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GBP/USD Dipped To 6-Week Low But Reversing Before Labor Data
March 19, 2014 9:15 amVideo
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March 19, 2014 – Forex News
Hot Asset For Today: GBP/USD
EUR/USD
The pairing was initially hampered by a disappointing German March ZEW reading but the pair managed a subsequent recovery to end slightly higher on the day as Ukraine tensions eased slightly. The dollar found some support after data revealed that the number of building permits issued in the US rose more than expected to a four month high, however, gains were checked after the US housing starts dropped for a third consecutive month. Today will be to a certain extent quiet in terms of economic indicators, with no statistics that may be potentially influential on the pairing, however later today the Federal Open Market Committee (FOMC) is widely expected to discuss another $10B taper for this month, the central bank remains poised to introduce a ‘qualitative approach’ for monetary policy, and a dovish twist to the forward guidance may heighten the bearish sentiment surrounding the reserve currency as Fed Chair Janet Yellen remains reluctant to halt the zero-interest rate policy. The financial events to look out for today are the FOMC Economic Projections, FOMC Statement and the Interest Rate Decision at 6.00pm GMT and Fed Chair Yellen Speaks at 6.30pm GMT. Today EUR/USD has support of 1.3845 and resistance of 1.3965.
GBP/USD
The pairing fell slightly during most of the session yesterday. Today we have financial news being released regarding the UK budget, which is expected to reduce a deficit. In addition, Monetary policy meeting minutes will be published and it is highly likely these minutes which will only confirm that a rate hike is worth considering however not right now, but closer to the middle of 2015. Also being released is data on the labor market, which will be of most interest. Particular attention should be paid to the level of unemployment, which was recently stated by the Bank of England. Indicators such as the number of employees, average wages and productivity may be more adequate indicator of the labor market. On wage growth, special attention should be taken, as it may reflect underlying inflationary pressures, and, in the case of growth, can maintain the interest of the pound. The financial events to look out for today are Claimant Count Change MPC Meeting Minutes and Unemployment Rate at 9.30am GMT. Today GBP/USD has a support of 1.6550 and a resistance of 1.6650.
USD/JPY
The pairing trended slightly upwards in contrast to disappointing trade numbers released this morning in Japan. Japan reported its 20th straight monthly trade deficit in February as soaring energy imports continued to offset the value of exported goods. . It was a record deficit for the month of February but lower than January’s much larger deficit. Resource-poor Japan relies heavily on imported oil and natural gas. Those costs have surged following the March 2011 nuclear crisis in Fukushima, which has led to all 48 of the nation’s working reactors going off line. The 20-month streak of trade deficits is the longest since the Finance Ministry started keeping comparable records in 1979. The financial events to look out for today are the FOMC Economic Projections, FOMC Statement and the Interest Rate Decision at 6.00pm GMT and Fed Chair Yellen Speaks at 6.30pm GMT. Today USD/JPY has support of 101.20 and resistance of 102.00
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