The EUR/USD pair fell down yesterday in the morning once the German Manufacturing PMI was released. The index came out below expectation and pushed the pair from 1.3760 to 1.3680 where reversed on its support. The pair tested the support once again later on, despite very low U.S. Fed Manufacturing Index. The bearish sentiment did not last so long and before the American session finish the pair was back ranging on 1.3720. During the Asian session we did not see any significant movement as the market is waiting for the G20 meeting which is starting today. Fed Chairman Janet Yallen is going to face a lot of pressure from emerging markets as the tapering of the monetary stimulus may cause some turmoil. Today we should pay attention to the U.S. housing data at 3.00PM (GMT) and after 6.00PM (GMT) FOMC members Bullard and Fisher will have a speech which might cause some trading opportunities. Both of them are consider to be more hawkish so it might pull the pair down. The movement has remained sideways. The support is lying at 1.3680 and resistance at 1.3770.
The GBP/USD pair broke its support at 1.6640 as the U.S. Manufacturing PMI data supported the Greenback. The bearish sentiment was reversed and the pair finished the session ranging around 1.6655. Before the U.K. Retail Sales data will be released today at 9.30AM (GMT) we can see some movement down. That can be caused by expectation of worse data due to bad weather. However, the actual prediction is already low (-0.9%) and if the data beats the forecast we should expect some movement up. We should keep an eye on the U.S. Existing Home Sales as well even though the movement might be lower. The support lying at 1.6600 and resistance at 1.6740.
The USD/JPY pair started on Thursday in a bearish mood as the Chinese Flash Manufacturing PMI data came out negative. However, as the European session started the pair switch the sentiment to bullish and erased the previous fall. The Japanese Monetary Policy Statement which was released at midnight just summarized previous statements and did not cause significant movement. The pair is now ranging around 102.50 in slightly bullish sentiment. We should pay attention to the U.S. data as well as to the G20 meeting. Yen as a safe-haven currency will benefit from any potential crisis. The support is lying at 101.75 and resistance at 102.60.
February 21, 2014 – Forex News
Hot Asset For Today: GBP/USD
The EUR/USD pair fell down yesterday in the morning once the German Manufacturing PMI was released. The index came out below expectation and pushed the pair from 1.3760 to 1.3680 where reversed on its support. The pair tested the support once again later on, despite very low U.S. Fed Manufacturing Index. The bearish sentiment did not last so long and before the American session finish the pair was back ranging on 1.3720. During the Asian session we did not see any significant movement as the market is waiting for the G20 meeting which is starting today. Fed Chairman Janet Yallen is going to face a lot of pressure from emerging markets as the tapering of the monetary stimulus may cause some turmoil. Today we should pay attention to the U.S. housing data at 3.00PM (GMT) and after 6.00PM (GMT) FOMC members Bullard and Fisher will have a speech which might cause some trading opportunities. Both of them are consider to be more hawkish so it might pull the pair down. The movement has remained sideways. The support is lying at 1.3680 and resistance at 1.3770.
The GBP/USD pair broke its support at 1.6640 as the U.S. Manufacturing PMI data supported the Greenback. The bearish sentiment was reversed and the pair finished the session ranging around 1.6655. Before the U.K. Retail Sales data will be released today at 9.30AM (GMT) we can see some movement down. That can be caused by expectation of worse data due to bad weather. However, the actual prediction is already low (-0.9%) and if the data beats the forecast we should expect some movement up. We should keep an eye on the U.S. Existing Home Sales as well even though the movement might be lower. The support lying at 1.6600 and resistance at 1.6740.
The USD/JPY pair started on Thursday in a bearish mood as the Chinese Flash Manufacturing PMI data came out negative. However, as the European session started the pair switch the sentiment to bullish and erased the previous fall. The Japanese Monetary Policy Statement which was released at midnight just summarized previous statements and did not cause significant movement. The pair is now ranging around 102.50 in slightly bullish sentiment. We should pay attention to the U.S. data as well as to the G20 meeting. Yen as a safe-haven currency will benefit from any potential crisis. The support is lying at 101.75 and resistance at 102.60.
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