The pairing saw a certain amount of an upward direction in favor of the euro on Friday. This was namely due to a lesser extent because of a decrease in inflationary reports that was released in Spain and Italy. However, swiftly moving forward to today’s Asian session, it is quite clear to see that such gains that were made on Friday have been kept in check, largely due to expectations of the traders and investors that the European Central Bank is who will be holding a meeting later this week in order to publicly release a number of options as well as imposing a number of cuts in all its interest rates, and thus may finally take action to address the ongoing situation regarding deflation. There are two events to look out for today which may affect directly affect the pairing in one direction or another. The first being, German Preliminary inflation data giving an indication in the change in the price of goods and services purchased by German consumers. The second being the ISM Manufacturing PMI to be released later in the afternoon which will give us an indication towards economic health in the U.S. The financial events to look out for today are the German Prelim CPI m/m to be announced any time during the day, and the ISM Manufacturing PMI at 2.00pm GMT.Today EUR/USD has support of 1.3585 and resistance of 1.3650.
Trend Slight Upwards
GBP/USD
Cable saw gains on Friday’s session in favor of the pound namely on the back of less than expected and negative data coming from the U.S. However moving forward to today’s Asian session the pairing seems to be trading lower to the detriment of the pound. So it will be interesting to see as to whether the pairing will move in favor of the pound or the dollar. Later this morning Manufacturing PMI will be released in the U.K. Such data may prove beneficial to the pound if such data comes out better than expected as this report tends to be looked upon as a notable indication of economic health. Also later this afternoon data regarding ISM Manufacturing PMI will be released in the U.S which also if comes out better than initially expected may counter and put in check any gains that may be seen in pairing. It is important to bear in mind that traders and investors later in the week are anticipating data to be released in the U.K as to further clues in terms of direction in the pound. The financial events to look out for today are Manufacturing PMI at 8.30am GMT and ISM Manufacturing PMI at 2.00pm GMT. Today GBP/USD has support of 1.6700 and resistance of 1.6810
Trend Slight Upwards
USD/JPY
The pairing moved sideways through most of Fridays session namely due to the lack of high impact data coming out of the U.S and Japan. In today’s Asian session initially the pairing has pushed upwards in favor of the dollar. Comments have been made in Japan about finally exiting its quantitative easing policy in concurrence to demand for the yen which has somewhat been underpinned by very little expectations for further stimulus by the Bank of Japan. Also throughout the weekend Chinese PMI came out better than expected, which moving forward it would be interesting to see as to whether the pairing may react to the detriment of the dollar. The financial events to look out for today is ISM Manufacturing PMI at 2.00pm GMT. Today USD/JPY has support of 101.40 and resistance of 102.10.
June 2, 2014 – Forex News
Hot Asset For Today: EUR/USD
EUR/USD
The pairing saw a certain amount of an upward direction in favor of the euro on Friday. This was namely due to a lesser extent because of a decrease in inflationary reports that was released in Spain and Italy. However, swiftly moving forward to today’s Asian session, it is quite clear to see that such gains that were made on Friday have been kept in check, largely due to expectations of the traders and investors that the European Central Bank is who will be holding a meeting later this week in order to publicly release a number of options as well as imposing a number of cuts in all its interest rates, and thus may finally take action to address the ongoing situation regarding deflation. There are two events to look out for today which may affect directly affect the pairing in one direction or another. The first being, German Preliminary inflation data giving an indication in the change in the price of goods and services purchased by German consumers. The second being the ISM Manufacturing PMI to be released later in the afternoon which will give us an indication towards economic health in the U.S. The financial events to look out for today are the German Prelim CPI m/m to be announced any time during the day, and the ISM Manufacturing PMI at 2.00pm GMT. Today EUR/USD has support of 1.3585 and resistance of 1.3650.
Trend Slight Upwards
GBP/USD
Cable saw gains on Friday’s session in favor of the pound namely on the back of less than expected and negative data coming from the U.S. However moving forward to today’s Asian session the pairing seems to be trading lower to the detriment of the pound. So it will be interesting to see as to whether the pairing will move in favor of the pound or the dollar. Later this morning Manufacturing PMI will be released in the U.K. Such data may prove beneficial to the pound if such data comes out better than expected as this report tends to be looked upon as a notable indication of economic health. Also later this afternoon data regarding ISM Manufacturing PMI will be released in the U.S which also if comes out better than initially expected may counter and put in check any gains that may be seen in pairing. It is important to bear in mind that traders and investors later in the week are anticipating data to be released in the U.K as to further clues in terms of direction in the pound. The financial events to look out for today are Manufacturing PMI at 8.30am GMT and ISM Manufacturing PMI at 2.00pm GMT. Today GBP/USD has support of 1.6700 and resistance of 1.6810
Trend Slight Upwards
USD/JPY
The pairing moved sideways through most of Fridays session namely due to the lack of high impact data coming out of the U.S and Japan. In today’s Asian session initially the pairing has pushed upwards in favor of the dollar. Comments have been made in Japan about finally exiting its quantitative easing policy in concurrence to demand for the yen which has somewhat been underpinned by very little expectations for further stimulus by the Bank of Japan. Also throughout the weekend Chinese PMI came out better than expected, which moving forward it would be interesting to see as to whether the pairing may react to the detriment of the dollar. The financial events to look out for today is ISM Manufacturing PMI at 2.00pm GMT. Today USD/JPY has support of 101.40 and resistance of 102.10.
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