On Wednesday, the EUR/USD dropped. The pair first decreased as FOMC member, William Dudley, made a surprisingly hawkish speech and mentioned that a June rate hike is still possible. The pair broke through its support level at 1.0800 but then moved slightly higher before the FOMC Meeting Minutes report. The Minutes showed that the board was divided on the timing of the interest rate hike. The market took this to be a good sign and pushed the pair to a low of 1.0760.
The pair remained under pressure during the Asian session declined to 1.0750. Today, traders should pay attention to U.S. Jobless Claims data which will be released at 12.30PM (GMT). The trend is slightly bearish. Support is found at 1.0750 and resistance at 1.0840.
Yesterday, the GBP/USD erased its previous fall and climbed to 1.4970. The movement was driven by negative speculation regarding the date of the interest rate hike. However, the pair bounced back following a speech from FOMC Member, William Dudley. Dudley is usually considered to be dovish but his comments were taken as quite hawkish. The fall was also supported by the FOMC Meeting Minutes report as they showed there is still a chance that the hike could occur in June. The pair dropped to a low of 1.4850 and has tested this level 3 times.
Losses appear to be limited ahead of the upcoming U.K. data which could support the British pound. At 11.00AM (GMT) the U.K. Official Bank Rate will be released and will be followed by the MPC Rate Statement. The trend is slightly bearish. Support is found at 1.4850 and resistance at 1.4980.
April 9, 2015 – Forex News
Hot asset for today: USD
EUR/USD
On Wednesday, the EUR/USD dropped. The pair first decreased as FOMC member, William Dudley, made a surprisingly hawkish speech and mentioned that a June rate hike is still possible. The pair broke through its support level at 1.0800 but then moved slightly higher before the FOMC Meeting Minutes report. The Minutes showed that the board was divided on the timing of the interest rate hike. The market took this to be a good sign and pushed the pair to a low of 1.0760.
The pair remained under pressure during the Asian session declined to 1.0750. Today, traders should pay attention to U.S. Jobless Claims data which will be released at 12.30PM (GMT). The trend is slightly bearish. Support is found at 1.0750 and resistance at 1.0840.
GBP/USD
Yesterday, the GBP/USD erased its previous fall and climbed to 1.4970. The movement was driven by negative speculation regarding the date of the interest rate hike. However, the pair bounced back following a speech from FOMC Member, William Dudley. Dudley is usually considered to be dovish but his comments were taken as quite hawkish. The fall was also supported by the FOMC Meeting Minutes report as they showed there is still a chance that the hike could occur in June. The pair dropped to a low of 1.4850 and has tested this level 3 times.
Losses appear to be limited ahead of the upcoming U.K. data which could support the British pound. At 11.00AM (GMT) the U.K. Official Bank Rate will be released and will be followed by the MPC Rate Statement. The trend is slightly bearish. Support is found at 1.4850 and resistance at 1.4980.
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