Currency Analyst since 2010

July 31: Asian session


US dollar held below a 10-month peak against a basket of major currencies on Thursday after soaring on upbeat US growth data (GDP increased by 4% in Q2), with mixed views from the Federal Reserve tempering the rally. The greenback has a good chance of further rising if US releases encouraging labor market data on Friday.

USD/JPY is trading in the 102.77 area after spiking to the levels above 103.00 on Wednesday. AUD/USD is trading on the downside, in the $0.9315 area after it hit $0.9302 yesterday. Australian building approvals slumped by 5%, while the nation’s import prices contracted by 3%. NZD/USD rose above $0.8500 after hitting $0.8461 yesterday.

EUR/USD is trading just below $1.3400 area after hitting $1.3366 yesterday. GBP/USD is trading in the $1.6920 region after dipping to $1.6888 yesterday.

Among other news: Argentina misses default deadline after talks with creditors collapse. The nation failed to make a $539 million interest payment to the holders of its restructured bonds in time, and Standard & Poor’s Ratings Services declared Argentina in default on some of its bonds.

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