The EUR/USD pairing saw some activity in favor of the euro showing a specific rise upwards midway through the U.S session, thereafter the pairing very much continued in a sideways direction showing very little activity throughout the Asian session. Yesterday traders and investors were eagerly listening and were in anticipation for the European Central Bank President Mario Draghi giving a speech in Paris quoting that policymakers are paying particularly close attention to the strength of the euro and that the European Central bank is ready to do ‘what is needed to maintain price stability’. It is important to note that Draghi also mentioned that the European Central Bank’s forward guidance may keep for the current economic outlook to keep the policy interest rates as low as the are currently or even lower for an extended period of time. Furthermore negative data coming out from Germany regarding Germany’s business climate and business expectations was to a lesser extent detrimental to the strength of the euro. The financial events to look out for today is Core Durable Goods Orders at 12.30PM GMT. Today EUR/USD has support of 1.3750 and resistance of 1.3840.
The GBP/USD saw an ever so slight upwards direction in favor of the pound. Positive data from the U.K was released yesterday regarding the U.K inflation. The annual Consumer Price Index fell to 1.7% showing its lowest level in four years. Inflation is important to currency valuation because rising prices lead the central bank to raise interest rates. Despite the lower reading Bank of Policy maker Martin Weale said that the U.K. interest rate should increase due to solid economic recovery. In that case we should see some pulling pressure in the pair. The financial events to look out for today is the U.S. Core Durable Goods Orders at 12.30PM GMT. Today GBP/USD has a support of 1.6460 and a resistance of 1.6555.
The USD/JPY rose slightly mainly due to the financial data reports coming from the U.S. namely the Consumer Confidence data which came out positive in favor of the dollar however the positive direction of the pairing was very much counteracted by the rather disappointing results from the U.S. housing indicators. The USD/JPY did not show any real movement in either direction, however, looking forward traders and investor should take note that Bank of Tokyo Mitsubishi’s Murao stated “the dollar/yen has been stuck in a narrow range around 102, but expects it to restart its strengthening trend.” Having said that we could see further easing in the next few months. The financial events to look out for today is Core Durable Goods Orders m/m at 12.30pm GMT. Today USD/JPY has support of 102.00 and resistance of 102.70
March 26, 2014 – Forex News
Hot Asset For Today: EUR/USD
The EUR/USD pairing saw some activity in favor of the euro showing a specific rise upwards midway through the U.S session, thereafter the pairing very much continued in a sideways direction showing very little activity throughout the Asian session. Yesterday traders and investors were eagerly listening and were in anticipation for the European Central Bank President Mario Draghi giving a speech in Paris quoting that policymakers are paying particularly close attention to the strength of the euro and that the European Central bank is ready to do ‘what is needed to maintain price stability’. It is important to note that Draghi also mentioned that the European Central Bank’s forward guidance may keep for the current economic outlook to keep the policy interest rates as low as the are currently or even lower for an extended period of time. Furthermore negative data coming out from Germany regarding Germany’s business climate and business expectations was to a lesser extent detrimental to the strength of the euro. The financial events to look out for today is Core Durable Goods Orders at 12.30PM GMT. Today EUR/USD has support of 1.3750 and resistance of 1.3840.
The GBP/USD saw an ever so slight upwards direction in favor of the pound. Positive data from the U.K was released yesterday regarding the U.K inflation. The annual Consumer Price Index fell to 1.7% showing its lowest level in four years. Inflation is important to currency valuation because rising prices lead the central bank to raise interest rates. Despite the lower reading Bank of Policy maker Martin Weale said that the U.K. interest rate should increase due to solid economic recovery. In that case we should see some pulling pressure in the pair. The financial events to look out for today is the U.S. Core Durable Goods Orders at 12.30PM GMT. Today GBP/USD has a support of 1.6460 and a resistance of 1.6555.
The USD/JPY rose slightly mainly due to the financial data reports coming from the U.S. namely the Consumer Confidence data which came out positive in favor of the dollar however the positive direction of the pairing was very much counteracted by the rather disappointing results from the U.S. housing indicators. The USD/JPY did not show any real movement in either direction, however, looking forward traders and investor should take note that Bank of Tokyo Mitsubishi’s Murao stated “the dollar/yen has been stuck in a narrow range around 102, but expects it to restart its strengthening trend.” Having said that we could see further easing in the next few months. The financial events to look out for today is Core Durable Goods Orders m/m at 12.30pm GMT. Today USD/JPY has support of 102.00 and resistance of 102.70
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