Greenback Getting Stronger On Better Economic Outlook
January 31, 2014 12:35 pm
January 31, 2014 – Forex News
Hot asset for today: EUR/USD
The EUR/USD pair repeated the movement from Wednesday and broke its support (on Thursday it was 1.3580) and fell to its second support at 1.3550. The bearish mood was first driven by optimisms on the Dollar side but later on as U.S. data came out mixed the movement down continued because of weaker Euro. German CPI came out worse-than-expected and pushed the pair down. Today we should keep an eye on German Retail Sales at 7.00AM (GMT) and Euro CPI Estimate at 10.00AM (GMT). If the CPI comes also below estimation, we might see the ECB to cut the interest more to spur the inflation. At 1.30PM (GMT) there will be several data coming out from U.S. market but none of them so important so they might influence the market in moderate way. The sentiment is slightly bearish but bouncing on its support. The support is lying at 1.3555 and resistance at 1.3685.
The USD/JPY pair almost rebounded its fall from Wednesday when the pair dropped from 103.35 to 101.80. The movement up was first caused by U.S. Dollar which strengthened before U.S. GDP data. Due to the fact that the data showed improvement but slightly worse-than-expected the pair did not managed to break its resistance and started to range. Also housing data came very disappointing but in the past we have already seen such a fluctuation (e.g. on January 2010 -30% even though the three previous figures were about 6%). During the Asian session Yen strengthened due to strong Japanese data and currently is traded around 102.45. The support is lying at 101.90 and resistance at 102.95.
Yesterday the GBP/USD pair slid to 1.6450 area as the European session stared. The pair then slightly rebounded and currently is traded around 1.6480. Today the there will be no economic data coming out of the U.K. market so we should pay attention to the U.S. releases. The movement is sideways with support at 1.6450 and resistance at 1.6620.
January 31, 2014 – Forex News
Hot asset for today: EUR/USD
The EUR/USD pair repeated the movement from Wednesday and broke its support (on Thursday it was 1.3580) and fell to its second support at 1.3550. The bearish mood was first driven by optimisms on the Dollar side but later on as U.S. data came out mixed the movement down continued because of weaker Euro. German CPI came out worse-than-expected and pushed the pair down. Today we should keep an eye on German Retail Sales at 7.00AM (GMT) and Euro CPI Estimate at 10.00AM (GMT). If the CPI comes also below estimation, we might see the ECB to cut the interest more to spur the inflation. At 1.30PM (GMT) there will be several data coming out from U.S. market but none of them so important so they might influence the market in moderate way. The sentiment is slightly bearish but bouncing on its support. The support is lying at 1.3555 and resistance at 1.3685.
The USD/JPY pair almost rebounded its fall from Wednesday when the pair dropped from 103.35 to 101.80. The movement up was first caused by U.S. Dollar which strengthened before U.S. GDP data. Due to the fact that the data showed improvement but slightly worse-than-expected the pair did not managed to break its resistance and started to range. Also housing data came very disappointing but in the past we have already seen such a fluctuation (e.g. on January 2010 -30% even though the three previous figures were about 6%). During the Asian session Yen strengthened due to strong Japanese data and currently is traded around 102.45. The support is lying at 101.90 and resistance at 102.95.
Yesterday the GBP/USD pair slid to 1.6450 area as the European session stared. The pair then slightly rebounded and currently is traded around 1.6480. Today the there will be no economic data coming out of the U.K. market so we should pay attention to the U.S. releases. The movement is sideways with support at 1.6450 and resistance at 1.6620.
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