The euro continued its slide downwards on Friday, namely on the back of the clear lack of direction from the head of the European Central Bank Mario Draghi. The decision to leave interest rates on hold was to a certain extent to be expected as Mario Draghi emphasized in his speech at the ECB meeting that interest rates will remain on hold at present. The dollar last week was also given a boost in the form of better than expected figures released last Thursday in the form of Non-Farm Payrolls with pushed the pairing downwards in favor of the dollar. Today, in the absence of financial events both in the Euro zone countries and the U.S it is rather unlikely that will see a certain amount of fluctuation in the pairing. Therefore traders and investors alike will be in anticipation of German trade balance later in the week. Today EUR/USD has support of 1.3550 and resistance of 1.3640.
GBP/USD
The pound, although falling slightly against the dollar on Friday continues to gain ground to the detriment of the dollar and reaching nearly six year highs. It interesting to note that traders and investors continue to be spurred by the previous comments of the Governor of the Bank of England Mark Carney giving lead to expectations that we may see an increase in interest rates perhaps towards the end of this year. Last Thursday the Non-Farm Payrolls were released. This was due to the fact that on Friday the U.S enjoyed a national holiday in which the U.S markets were closed. Now although the NFP report released figures showing that there was an increase of jobs created in the labor market from the previous month. Surprisingly such positive figures did not see the pairing fall throughout the end of last week, reiterating the recent strength of the pound. Today in the absence of financial events from both the U.K and the U.S we are highly unlikely to see any major fluctuations in the pairing. Today GBP/USD has support of 1.7080 and resistance of 1.7180.
USD/JPY
The dollar seems to be gaining the upper hand in the pairing. There are still concerns by investors and traders as to the direction of the Japanese economy, as well as the fact that traders and investors are to a certain extent moving away from the safe haven currency. We saw last Thursday a sharp rise in the pairing in favor of the dollar, largely due to the positive figures that were released regarding additional job creation in the U.S. Throughout the Asian trading session this morning the pairing as to a certain extent been very much ranging sideways showing very little movement in any particular direction. Later this evening traders and investors will be in anticipation of the Current Account report which will undoubtedly give an indication of present currency demand. The financial events to look out for today is Current Account 11.50pm GMT. Today USD/JPY has support of 101.60 and resistance of 102.40
July 7, 2014 – Forex News
Hot Asset For Today: USD/JPY
The euro continued its slide downwards on Friday, namely on the back of the clear lack of direction from the head of the European Central Bank Mario Draghi. The decision to leave interest rates on hold was to a certain extent to be expected as Mario Draghi emphasized in his speech at the ECB meeting that interest rates will remain on hold at present. The dollar last week was also given a boost in the form of better than expected figures released last Thursday in the form of Non-Farm Payrolls with pushed the pairing downwards in favor of the dollar. Today, in the absence of financial events both in the Euro zone countries and the U.S it is rather unlikely that will see a certain amount of fluctuation in the pairing. Therefore traders and investors alike will be in anticipation of German trade balance later in the week. Today EUR/USD has support of 1.3550 and resistance of 1.3640.
GBP/USD
The pound, although falling slightly against the dollar on Friday continues to gain ground to the detriment of the dollar and reaching nearly six year highs. It interesting to note that traders and investors continue to be spurred by the previous comments of the Governor of the Bank of England Mark Carney giving lead to expectations that we may see an increase in interest rates perhaps towards the end of this year. Last Thursday the Non-Farm Payrolls were released. This was due to the fact that on Friday the U.S enjoyed a national holiday in which the U.S markets were closed. Now although the NFP report released figures showing that there was an increase of jobs created in the labor market from the previous month. Surprisingly such positive figures did not see the pairing fall throughout the end of last week, reiterating the recent strength of the pound. Today in the absence of financial events from both the U.K and the U.S we are highly unlikely to see any major fluctuations in the pairing. Today GBP/USD has support of 1.7080 and resistance of 1.7180.
USD/JPY
The dollar seems to be gaining the upper hand in the pairing. There are still concerns by investors and traders as to the direction of the Japanese economy, as well as the fact that traders and investors are to a certain extent moving away from the safe haven currency. We saw last Thursday a sharp rise in the pairing in favor of the dollar, largely due to the positive figures that were released regarding additional job creation in the U.S. Throughout the Asian trading session this morning the pairing as to a certain extent been very much ranging sideways showing very little movement in any particular direction. Later this evening traders and investors will be in anticipation of the Current Account report which will undoubtedly give an indication of present currency demand. The financial events to look out for today is Current Account 11.50pm GMT. Today USD/JPY has support of 101.60 and resistance of 102.40
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