The euro seems to have lost ground to the dollar towards the end of last week, which was due mainly to the fact that some financial reports such as U.S building permits showing positive results and somewhat strengthening the the dollar to the detriment of the euro. It should be noted that this was the only report to come out of the U.S to release better than expected figures. There is still an underlying pressure for the European Central Bank to take action and implement monetary easing in order to take control of the current deflationary troubles of which the euro is experiencing. As of now the President of the European Central Bank Mario Draghi has repeatedly mentioned that the option of monetary easing is clearly on the table so it will very much the case that such speculation will continue to be in the back of minds of traders and investors. Currently the pairing has been moving in a sideways direction and very much looks like this will continue throughout the rest of the day due to the absence of an financial economic reports. The financial events to look out for today is the German Buba President Weidmann Speaks at 7.00am GMT. Today EUR/USD has support of 1.3640 and resistance of 1.3730.
GBP/USD
The pairing moved very much in favor of the pound. Such gains were to a certain extent ratified due to better than expected figures released in the form of housing data, however U.S Consumer Sentiment came out disappointing. Traders and investors are continuing to speculate as to the timescales of a potential rate hike from the Bank of England. Last week the Bank of England seems to be toning down the subject matter as to the timing of any sort of interest rate hike. Traders and investors will now be focusing mainly on the U.K inflation report which is to be released later tomorrow. Such a report measuring the price of goods and services purchased by consumers is clearly the most important inflation report to be released. Also the minutes from the meeting of the Federal Reserve will be released later this week giving an insight as to direction in the dollar. There are no financial events today that may directly affect the GBP/USD. Today GBP/USD has a support of 1.6730 and a resistance of 1.6880.
USD/JPY
The pairing has been moving slightly downwards to the detriment of the dollar namely due to figures released from the U.S both coming out on one hand positive in regards to U.S housing permits and slightly negative in regards to U.S consumer sentiment. Such figures that were released from the U.S did not necessarily give traders and investors a clear and forward indication as to the economic health of the economy. One must take note that the continued tensions between Russia and the Ukraine and violence in Vietnam due to anti China sentiment has given the Japanese yen a boost however traders and investors remain cautious as to leaning heavily towards the yen as a safe haven currency. It is also important to note the Core machinery Orders in Japan released results that were better than expected yesterday reaffirming slight strength in the yen. There are no financial events today that may directly affect the USD/JPY. Today USD/JPY has support of 101.20 and resistance of 101.65.
May 19, 2014 – Forex News
Hot Asset For Today: EUR/USD
EUR/USD
The euro seems to have lost ground to the dollar towards the end of last week, which was due mainly to the fact that some financial reports such as U.S building permits showing positive results and somewhat strengthening the the dollar to the detriment of the euro. It should be noted that this was the only report to come out of the U.S to release better than expected figures. There is still an underlying pressure for the European Central Bank to take action and implement monetary easing in order to take control of the current deflationary troubles of which the euro is experiencing. As of now the President of the European Central Bank Mario Draghi has repeatedly mentioned that the option of monetary easing is clearly on the table so it will very much the case that such speculation will continue to be in the back of minds of traders and investors. Currently the pairing has been moving in a sideways direction and very much looks like this will continue throughout the rest of the day due to the absence of an financial economic reports. The financial events to look out for today is the German Buba President Weidmann Speaks at 7.00am GMT. Today EUR/USD has support of 1.3640 and resistance of 1.3730.
GBP/USD
The pairing moved very much in favor of the pound. Such gains were to a certain extent ratified due to better than expected figures released in the form of housing data, however U.S Consumer Sentiment came out disappointing. Traders and investors are continuing to speculate as to the timescales of a potential rate hike from the Bank of England. Last week the Bank of England seems to be toning down the subject matter as to the timing of any sort of interest rate hike. Traders and investors will now be focusing mainly on the U.K inflation report which is to be released later tomorrow. Such a report measuring the price of goods and services purchased by consumers is clearly the most important inflation report to be released. Also the minutes from the meeting of the Federal Reserve will be released later this week giving an insight as to direction in the dollar. There are no financial events today that may directly affect the GBP/USD. Today GBP/USD has a support of 1.6730 and a resistance of 1.6880.
USD/JPY
The pairing has been moving slightly downwards to the detriment of the dollar namely due to figures released from the U.S both coming out on one hand positive in regards to U.S housing permits and slightly negative in regards to U.S consumer sentiment. Such figures that were released from the U.S did not necessarily give traders and investors a clear and forward indication as to the economic health of the economy. One must take note that the continued tensions between Russia and the Ukraine and violence in Vietnam due to anti China sentiment has given the Japanese yen a boost however traders and investors remain cautious as to leaning heavily towards the yen as a safe haven currency. It is also important to note the Core machinery Orders in Japan released results that were better than expected yesterday reaffirming slight strength in the yen. There are no financial events today that may directly affect the USD/JPY. Today USD/JPY has support of 101.20 and resistance of 101.65.
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