The EUR/USD traded choppy during Tuesday’s session with no real change in price by the end of the day. As of the beginning of the week the pairing has essentially not changed, and as a result, it appears that the market is simply grinding sideways. Despite faltering economic data and a number of financial wobbles, the euro is seeing slow but steady improvement. The question now, of course, is whether it can continue higher. Looking beneath the surface of many headline figures suggests that the picture is perhaps not as unclouded as many commentators think. One event to look out for today is the GFK Consumer Climate index at 7.00am(GMT) which is a survey rating past and future events. Today EUR/USD has a support of 1.3680 and a resistance of 1.3770
The GBP gained against the dollar on Tuesday after a soft U.S. consumer confidence report gave an indication to investors to speculate that the Federal Reserve will scale down stimulus measures at a slower pace than once anticipated until recovery picks up the pace. The dollar softened after the Conference Board reported that its consumer confidence index slipped to 78.1 in February from 79.4 in January, mainly due to concerns over general business conditions, jobs, and earnings. One event to take note of is the second estimate GDP q/q at 9.30am (GMT) which is the broadest measure of economic activity and a measure of the of the UK economy’s health. Today GBP/USD has a support of 1.66650 and a resistance of 1.67750
USD/JPY came close to its sensitive 102.00 support yesterday, as the Yen was in demand due to being a broad based safe haven. Asian traders used the opportunity to sell the Japanese yen and the pair moved higher early in Asia without obvious fundamental factors to back the movement. Plenty of analysts are reaching for their safe comfort blanket, pointing out that poor weather probably took its toll on consumers’ appetite for spending, just as it has weakened plenty of other data lately. All the same, one or two are getting tired of this excuse and would like to see a little more justification for the pairings altitude altitude. A weak reading for U.S. consumer confidence yesterday has put the pair on a sideways trend, and a cautious approach is expected for today. Today USD/JPY has support of 102.10 and resistance of 102.90
February 26, 2014 – Forex News
Hot Asset For Today: GBP/USD
The EUR/USD traded choppy during Tuesday’s session with no real change in price by the end of the day. As of the beginning of the week the pairing has essentially not changed, and as a result, it appears that the market is simply grinding sideways. Despite faltering economic data and a number of financial wobbles, the euro is seeing slow but steady improvement. The question now, of course, is whether it can continue higher. Looking beneath the surface of many headline figures suggests that the picture is perhaps not as unclouded as many commentators think. One event to look out for today is the GFK Consumer Climate index at 7.00am(GMT) which is a survey rating past and future events. Today EUR/USD has a support of 1.3680 and a resistance of 1.3770
The GBP gained against the dollar on Tuesday after a soft U.S. consumer confidence report gave an indication to investors to speculate that the Federal Reserve will scale down stimulus measures at a slower pace than once anticipated until recovery picks up the pace. The dollar softened after the Conference Board reported that its consumer confidence index slipped to 78.1 in February from 79.4 in January, mainly due to concerns over general business conditions, jobs, and earnings. One event to take note of is the second estimate GDP q/q at 9.30am (GMT) which is the broadest measure of economic activity and a measure of the of the UK economy’s health. Today GBP/USD has a support of 1.66650 and a resistance of 1.67750
USD/JPY came close to its sensitive 102.00 support yesterday, as the Yen was in demand due to being a broad based safe haven. Asian traders used the opportunity to sell the Japanese yen and the pair moved higher early in Asia without obvious fundamental factors to back the movement. Plenty of analysts are reaching for their safe comfort blanket, pointing out that poor weather probably took its toll on consumers’ appetite for spending, just as it has weakened plenty of other data lately. All the same, one or two are getting tired of this excuse and would like to see a little more justification for the pairings altitude altitude. A weak reading for U.S. consumer confidence yesterday has put the pair on a sideways trend, and a cautious approach is expected for today. Today USD/JPY has support of 102.10 and resistance of 102.90
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