Yesterday, the EUR/USD corrected from its previous spike and lost more than 100 pips. The pair dropped to 1.1200 as U.S. Jobless Claims data came out better than expected and spurred speculation that despite other softer data, the U.S. Non-farm payrolls might be strong.
The labour data will be published today and will be very important as traders will assess whether traders will use this information to assess whether the rate hike will occur in Summer. It is currently expected that the figure will show 228K. If the figure exceeds expectations by 20K, the pair should drop towards 1.1000. On the other hand, if the reading disappoints, the pair may return above 1.1300. The trend is slightly bearish. Support is found at 1.1065 and resistance at 1.1400.
On Thursday, the GBP/USD ranged at a low level as U.K. elections were taking place. As the results came out at 9PM (GMT), the pair spiked and added around 250 pips in just a few hours. Despite the fact that earlier opinion polls showed that the two parties are equal, the Conservative party took around 70 more seats that the Labour party.
The pair is currently correcting slightly. Movement is being driven by speculation regarding the upcoming NFP data which will be released at 3.30 PM (GMT). Despite the low ADP Non-farm Employment change, the Dollar is strengthening showing that investors are expecting stronger data. The trend is sideways. Support is found at 1.5300 and resistance at 1.5525.
May 8, 2015 – Forex News
Hot asset for today: USD
EUR/USD
Yesterday, the EUR/USD corrected from its previous spike and lost more than 100 pips. The pair dropped to 1.1200 as U.S. Jobless Claims data came out better than expected and spurred speculation that despite other softer data, the U.S. Non-farm payrolls might be strong.
The labour data will be published today and will be very important as traders will assess whether traders will use this information to assess whether the rate hike will occur in Summer. It is currently expected that the figure will show 228K. If the figure exceeds expectations by 20K, the pair should drop towards 1.1000. On the other hand, if the reading disappoints, the pair may return above 1.1300. The trend is slightly bearish. Support is found at 1.1065 and resistance at 1.1400.
GBP/USD
On Thursday, the GBP/USD ranged at a low level as U.K. elections were taking place. As the results came out at 9PM (GMT), the pair spiked and added around 250 pips in just a few hours. Despite the fact that earlier opinion polls showed that the two parties are equal, the Conservative party took around 70 more seats that the Labour party.
The pair is currently correcting slightly. Movement is being driven by speculation regarding the upcoming NFP data which will be released at 3.30 PM (GMT). Despite the low ADP Non-farm Employment change, the Dollar is strengthening showing that investors are expecting stronger data. The trend is sideways. Support is found at 1.5300 and resistance at 1.5525.
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