The EUR/USD has been moving sideways between 1.3495 and 1.3540 since the pair reacted on very disappointing U.S. ISM Manufacturing PMI. Yesterday the Spanish Unemployment change again pointed on serious problem on Spanish labor market. Contrarily the U.S. Factory orders showed better than expected figure. Today the main economic events will be U.S. ADP Non-Farm Employment change at 1.15PM (GMT) and ISM Non-Manufacturing PMI at 3.00PM (GMT). Both results are very important pre-data of upcoming Non-farm payrolls. If the data support strong Non-farm payrolls the pair might break its support and move down.
The GBP/USD pair slightly rebounded its previous drop and climbed to 1.6330 area. The pair already several times bounced on 1.6345 level which might point on resistance and possible break out soon. Today we should pay attention to the U.K. Services PMI which will come out at 9.30AM (GMT). The expectation is to see slightly better result than last month when the actual index came out below expectation. If the result beats the expectation, we might see rebound back up. However we should not forget about the U.S. ADP Non-Farm Employment Change and the ISM Non-Manufacturing PMI. The trend is slightly bullish but bouncing on its resistance.
After the USD/JPY pair reversed twice on 100.75 level – the lowest price since November 20th – the pair change sentiment and increased back to 101.75. Yen as a safe-haven currency previously reacted on softer stock data but as the mood reversed and the stock gain some profits Yen weakened. The Japanese Average Cash Earning came out slightly above expectation and pushed the pair down. Today we should closely watch the U.S. data which will be released at 1.15PM and 3.00PM (GMT).
February 5, 2014 – Forex News
Hot asset for today: GBP/USD
The EUR/USD has been moving sideways between 1.3495 and 1.3540 since the pair reacted on very disappointing U.S. ISM Manufacturing PMI. Yesterday the Spanish Unemployment change again pointed on serious problem on Spanish labor market. Contrarily the U.S. Factory orders showed better than expected figure. Today the main economic events will be U.S. ADP Non-Farm Employment change at 1.15PM (GMT) and ISM Non-Manufacturing PMI at 3.00PM (GMT). Both results are very important pre-data of upcoming Non-farm payrolls. If the data support strong Non-farm payrolls the pair might break its support and move down.
The GBP/USD pair slightly rebounded its previous drop and climbed to 1.6330 area. The pair already several times bounced on 1.6345 level which might point on resistance and possible break out soon. Today we should pay attention to the U.K. Services PMI which will come out at 9.30AM (GMT). The expectation is to see slightly better result than last month when the actual index came out below expectation. If the result beats the expectation, we might see rebound back up. However we should not forget about the U.S. ADP Non-Farm Employment Change and the ISM Non-Manufacturing PMI. The trend is slightly bullish but bouncing on its resistance.
After the USD/JPY pair reversed twice on 100.75 level – the lowest price since November 20th – the pair change sentiment and increased back to 101.75. Yen as a safe-haven currency previously reacted on softer stock data but as the mood reversed and the stock gain some profits Yen weakened. The Japanese Average Cash Earning came out slightly above expectation and pushed the pair down. Today we should closely watch the U.S. data which will be released at 1.15PM and 3.00PM (GMT).
Related Posts: