On Wednesday, the EUR/USD pair broke through 1.1840 and tested its support at 1.1800. The first movement was caused by worse than expected EU CPI data which showed a negative figure for the first time since 2009, boosting speculation that the European Central Bank will add monetary stimulus to fight deflation. The pair was then driven by the U.S. Dollar which appreciated on the back of strong ADP Non-farm Employment change data. Later in the session, the pair lost momentum and bounced upwards ahead of the FOMC meeting minutes report. The report did not provide any new information so the pair remained low and is currently trading around 1.1820.
Traders should watch EU Retail sales data which will be released at 10.00AM GMT and is predicted to be slightly lower than last month’s result. The movement is slightly bearish. Support is found at 1.1800 and resistance at 1.1880.
GBP/USD
Yesterday, the GBP/USD traded with bearish sentiment for a sixth day and reached a fresh 16 month low of 1.5050. Speculation that the Bank of England will increase interest rates has now faded. The pair is falling again today ahead of data from the UK. The official Bank Rate and Monetary Policy Committee Rate statement will be released at 12PM (GMT). Previous releases have had a negative impact on the pair and so the downwards trend could continue.
U.S Jobless Claims data will be published at 1.30 PM (GMT) and will be the last piece of data ahead of tomorrow’s Non-Farm Payrolls report. The movement is bearish. Support is found at 1.5050 and resistance at 1.5155.
January 8, 2015 – Forex News
Hot asset for today: EUR/USD
EUR/USD
On Wednesday, the EUR/USD pair broke through 1.1840 and tested its support at 1.1800. The first movement was caused by worse than expected EU CPI data which showed a negative figure for the first time since 2009, boosting speculation that the European Central Bank will add monetary stimulus to fight deflation. The pair was then driven by the U.S. Dollar which appreciated on the back of strong ADP Non-farm Employment change data. Later in the session, the pair lost momentum and bounced upwards ahead of the FOMC meeting minutes report. The report did not provide any new information so the pair remained low and is currently trading around 1.1820.
Traders should watch EU Retail sales data which will be released at 10.00AM GMT and is predicted to be slightly lower than last month’s result. The movement is slightly bearish. Support is found at 1.1800 and resistance at 1.1880.
GBP/USD
Yesterday, the GBP/USD traded with bearish sentiment for a sixth day and reached a fresh 16 month low of 1.5050. Speculation that the Bank of England will increase interest rates has now faded. The pair is falling again today ahead of data from the UK. The official Bank Rate and Monetary Policy Committee Rate statement will be released at 12PM (GMT). Previous releases have had a negative impact on the pair and so the downwards trend could continue.
U.S Jobless Claims data will be published at 1.30 PM (GMT) and will be the last piece of data ahead of tomorrow’s Non-Farm Payrolls report. The movement is bearish. Support is found at 1.5050 and resistance at 1.5155.
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