Yesterday, the EUR/USD added 170 pips after U.S Retail Sales missed expectations and disappointed the market. The data showed that sales increased by 0.9% in March but the figure was predicted to show a 1% change. We saw investors selling off the Dollar as they priced in new expectations of a later interest rate hike and wagers now point to December. By the end of the session the pair had already rebounded downwards and was ranging around 1.0630.
Today, the pair dropped further and reached a low of 1.0570. Traders appeared to become anxious ahead of the European central Bank press conference. Draghi was very supportive and commented that the QE program is working and is effective, boosting the Euro. U.S Industrial Production data was just released and also missed expectations and declined by 0.6% causing the pair to climb to its current level of 1.0666. The movement is sideways. Support is found at 1.0520 and resistance at 1.0705.
Yesterday, the USD/JPY lost over 100 pips and reached a low of 119.1. Losses were seen as Retail Sales missed expectations and pushed the Dollar lower. The pair had already declined as a Japanese advisor commented a day earlier that the Yen was weak enough and boosting the economy. After reaching this level, the price bounced upwards to 119.4.
Today, the pair climbed to a high of 119.7 but has since been trading sideways. Weaker than expected U.S Industrial Production data was just released and we may now see the pair drop back down. The movement is sideways. Support is found at 119.00 and resistance at 120.20.
April 15, 2015 – Forex News
Today’s Hot Asset: EUR/USD
EUR/USD
Yesterday, the EUR/USD added 170 pips after U.S Retail Sales missed expectations and disappointed the market. The data showed that sales increased by 0.9% in March but the figure was predicted to show a 1% change. We saw investors selling off the Dollar as they priced in new expectations of a later interest rate hike and wagers now point to December. By the end of the session the pair had already rebounded downwards and was ranging around 1.0630.
Today, the pair dropped further and reached a low of 1.0570. Traders appeared to become anxious ahead of the European central Bank press conference. Draghi was very supportive and commented that the QE program is working and is effective, boosting the Euro. U.S Industrial Production data was just released and also missed expectations and declined by 0.6% causing the pair to climb to its current level of 1.0666. The movement is sideways. Support is found at 1.0520 and resistance at 1.0705.
USD/JPY
Yesterday, the USD/JPY lost over 100 pips and reached a low of 119.1. Losses were seen as Retail Sales missed expectations and pushed the Dollar lower. The pair had already declined as a Japanese advisor commented a day earlier that the Yen was weak enough and boosting the economy. After reaching this level, the price bounced upwards to 119.4.
Today, the pair climbed to a high of 119.7 but has since been trading sideways. Weaker than expected U.S Industrial Production data was just released and we may now see the pair drop back down. The movement is sideways. Support is found at 119.00 and resistance at 120.20.
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