The EUR/USD pair started to decline and supported the previous expectation that the pair will not exceed the 1.3700 level. Last month the pair dropped when the European central bank announced interest rate cut and fell to 1.35 area, however recent disappointing data from U.S. is pulling the price back up to the level where was the pair before ECB interest rate decision. Today we should keep an eye on ADP Non-farm Employment Change which will start the first speculation before tomorrow’s Non-farm payrolls report. At 3.00PM (GMT) the Fed Charwoman will have a speech at the International Monetary Fund and might increase the volatility of the dollar. The trend is slightly bearish. The support is lying at 1.3650 and resistance at 1.3700.
Contrarily from the EUR/USD, the GBP/USD pair has continued its bullish trend and managed to climb as high as 1.7165. That means within last two trading days the pair increased by almost 160 pips. When two main currencies (USD and EUR) are struggling we can see that investors are looking for more profitable assets as British pound. The British economy showed last month better Manufacturing PMI data than expected. Today will be closely watched the U.K Construction PMI at 8.30AM (GMT). We should not forget about the events in U.S. market described above. The sentiment is slightly bearish. The support is lying at 1.7050 and resistance at 1.7200.
July 2, 2014 – Forex News
Hot asset for today: GBP/USD
The EUR/USD pair started to decline and supported the previous expectation that the pair will not exceed the 1.3700 level. Last month the pair dropped when the European central bank announced interest rate cut and fell to 1.35 area, however recent disappointing data from U.S. is pulling the price back up to the level where was the pair before ECB interest rate decision. Today we should keep an eye on ADP Non-farm Employment Change which will start the first speculation before tomorrow’s Non-farm payrolls report. At 3.00PM (GMT) the Fed Charwoman will have a speech at the International Monetary Fund and might increase the volatility of the dollar. The trend is slightly bearish. The support is lying at 1.3650 and resistance at 1.3700.
Contrarily from the EUR/USD, the GBP/USD pair has continued its bullish trend and managed to climb as high as 1.7165. That means within last two trading days the pair increased by almost 160 pips. When two main currencies (USD and EUR) are struggling we can see that investors are looking for more profitable assets as British pound. The British economy showed last month better Manufacturing PMI data than expected. Today will be closely watched the U.K Construction PMI at 8.30AM (GMT). We should not forget about the events in U.S. market described above. The sentiment is slightly bearish. The support is lying at 1.7050 and resistance at 1.7200.
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