The EUR/USD traded sideways with no clear direction. Yesterday’s European data was mixed with Manufacturing PMI data beating expectations from Germany and from Europe overall, but missing expectations from France. U.S Factory Orders beat expectations and increased by 2.1% and a balanced speech was given from FOMC Member, Evans. Evans, a known dove, stated that he believed that rates shouldn’t be hiked until next year but mentioned that it would hamper the recovery if it was undertaken.
Today, the pair inched down to 1.1070 but then bounced upwards. A range of data will be released from the U.S shortly, including the Services PMI, the ISM Non- Manufacturing PMI and the ISM Non-Manufacturing Employment. The movement is sideways. Support is found at 1.1070 and resistance at 1.1290.
Yesterday, the USD/JPY traded sideways between 120.3 and 120. The Japanese market remained closed, reducing volatility and traders appeared to ignore U.S data. Today, the price climbed and reached a high of 120.5 but then bounced back down.
Traders should watch the U.S ISM Non-Manufacturing PMI which will be released at 2PM (GMT). The movement is sideways. Support is found at 119.95 and resistance at 120.50.
May 5, 2015 – Forex News
Today’s Hot Asset: EUR/USD
EUR/USD
The EUR/USD traded sideways with no clear direction. Yesterday’s European data was mixed with Manufacturing PMI data beating expectations from Germany and from Europe overall, but missing expectations from France. U.S Factory Orders beat expectations and increased by 2.1% and a balanced speech was given from FOMC Member, Evans. Evans, a known dove, stated that he believed that rates shouldn’t be hiked until next year but mentioned that it would hamper the recovery if it was undertaken.
Today, the pair inched down to 1.1070 but then bounced upwards. A range of data will be released from the U.S shortly, including the Services PMI, the ISM Non- Manufacturing PMI and the ISM Non-Manufacturing Employment. The movement is sideways. Support is found at 1.1070 and resistance at 1.1290.
USD/JPY
Yesterday, the USD/JPY traded sideways between 120.3 and 120. The Japanese market remained closed, reducing volatility and traders appeared to ignore U.S data. Today, the price climbed and reached a high of 120.5 but then bounced back down.
Traders should watch the U.S ISM Non-Manufacturing PMI which will be released at 2PM (GMT). The movement is sideways. Support is found at 119.95 and resistance at 120.50.
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