Yesterday, the EUR/USD traded sideways in a narrow channel between 1.3110 and 1.3135. Volatility remained low despite important U.S. data. The ISM Manufacturing PMI data showed the fastest growth since May 2011 and underlined the positive economic outlook for the U.S. Today we should watch EU Retail Sales data, which will be released at 9.00AM (GMT). The reading is expected to be negative and decrease by -0.3%, any number below may push the pair down to 1.3100. At 2PM (GMT), U.S. Factory orders will be released and the expectation is to see a surge of 11%!
Later today, we may see movement connected to tomorrow’s Interest rate release from the European Central Bank and a possible increase in monetary stimulus.The movement is sideways. Support is found at 1.3100 and resistance at 1.3220.
GBP/USD
On Tuesday, the GBP/USD pair fell 165 pips from 1.6610 to 1.6445. The big drop was caused by fears over the Scottish independence vote, which outclassed the better-than-expected Construction PMI. A Survey by YouGov showed that 47% of respondents are voting for separation. The pair could go even lower if the separation occurs.
Today, keep an eye on the U.K. Services PMI, which will be released at 8.30AM (GMT). The trend is slightly bearish. Support is found at 1.6440 and resistance at 1.6535.
September 3, 2014 – Forex News
Hot asset for today: EUR/USD
EUR/USD
Yesterday, the EUR/USD traded sideways in a narrow channel between 1.3110 and 1.3135. Volatility remained low despite important U.S. data. The ISM Manufacturing PMI data showed the fastest growth since May 2011 and underlined the positive economic outlook for the U.S. Today we should watch EU Retail Sales data, which will be released at 9.00AM (GMT). The reading is expected to be negative and decrease by -0.3%, any number below may push the pair down to 1.3100. At 2PM (GMT), U.S. Factory orders will be released and the expectation is to see a surge of 11%!
Later today, we may see movement connected to tomorrow’s Interest rate release from the European Central Bank and a possible increase in monetary stimulus.The movement is sideways. Support is found at 1.3100 and resistance at 1.3220.
GBP/USD
On Tuesday, the GBP/USD pair fell 165 pips from 1.6610 to 1.6445. The big drop was caused by fears over the Scottish independence vote, which outclassed the better-than-expected Construction PMI. A Survey by YouGov showed that 47% of respondents are voting for separation. The pair could go even lower if the separation occurs.
Today, keep an eye on the U.K. Services PMI, which will be released at 8.30AM (GMT). The trend is slightly bearish. Support is found at 1.6440 and resistance at 1.6535.
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