The Euro Ranging Before Draghi’s Speech
April 24, 2014 7:55 amVideo
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April 24, 2014 – Forex News
Hot Asset For Today: GBP/USD
EUR/USD
The pairing has seen very little activity throughout today’s Asian session. Now it must be noted that although gains were seen in favor of the euro, namely due to positive manufacturing PMI data was released, such gains were short lived, even though financial releases from the U.S in the form of New Home Sales and Flash Manufacturing PMI came out disappointing and less than expected. Today traders and investors will be in anticipation of the main event occurring this morning when European Central Bank President Mario Draghi will be conducting a speech. Now what all traders and investors will be waiting for is whether there will be mention towards taking action to curb the topic of deflation in the Euro zone. Prior to this event, Germany will be releasing data regarding business climate where a higher than expected reading will certainly give good ground for the pairing to rise in favor of the euro. The financial events to look out for today are German Ifo Business Climate at 8.00am GMT, ECB President Draghi Speaks at 9.00am GMT,Core Durable Goods Orders m/m and Unemployment Claims at 12.30pm GMT. Today EUR/USD has support of 1.3780 and resistance of 1.3850.
GBP/USD
The pairing was in decline yesterday in particular after the release of the Bank of England Meeting minutes from the last Monetary Policy Committee meeting, namely to a lesser extent due to ‘uncertainty’ as to which direction the U.K economy is heading in terms of clear direction. Surprisingly the pound continued to decline further against the dollar even after slightly disappointing data released from the U.S. Looking forward to later this afternoon investors and traders will have their eyes on the figures that will be released in the U.S regarding weekly unemployment claims and monthly core durable goods orders. Better than expected figures from these reports later today may see cable decline even further downwards. The financial events to look out for today are Core Durable Goods Orders m/m and Unemployment Claims at 12.30pm GMT. Today GBP/USD has a support of 1.6760 and a resistance of 1.6840.
USD/JPY
The pairing has seen a slight downward slide throughout the Asian session. Yesterday’s release of financial data from the U.S, namely the Flash Manufacturing and New Home Sales came out worse than expected has to a certain extent been the catalyst for such decline in the pairing. It is also important to mention the continued, although at times muted tensions between Russia and the Ukraine remains to be in the back of investors and traders minds, in particular in terms of regarding the Japanese yen as a safe haven currency. Meanwhile the Bank of Japan is yet to take any action regarding monetary policy. Traders and investors will be waiting in anticipation later this evening due to the fact that reports will be released regarding inflation in Tokyo and inflation nationally in Japan. These results will give investors an insight as to any move the Bank of Japan may take. The financial events to look out for Tokyo Core CPI y/y and National Core CPI y/y at 11.30pm GMT. Today USD/JPY has support of 102.20 and resistance of 102.70.
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