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Daily FX View: GBP, NZD Rise On Data; U.S. Crisis Freezes FX

NZD outperformed 23 peers on CPI numbers, continuing uptrend along with AUD, GBP rose vs 21 currencies, buoyed by labor data, while U.S. debt spectacle freezes most currencies, Bloomberg strategist TJ Marta writes.

• NZD/USD, AUD/USD uptrends continue, China data show continued expansion despite downward risks elsewhere
• NZD also boosted by 3Q CPI 0.9% q/q vs est. 0.8%
• NZD/USD testing 0.8426 Sept. 19 high, 0.8442 Fibonacci rebound of Apr. - June decline
• Resistance 0.8586 Apr. 30 high
• AUD/USD breaching 0.9529 Sept. 18 high; next resistance 0.9666 June 14 high

• GBP boosted by employment; Sept. claimant count unemployment rate 4.0% vs est. 4.2%, low since Jan. 2009, as jobless claims fell 41.7k vs est -25.0k, low since 1997
• GBP/USD rebounding; resistance 1.6260 Oct. 1 high, 1.6381 Jan. 2 high

• EUR/USD remains in downtrending channel; support 1.3462 Sept. 25 low, 1.3452 Aug. 20 high, 1.3449 channel bottom

• Key risks today: U.S. debt/budget negotiations, Fed Beige book, which likely collected information prior to intensification of debt/budget crisis; NAHB housing index, Oct, est. 57, prior 58

• NOTE: TJ Marta is an FX strategist who writes for First Word. The observations he makes are his own.