The EUR/USD climbed back to 1.2650 as it recovered from Friday’s fall. However, this increase will most likely be short term as the Euro is expected to weaken further and the Dollar is expected to strengthen. Morgan Stanley have now downgraded the forecast for the pair and have predicted that by the end of 2014 it will be trading around 1.24 and at the end of 2015 it will be as low as 1.12.
Today, make sure to pay attention to the JOLTS Job Openings which will be released at 2PM (GMT). Later on you should also watch speeches from FOMC members Narayana Kocherlakota and William Dudley. The movement is slightly bullish but could change soon. Support is found at 1.2500 and resistance is at 1.2700.
On Monday, the GBP/USD returned back above 1.6000 as traders took fast profits by selling the U.S. Dollar. Higher volatility is expected as the U.K. Manufacturing Production data is being released at 8.30AM (GMT). The expectation is to see a 0.2% increase which is slightly lower than the previous reading. If the result beats expectations the pair will most likely test its resistance at 1.6100. At 2PM (GMT) we should pay attention to both the JOLTS Job Openings data and also the U.K. GDP estimate.
The trend is sideways. Support is found at 1.5950 and resistance at 1.6100.
October 7, 2014 – Forex News
Hot asset for today: GBP/USD
EUR/USD
The EUR/USD climbed back to 1.2650 as it recovered from Friday’s fall. However, this increase will most likely be short term as the Euro is expected to weaken further and the Dollar is expected to strengthen. Morgan Stanley have now downgraded the forecast for the pair and have predicted that by the end of 2014 it will be trading around 1.24 and at the end of 2015 it will be as low as 1.12.
Today, make sure to pay attention to the JOLTS Job Openings which will be released at 2PM (GMT). Later on you should also watch speeches from FOMC members Narayana Kocherlakota and William Dudley. The movement is slightly bullish but could change soon. Support is found at 1.2500 and resistance is at 1.2700.
GBP/USD
On Monday, the GBP/USD returned back above 1.6000 as traders took fast profits by selling the U.S. Dollar. Higher volatility is expected as the U.K. Manufacturing Production data is being released at 8.30AM (GMT). The expectation is to see a 0.2% increase which is slightly lower than the previous reading. If the result beats expectations the pair will most likely test its resistance at 1.6100. At 2PM (GMT) we should pay attention to both the JOLTS Job Openings data and also the U.K. GDP estimate.
The trend is sideways. Support is found at 1.5950 and resistance at 1.6100.
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