The EUR/USD rebounded on Monday from a 10 week low as the U.S. ISM Manufacturing PMI plummeted. The actual figure was 51.3 which would be the lowest result since June 2013. This number is very disappointing but could be caused by the bad weather and not by a weaker economy. The pair is rebounding to the 1.3540 level where we can find a Fibonacci retracement. Today the only relevant economic data for the EUR/USD will be the U.S. Factory Orders which will be released at 3.00PM (GMT)
The GBP/USD pair continued to fall on Monday and lost more than 100 pips. Currently the pair is ranging around 1.6275 – the lowest since December 17th. The pair strongly reacted to the U.K. Manufacturing PMI data which came out below expectations. Despite the fact that the U.S. Manufacturing data showed an even worse result the pair remained bearish. Today we should pay attention to the U.K. Construction PMI which will be posted at 9.30AM (GMT). The expectation is to see 61.6 which is lower than the previous result.
The USD/JPY broke its support at 101.80 and fell all the way to 100.75. The pair was driven by worse-than-expected U.S. data and by the soft performance of U.S. stocks. Yen as a safe-haven currency has been adding some profits and climbed to a 10-week high but we might now see an upwards technical price correction after the drop. Today we should pay attention to U.S. Factory Orders which will be posted at 3.00PM (GMT). The trend is slightly bearish but might change soon as it is bouncing on its support.
February 4, 2014 – Forex News
Hot asset for today: GBP/USD
The EUR/USD rebounded on Monday from a 10 week low as the U.S. ISM Manufacturing PMI plummeted. The actual figure was 51.3 which would be the lowest result since June 2013. This number is very disappointing but could be caused by the bad weather and not by a weaker economy. The pair is rebounding to the 1.3540 level where we can find a Fibonacci retracement. Today the only relevant economic data for the EUR/USD will be the U.S. Factory Orders which will be released at 3.00PM (GMT)
The GBP/USD pair continued to fall on Monday and lost more than 100 pips. Currently the pair is ranging around 1.6275 – the lowest since December 17th. The pair strongly reacted to the U.K. Manufacturing PMI data which came out below expectations. Despite the fact that the U.S. Manufacturing data showed an even worse result the pair remained bearish. Today we should pay attention to the U.K. Construction PMI which will be posted at 9.30AM (GMT). The expectation is to see 61.6 which is lower than the previous result.
The USD/JPY broke its support at 101.80 and fell all the way to 100.75. The pair was driven by worse-than-expected U.S. data and by the soft performance of U.S. stocks. Yen as a safe-haven currency has been adding some profits and climbed to a 10-week high but we might now see an upwards technical price correction after the drop. Today we should pay attention to U.S. Factory Orders which will be posted at 3.00PM (GMT). The trend is slightly bearish but might change soon as it is bouncing on its support.
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