The EUR/USD was boosted by U.S Trade Balance data. The stronger Dollar has taken effect and reduced the number of exports. Consequently, the deficit climbed and came out at 51.37 billion. The data weakened the Dollar and increased speculation that the rate hike will be postponed.
The pair continued to climb today as European data beat expectations; PMI figures from the Eurozone as a whole as well as from France and Spain beat expectations. The U.S ADP Nonfarm Employment Change was just released and came out at 169K, causing the Dollar to fall. The pair is currently climbing towards its resistance level. Janet Yellen will be speaking shortly and her comments should be watched closely. The movement is slightly up. Support is found at 1.1065 and resistance at 1.1290.
The GBP/USD benefited from the weak U.S Trade Balance data and climbed to a high of 1.5240 before rebounding slightly down. During early trade, U.K Construction PMI data beat expectations and came out at 59.5, above expectations of 58.5, pushing the pair back up.
U.S ADP data was just released and missed expectations. Analysts predicted to see a change of 200K Jobs when the actual figure was 169K. The data hit the Dollar further and the pair reached a high of 1.5260. The next main event of the day will be a speech from Janet Yellen; if she makes any comments regarding the rate hike, volatility is expected to increase. The movement is sideways. Support is found at 1.5090 and resistance at 1.5270.
May 6, 2015 – Forex News
Today’s Hot Asset: EUR/USD
EUR/USD
The EUR/USD was boosted by U.S Trade Balance data. The stronger Dollar has taken effect and reduced the number of exports. Consequently, the deficit climbed and came out at 51.37 billion. The data weakened the Dollar and increased speculation that the rate hike will be postponed.
The pair continued to climb today as European data beat expectations; PMI figures from the Eurozone as a whole as well as from France and Spain beat expectations. The U.S ADP Nonfarm Employment Change was just released and came out at 169K, causing the Dollar to fall. The pair is currently climbing towards its resistance level. Janet Yellen will be speaking shortly and her comments should be watched closely. The movement is slightly up. Support is found at 1.1065 and resistance at 1.1290.
GBP/USD
The GBP/USD benefited from the weak U.S Trade Balance data and climbed to a high of 1.5240 before rebounding slightly down. During early trade, U.K Construction PMI data beat expectations and came out at 59.5, above expectations of 58.5, pushing the pair back up.
U.S ADP data was just released and missed expectations. Analysts predicted to see a change of 200K Jobs when the actual figure was 169K. The data hit the Dollar further and the pair reached a high of 1.5260. The next main event of the day will be a speech from Janet Yellen; if she makes any comments regarding the rate hike, volatility is expected to increase. The movement is sideways. Support is found at 1.5090 and resistance at 1.5270.
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