The EUR/USD pair has been traded in a flat channel since Friday ranging between 1.3685 and 1.3730. The pair did not move much as no important economic data where released. Even the speech of Bundesbank president Jens Weidmann did not surprise the market anyhow so no higher volatility occurred. Today the volatility might slightly pick up with German PPI data which are coming out at 6.00AM (GMT). We should also watch two FOMC members (William Dudley and Charles Plosser) talking at 4.30PM and 5.00PM (GMT). The support is lying at 1.3640 and resistance at 1.3730.
The USD/JPY pair tested support during yesterday’s trading hours as Japanese Yen strengthened on positive economic outlook. Yesterday the Core Machinery Orders came out above expectation and eased the speculation about additional stimulus from Bank of Japan. However, as the American session started the pair reversed and returned back to 105.55 area. Today except of the speeches of FOMC members written above we should keep an eye on the Japanese Trade balance which will be announced at 11.50PM (GMT). More important will be Monetary Policy Statement which will come out tomorrow during Asian Session and will be followed by press conference. Any news about future monetary policy will influence Yen. The support is lying at 101.10 and resistance at 101.65.
The GBP/USD pair stopped its bullish movement from previous days and started to range between 1.6805 and 1.6845. The British pound slightly weakened as Bank of England governor Mark Carney warned of increasing housing risk. The price of houses in London rose to a record. Most of analyst now believes that British pound will weaken against dollar as the market has overpriced interest rate increase. Today we should keep an eye to U.K. CPI data which is coming out at 8.30AM (GMT). The movement is sideways. The support is lying at 1.6800 and resistance at 1.6850.
May 20, 2014 – Forex News
Hot asset for today: GBP/USD
The EUR/USD pair has been traded in a flat channel since Friday ranging between 1.3685 and 1.3730. The pair did not move much as no important economic data where released. Even the speech of Bundesbank president Jens Weidmann did not surprise the market anyhow so no higher volatility occurred. Today the volatility might slightly pick up with German PPI data which are coming out at 6.00AM (GMT). We should also watch two FOMC members (William Dudley and Charles Plosser) talking at 4.30PM and 5.00PM (GMT). The support is lying at 1.3640 and resistance at 1.3730.
The USD/JPY pair tested support during yesterday’s trading hours as Japanese Yen strengthened on positive economic outlook. Yesterday the Core Machinery Orders came out above expectation and eased the speculation about additional stimulus from Bank of Japan. However, as the American session started the pair reversed and returned back to 105.55 area. Today except of the speeches of FOMC members written above we should keep an eye on the Japanese Trade balance which will be announced at 11.50PM (GMT). More important will be Monetary Policy Statement which will come out tomorrow during Asian Session and will be followed by press conference. Any news about future monetary policy will influence Yen. The support is lying at 101.10 and resistance at 101.65.
The GBP/USD pair stopped its bullish movement from previous days and started to range between 1.6805 and 1.6845. The British pound slightly weakened as Bank of England governor Mark Carney warned of increasing housing risk. The price of houses in London rose to a record. Most of analyst now believes that British pound will weaken against dollar as the market has overpriced interest rate increase. Today we should keep an eye to U.K. CPI data which is coming out at 8.30AM (GMT). The movement is sideways. The support is lying at 1.6800 and resistance at 1.6850.
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