After trading sideways, the EUR/USD finally broke through its support at 1.2700. The pair dropped to 1.2630 despite the release of mixed U.S. data. The U.S. CPI Was better than expected and spurred the mood on the market after a week of negativity.
Today, the pair may continue to fall if the German Flash Manufacturing PMI data is lower than expected. The current prediction is to see a figure below 50 which would show the industry is contracting. Volatility should increase at 12.30PM (GMT) when the U.S. Unemployment Claims will be released. The movement is slightly bearish. Support is found at 1.2620 and resistance is at 1.2700.
On Wednesday, the GBP/USD dropped to 1.6010 after the Bank of England released the Official Bank Rate votes report. The report showed that only just two Monetary Policy Committee members, Martin Weale and Ian McCafferty, voted to increase the interest rate by 25 basis points. As the market had already price the expectation of increased rates into the market we saw the British Pound depreciate.
Today, keep an eye on the U.K. Retail Sales data which will come out at 8.30AM (GMT). It is now predicted that the change in the volume of sales decreased by 0.1% which would be the lowest figure since June. The trend is sideways. Support is found at 1.6000 and resistance at 1.6080.
October 23, 2014 – Forex News
Hot asset for today: EUR/USD
EUR/USD
After trading sideways, the EUR/USD finally broke through its support at 1.2700. The pair dropped to 1.2630 despite the release of mixed U.S. data. The U.S. CPI Was better than expected and spurred the mood on the market after a week of negativity.
Today, the pair may continue to fall if the German Flash Manufacturing PMI data is lower than expected. The current prediction is to see a figure below 50 which would show the industry is contracting. Volatility should increase at 12.30PM (GMT) when the U.S. Unemployment Claims will be released. The movement is slightly bearish. Support is found at 1.2620 and resistance is at 1.2700.
GBP/USD
On Wednesday, the GBP/USD dropped to 1.6010 after the Bank of England released the Official Bank Rate votes report. The report showed that only just two Monetary Policy Committee members, Martin Weale and Ian McCafferty, voted to increase the interest rate by 25 basis points. As the market had already price the expectation of increased rates into the market we saw the British Pound depreciate.
Today, keep an eye on the U.K. Retail Sales data which will come out at 8.30AM (GMT). It is now predicted that the change in the volume of sales decreased by 0.1% which would be the lowest figure since June. The trend is sideways. Support is found at 1.6000 and resistance at 1.6080.
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