On Thursday, the EUR/USD climbed above 1.0800 for a second time in 7 days. U.S. Unemployment Claims, Flash Manufacturing PMI and New Home Sales data came out below expectations and disappointed the market which lowered the likelihood that the Fed will increase interest rates in June. On the other side, European Services and Manufacturing PMI data also showed lower limiting the upwards movement.
Today, the German Ifo Business Climate will be published at 8.00AM (GMT) and it is predicted that the index should increase to its highest level since June, 2014. At 12.30PM (GMT) U.S. Core Durable Goods Orders will be released and could help the dollar to regain some losses. The trend is sideways. Support is found at 1.0620 and resistance at 1.0850.
The GBP/USD has ranged at a high level since the Bank of England released a hawkish report on Wednesday. The higher price was supported by U.S. economic data which came out and showed weaker than expected figures. U.S. data has been under pressure as investors are speculating over the timing of the U.S interest rate hike. As data has been weaker than expected, traders have shifted their expectations for the hike to occur in September. The pair remained high despite negative U.K. Retail Sales data which declined by 0.5% instead of increasing by the expected 0.4%.
Today, traders should pay attention to U.S. Core Durable Goods Orders which will be announced at 12.30PM (GMT). If the data is below expectations, the pair could break through its resistance level. The trend is sideways. Support is found at 1.4800 and resistance at 15080.
April 24, 2015 – Forex News
Hot asset for today: USD
EUR/USD
On Thursday, the EUR/USD climbed above 1.0800 for a second time in 7 days. U.S. Unemployment Claims, Flash Manufacturing PMI and New Home Sales data came out below expectations and disappointed the market which lowered the likelihood that the Fed will increase interest rates in June. On the other side, European Services and Manufacturing PMI data also showed lower limiting the upwards movement.
Today, the German Ifo Business Climate will be published at 8.00AM (GMT) and it is predicted that the index should increase to its highest level since June, 2014. At 12.30PM (GMT) U.S. Core Durable Goods Orders will be released and could help the dollar to regain some losses. The trend is sideways. Support is found at 1.0620 and resistance at 1.0850.
GBP/USD
The GBP/USD has ranged at a high level since the Bank of England released a hawkish report on Wednesday. The higher price was supported by U.S. economic data which came out and showed weaker than expected figures. U.S. data has been under pressure as investors are speculating over the timing of the U.S interest rate hike. As data has been weaker than expected, traders have shifted their expectations for the hike to occur in September. The pair remained high despite negative U.K. Retail Sales data which declined by 0.5% instead of increasing by the expected 0.4%.
Today, traders should pay attention to U.S. Core Durable Goods Orders which will be announced at 12.30PM (GMT). If the data is below expectations, the pair could break through its resistance level. The trend is sideways. Support is found at 1.4800 and resistance at 15080.
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