Yesterday, the EUR/USD traded sideways in a narrow channel between 1.3120 and 1.3145. The pair was influenced by EU economic data. The Manufacturing PMI reached a 13-month low indicating a slowdown in factory growth. Volatility decreased during the American session as U.S. and Canadian markets remained closed. As the market opened today, the pair almost touched 1.3110, a new 12-month low. Movement on the pair is also caused by the appreciating Dollar which is gaining due to expectations that the interest will be raised sooner than expected following consistent growth in the U.S. economy.
Today traders should watch the U.S. ISM Manufacturing PMI which is coming out at 2PM (GMT) and might push the pair even lower. The movement is sideways. Support is found at 1.3100 and resistance at 1.3220.
GBP/USD
Despite the fact that the U.S. market was closed yesterday, the GBP/USD pair managed to fall 50 pips to 1.6580. The pair reacted to the negative U.K. Manufacturing PMI data, which dropped to a 14-month low. Most analysts blamed the low number on the recent increase in global risk. However, the figure underlined expectations that the Bank of England will not increase interest rates soon.
Today, keep an eye on another important release at 8.30AM (GMT). The U.K. Construction PMI usually creates higher volatility and therefore should create some great opportunities for binary options traders. The trend is sideways. Support is found at 1.6535 and resistance at 1.6650.
September 2, 2014 – Forex News
Hot asset for today: EUR/USD
EUR/USD
Yesterday, the EUR/USD traded sideways in a narrow channel between 1.3120 and 1.3145. The pair was influenced by EU economic data. The Manufacturing PMI reached a 13-month low indicating a slowdown in factory growth. Volatility decreased during the American session as U.S. and Canadian markets remained closed. As the market opened today, the pair almost touched 1.3110, a new 12-month low. Movement on the pair is also caused by the appreciating Dollar which is gaining due to expectations that the interest will be raised sooner than expected following consistent growth in the U.S. economy.
Today traders should watch the U.S. ISM Manufacturing PMI which is coming out at 2PM (GMT) and might push the pair even lower. The movement is sideways. Support is found at 1.3100 and resistance at 1.3220.
GBP/USD
Despite the fact that the U.S. market was closed yesterday, the GBP/USD pair managed to fall 50 pips to 1.6580. The pair reacted to the negative U.K. Manufacturing PMI data, which dropped to a 14-month low. Most analysts blamed the low number on the recent increase in global risk. However, the figure underlined expectations that the Bank of England will not increase interest rates soon.
Today, keep an eye on another important release at 8.30AM (GMT). The U.K. Construction PMI usually creates higher volatility and therefore should create some great opportunities for binary options traders. The trend is sideways. Support is found at 1.6535 and resistance at 1.6650.
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