Yesterday, the EUR/USD climbed as the Euro declined on the back of weak U.S data which added to speculation that the U.S economy is slowing down; the ADP Nonfarm Employment Change was much worse than expected and showed 169K which was 30K below the predicted figure. The data offset expectations that interest rates could be hiked before September.
Today, the pair dropped and fell to a low of 1.1260. The euro declined as German Factory Orders declined by 0.9% in March when expected to increase by 1.5%. U.S Jobless Claims data supported the movement; Continuing Jobless claims dropped to 2,228K and Initial Jobless Claims dropped to 265K. Attention will now turn to the NFP release tomorrow. The movement is sideways. Support is found at 1.1270 and resistance at 1.1380.
Yesterday, the GBP/USD climbed as the Dollar weakened. However, unlike other Dollar pairs, gains were limited due to the upcoming general election in the U.K. The election is the closest in decades and early opinion polls showed that the two main parties are neck and neck. The Pound has remained fairly stable so far, but investors should watch the results closely.
U.S Jobless Claims data was just released and beat expectations. The market showed little reaction, however, which suggests that traders are waiting for tomorrow’s Nonfarm Payrolls report. The report will be used to decipher when the Fed may hike rates. The movement is sideways. Support is found at 1.5090 and resistance at 1.5300.
May 7, 2015 – Forex News
Today’s Hot Assets: EUR/USD
EUR/USD
Yesterday, the EUR/USD climbed as the Euro declined on the back of weak U.S data which added to speculation that the U.S economy is slowing down; the ADP Nonfarm Employment Change was much worse than expected and showed 169K which was 30K below the predicted figure. The data offset expectations that interest rates could be hiked before September.
Today, the pair dropped and fell to a low of 1.1260. The euro declined as German Factory Orders declined by 0.9% in March when expected to increase by 1.5%. U.S Jobless Claims data supported the movement; Continuing Jobless claims dropped to 2,228K and Initial Jobless Claims dropped to 265K. Attention will now turn to the NFP release tomorrow. The movement is sideways. Support is found at 1.1270 and resistance at 1.1380.
GBP/USD
Yesterday, the GBP/USD climbed as the Dollar weakened. However, unlike other Dollar pairs, gains were limited due to the upcoming general election in the U.K. The election is the closest in decades and early opinion polls showed that the two main parties are neck and neck. The Pound has remained fairly stable so far, but investors should watch the results closely.
U.S Jobless Claims data was just released and beat expectations. The market showed little reaction, however, which suggests that traders are waiting for tomorrow’s Nonfarm Payrolls report. The report will be used to decipher when the Fed may hike rates. The movement is sideways. Support is found at 1.5090 and resistance at 1.5300.