Yesterday, the EUR/USD dropped to its support level at 1.0520 before bouncing upwards. The price then reached a high of 1.0610 before trading sideways. The Dollar had rallied due to new expectations of a June interest rate hike following comments from FOMC members. However, the rally appeared to run out of steam as no fundamental events occurred.
Today, the pair traded sideways between 1.0530 and 1.0590 as traders awaited data. U.S Retail Sales data was just released and missed expectations; the core figure for the month of March came out at 0.4% when expected to be 0.6%. The price immediately climbed in reaction to the data and has currently reached 1.0660 after breaking through its resistance. The movement is slightly up. Support is found at 1.0520 and resistance at 1.0720.
Yesterday, the USD/JPY lost around 110 pips after an advisor to the Japanese Prime Minister commented on the value of the Yen. He indicated that the Yen had weakened enough and that there is no need to enforce inflation. The current level is supporting the economy and has lowered the likelihood that government will introduce more stimulus.
Today, the pair continued to decline and following the release of worse than expected U.S Retail Sales data the pair has reached 119.5. Traders should watch Japanese Industrial Production data which will be released at 4.30 AM (GMT) and a speech from Kuroda at 6.15AM (GMT). The movement is sideways. Support is found at 119.60 and resistance at 121.10.
April 14, 2015 – Forex News
Today’s Hot Asset: EUR/USD
EUR/USD
Yesterday, the EUR/USD dropped to its support level at 1.0520 before bouncing upwards. The price then reached a high of 1.0610 before trading sideways. The Dollar had rallied due to new expectations of a June interest rate hike following comments from FOMC members. However, the rally appeared to run out of steam as no fundamental events occurred.
Today, the pair traded sideways between 1.0530 and 1.0590 as traders awaited data. U.S Retail Sales data was just released and missed expectations; the core figure for the month of March came out at 0.4% when expected to be 0.6%. The price immediately climbed in reaction to the data and has currently reached 1.0660 after breaking through its resistance. The movement is slightly up. Support is found at 1.0520 and resistance at 1.0720.
USD/JPY
Yesterday, the USD/JPY lost around 110 pips after an advisor to the Japanese Prime Minister commented on the value of the Yen. He indicated that the Yen had weakened enough and that there is no need to enforce inflation. The current level is supporting the economy and has lowered the likelihood that government will introduce more stimulus.
Today, the pair continued to decline and following the release of worse than expected U.S Retail Sales data the pair has reached 119.5. Traders should watch Japanese Industrial Production data which will be released at 4.30 AM (GMT) and a speech from Kuroda at 6.15AM (GMT). The movement is sideways. Support is found at 119.60 and resistance at 121.10.
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