The EUR/USD has been moving sideways between 1.3495 and 1.3540 since the pair reacted to the very disappointing U.S. ISM Manufacturing PMI. Yesterday the Spanish Unemployment change again showed a serious problem for the Spanish labor market. Contrarily U.S. Factory orders showed a better than expected figure. Today the main economic events will be the 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 pieces of pre-data before the upcoming Non-farm payrolls. If the data is strong and supports a strong Non-farm payroll the pair might break its support and move down.
The GBP/USD pair slightly rebounded from its previous drop and climbed to 1.6330. The pair already bounced at the 1.6345 level several times which might suggest resistance and indicate a 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 a slightly better result than last month when the actual index came out below expectations. If the result beats expectations, we might see a 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 at 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. The Yen, as a safe-haven currency, previously reacted to softer stock data but as the mood reversed and stocks gained some profits the Yen weakened. The Japanese Average Cash Earning came out slightly above expectations 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 to the very disappointing U.S. ISM Manufacturing PMI. Yesterday the Spanish Unemployment change again showed a serious problem for the Spanish labor market. Contrarily U.S. Factory orders showed a better than expected figure. Today the main economic events will be the 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 pieces of pre-data before the upcoming Non-farm payrolls. If the data is strong and supports a strong Non-farm payroll the pair might break its support and move down.
The GBP/USD pair slightly rebounded from its previous drop and climbed to 1.6330. The pair already bounced at the 1.6345 level several times which might suggest resistance and indicate a 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 a slightly better result than last month when the actual index came out below expectations. If the result beats expectations, we might see a 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 at 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. The Yen, as a safe-haven currency, previously reacted to softer stock data but as the mood reversed and stocks gained some profits the Yen weakened. The Japanese Average Cash Earning came out slightly above expectations 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).
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