Yesterday, the EUR/USD pair moved up and test its resistance at 1.3620. The pair moved up despite the good JOLTS Job Opening which pointed on the stronger U.S. labor market which should have make some downwards pressure on the pair. The market mainly reacted on Fed President Narayana Kocherlakota’s speech where he said that inflation may run below the central bank’s target. Today the main event will be the FOMC Meeting Minutes which might give us some insights about how the FOMC members see the future policy. The report will come out at 6.00PM (GMT). At 6.30PM (GMT) ECB President Mario Draghi speaks at the Tommaso Padoa-Schioppa Memorial Lecture, in London. That might pick up the volatility as well. The movement is sideways. The support is lying at 1.3570 and resistance at 1.3620.
The GBP/USD pair first dropped during Tuesday’s trading hours and tested the support, however the pair rebounded and increased back up above 1.7130. Yesterday, we saw that the U.K. Manufacturing Production came out very disappointing. Instead of expected 0.4% increase we saw -1.3% decrease. Also the previous U.K. GDP were corrected downwards from previous 0.9% to 0.7%. That should give enough reason to the market not to continue its strengthening and probably fall soon. Today we should keep an eye on the FOMC Meeting Minutes. The movement is sideways. The support is lying at 1.7080 and resistance at 1.7180.
July 9, 2014 – Forex News
Hot asset for today: EUR/USD
Yesterday, the EUR/USD pair moved up and test its resistance at 1.3620. The pair moved up despite the good JOLTS Job Opening which pointed on the stronger U.S. labor market which should have make some downwards pressure on the pair. The market mainly reacted on Fed President Narayana Kocherlakota’s speech where he said that inflation may run below the central bank’s target. Today the main event will be the FOMC Meeting Minutes which might give us some insights about how the FOMC members see the future policy. The report will come out at 6.00PM (GMT). At 6.30PM (GMT) ECB President Mario Draghi speaks at the Tommaso Padoa-Schioppa Memorial Lecture, in London. That might pick up the volatility as well. The movement is sideways. The support is lying at 1.3570 and resistance at 1.3620.
The GBP/USD pair first dropped during Tuesday’s trading hours and tested the support, however the pair rebounded and increased back up above 1.7130. Yesterday, we saw that the U.K. Manufacturing Production came out very disappointing. Instead of expected 0.4% increase we saw -1.3% decrease. Also the previous U.K. GDP were corrected downwards from previous 0.9% to 0.7%. That should give enough reason to the market not to continue its strengthening and probably fall soon. Today we should keep an eye on the FOMC Meeting Minutes. The movement is sideways. The support is lying at 1.7080 and resistance at 1.7180.
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