australian dollar/us dollar he moved 0.74% or 49 points.