After reaching levels not seen since February, the EUR/USD declined as it experienced a price correction. Movement in the market is being driven by expectations for future monetary policy in the U.S; the timing of the rate hike remains unclear with respect to recent data and comments from FOMC members.
Today, the pair is trading sideways between 1.1190 and 1.1120. A drop was first caused by better than expected European data including the German Manufacturing PMI which came out at 52.0; however, the pair then rebounded back up following strong U.S Factory Orders data which increased by 2.1%. Still to come, traders should watch a speech from FOMC member, Evans, at 4.25PM (GMT). The movement is sideways. Support is found at 1.1070 and resistance at 1.1290.
On Friday, the USD/JPY added around 90 pips as the Dollar rebounded upwards. Optimism re- entered the market as the FOMC statement was relatively hawkish and showed that Fed members dismissed recent weak data and view it to be the result of a seasonal fluctuation.
Today, the pair is trading sideways. The Japanese market is closed for Greenery Day so volatility is lower than usual. Traders should therefore, focus on the U.S market. The movement is sideways. Support is found at 119.95 and resistance at 120.30.
May 4, 2015 – Forex News
Today’s Hot Asset: EUR/USD
EUR/USD
After reaching levels not seen since February, the EUR/USD declined as it experienced a price correction. Movement in the market is being driven by expectations for future monetary policy in the U.S; the timing of the rate hike remains unclear with respect to recent data and comments from FOMC members.
Today, the pair is trading sideways between 1.1190 and 1.1120. A drop was first caused by better than expected European data including the German Manufacturing PMI which came out at 52.0; however, the pair then rebounded back up following strong U.S Factory Orders data which increased by 2.1%. Still to come, traders should watch a speech from FOMC member, Evans, at 4.25PM (GMT). The movement is sideways. Support is found at 1.1070 and resistance at 1.1290.
USD/JPY
On Friday, the USD/JPY added around 90 pips as the Dollar rebounded upwards. Optimism re- entered the market as the FOMC statement was relatively hawkish and showed that Fed members dismissed recent weak data and view it to be the result of a seasonal fluctuation.
Today, the pair is trading sideways. The Japanese market is closed for Greenery Day so volatility is lower than usual. Traders should therefore, focus on the U.S market. The movement is sideways. Support is found at 119.95 and resistance at 120.30.