The EUR/USD pair moved up yesterday and slowly but surely is heading to reach 1.3900 level. The pair was mainly driven by weaker U.S. Dollar which continued in negative way after Wednesday’s FOMC Meeting minutes. Market is now disappointed that earlier talks about possible increase of interest rates are not really likely to happen. What more investors took this fact as a sign of slower economic recovery which led to selling of greenback. Today we should watch then psychological level 1.3900 where the pair might bounce back. We should pay attention to U.S. PPI (at 12.30PM GMT) which is expected to be slightly better than last reading. At 1.55PM (GMT) Prelim UoM Consumer Sentiment will be released. The support is lying at 1.3830 and resistance at 1.3900.
The GBP/USD pair decrease back below 1.6800 level yesterday after Bank of England released its Official bank rate and Asset program reports. We saw that BoE decided again to keep the monetary policy unchanged which was bearish for the pound. The price did not pick up despite weaker U.S. Dollar. Today we should keep an eye on the U.S. data written in a previous paragraph. The sentiment is slightly bearish. The support is lying at 1.6750 and resistance at 1.6820.
Yesterday the USD/JPY pair continued its 5 days drop and reversed almost on 101.30 level. If we take into account that last Friday the price was 104.10 and now is ranging somewhere about 101.70 we can see very strong bearish pattern. The price dropped because of earlier Bank of Japan decision not to add more stimulus as well as because of disappointment around U.S. interest rates. Today we might expect some price correction up probably supported by U.S. data. The trend is now slightly bearish with support at 101.30 and resistance at 102.20.
April 11, 2014 – Forex News
Hot asset for today: EUR/USD
The EUR/USD pair moved up yesterday and slowly but surely is heading to reach 1.3900 level. The pair was mainly driven by weaker U.S. Dollar which continued in negative way after Wednesday’s FOMC Meeting minutes. Market is now disappointed that earlier talks about possible increase of interest rates are not really likely to happen. What more investors took this fact as a sign of slower economic recovery which led to selling of greenback. Today we should watch then psychological level 1.3900 where the pair might bounce back. We should pay attention to U.S. PPI (at 12.30PM GMT) which is expected to be slightly better than last reading. At 1.55PM (GMT) Prelim UoM Consumer Sentiment will be released. The support is lying at 1.3830 and resistance at 1.3900.
The GBP/USD pair decrease back below 1.6800 level yesterday after Bank of England released its Official bank rate and Asset program reports. We saw that BoE decided again to keep the monetary policy unchanged which was bearish for the pound. The price did not pick up despite weaker U.S. Dollar. Today we should keep an eye on the U.S. data written in a previous paragraph. The sentiment is slightly bearish. The support is lying at 1.6750 and resistance at 1.6820.
Yesterday the USD/JPY pair continued its 5 days drop and reversed almost on 101.30 level. If we take into account that last Friday the price was 104.10 and now is ranging somewhere about 101.70 we can see very strong bearish pattern. The price dropped because of earlier Bank of Japan decision not to add more stimulus as well as because of disappointment around U.S. interest rates. Today we might expect some price correction up probably supported by U.S. data. The trend is now slightly bearish with support at 101.30 and resistance at 102.20.