The EUR/USD dropped yesterday after the ECB kept the interest rate unchanged and Janet Yellen repeated in her testimony the need for the Federal Reserve to both spur growth and continue tapering at a regular pace. As long term US monetary policy remained unchanged, upward pressure on the dollar ended up affecting the pair more than the brief boost to the euro given from the ECB’s decision. Now, the pair is declining further due to worse than expected German trade balance data. Given the lack of highly important information coming out today, this movement may continue for a while before the EUR/USD begins to range. Look for support at 1.3830 and resistance at 1.39950.
The USD/JPY has gone up slightly today but is now ranging as there is little data to inspire any sort of movement. Yesterday, the yen was strengthening as a result of a BOJ decision earlier this week to avoid raising the stimulus further. Since the Asian session has ended and the weekend is approaching, any substantial movement is unlikely. look for support at 101.30 and resistance at 102.
May 9, 2014 – Forex News
Hot Asset For Today: EUR/USD
The USD/JPY has gone up slightly today but is now ranging as there is little data to inspire any sort of movement. Yesterday, the yen was strengthening as a result of a BOJ decision earlier this week to avoid raising the stimulus further. Since the Asian session has ended and the weekend is approaching, any substantial movement is unlikely. look for support at 101.30 and resistance at 102.
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