After reaching a high of 1.1030, the EUR/USD began to decline. The Dollar started to regain its losses based on speculation that recent weak U.S data is temporary and a result of bad seasonal weather. Better than expected U.S Services PM data was also released and jumped to 59.2.
Today, the price dropped to a low of 1.0830. It appears that there is no need to change the mid- to long term expectation for the interest rate timing. Traders should watch the U.S JOLTS Job Openings data at 2 PM( GMT). Following this, attention will then turn to tomorrow’s FOMC Meeting Minutes. The movement is sideways. Support is found at 1.0800 and resistance at 1.1030.
The USD/JPY climbed from 118.9 to a high of 119.65 as the Dollar corrected upwards. The momentum continued today and the pair has rallied up to 120.25. The outlook for the Dollar remains strong despite recent weakness in economic reports. In addition, traders reduced bets against the Yen to the lowest level in 2.5 years.
Traders should watch the U.S JOLTS Job Openings data which will be released at 2PM (GMT) and Japanese Current Account and Adjusted Current Account data at 11.50PM (GMT). Most importantly, however, will be the Bank of Japan’s Press Conference at 6.30AM (GMT). The movement is sideways. Support is found at 119.4 and resistance at 120.3.
April 7, 2015 – Forex News
Today’s Hot Asset: EUR/USD
EUR/USD
After reaching a high of 1.1030, the EUR/USD began to decline. The Dollar started to regain its losses based on speculation that recent weak U.S data is temporary and a result of bad seasonal weather. Better than expected U.S Services PM data was also released and jumped to 59.2.
Today, the price dropped to a low of 1.0830. It appears that there is no need to change the mid- to long term expectation for the interest rate timing. Traders should watch the U.S JOLTS Job Openings data at 2 PM( GMT). Following this, attention will then turn to tomorrow’s FOMC Meeting Minutes. The movement is sideways. Support is found at 1.0800 and resistance at 1.1030.
USD/JPY
The USD/JPY climbed from 118.9 to a high of 119.65 as the Dollar corrected upwards. The momentum continued today and the pair has rallied up to 120.25. The outlook for the Dollar remains strong despite recent weakness in economic reports. In addition, traders reduced bets against the Yen to the lowest level in 2.5 years.
Traders should watch the U.S JOLTS Job Openings data which will be released at 2PM (GMT) and Japanese Current Account and Adjusted Current Account data at 11.50PM (GMT). Most importantly, however, will be the Bank of Japan’s Press Conference at 6.30AM (GMT). The movement is sideways. Support is found at 119.4 and resistance at 120.3.
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