After dropping 200 pips, the EUR/USD experienced a slight price correction and climbed to 1.1240. German CPI data which came out on Friday showed an unexpectedly high figure showing that deflation pressures are weakening which is positive for the euro. However, U.S GDP data showed that output grew by 2.2% in the last quarter, higher than the expected 2.1%. The pair returned below 1.1200.
Today, we should pay attention to the EU CPI data which will be published at 10.00AM (GMT). The CPI is predicted to decline by -0.5% but might surprise positively as we saw a pick- up in German inflation. At 3.00PM (GMT) the U.S. ISM Manufacturing PMI will come out. The movement is sideways. Support is found at 1.1160 and resistance at 1.1270.
Sentiment is declining for the GBP/USD. Last week, the pair benefited from hawkish remarks made by the Governor of the Bank of England, Mark Carney, who stated that inflation should reach the target of 2% within the next two years. However, as the Dollar appreciated due to Lockhart’s statements, the pair decreased below 1.5400.
Today, keep an eye on the U.K. Manufacturing PMI which is coming out at 9.30AM (GMT). Later on, at 3.00PM (GMT) U.S ISM Manufacturing PMI will be released. The trend is sideways. Support is found at 1.5380 and resistance at 1.5480.
March 2, 2015 – Forex News
Hot asset for today: EUR/USD
EUR/USD
After dropping 200 pips, the EUR/USD experienced a slight price correction and climbed to 1.1240. German CPI data which came out on Friday showed an unexpectedly high figure showing that deflation pressures are weakening which is positive for the euro. However, U.S GDP data showed that output grew by 2.2% in the last quarter, higher than the expected 2.1%. The pair returned below 1.1200.
Today, we should pay attention to the EU CPI data which will be published at 10.00AM (GMT). The CPI is predicted to decline by -0.5% but might surprise positively as we saw a pick- up in German inflation. At 3.00PM (GMT) the U.S. ISM Manufacturing PMI will come out. The movement is sideways. Support is found at 1.1160 and resistance at 1.1270.
GBP/USD
Sentiment is declining for the GBP/USD. Last week, the pair benefited from hawkish remarks made by the Governor of the Bank of England, Mark Carney, who stated that inflation should reach the target of 2% within the next two years. However, as the Dollar appreciated due to Lockhart’s statements, the pair decreased below 1.5400.
Today, keep an eye on the U.K. Manufacturing PMI which is coming out at 9.30AM (GMT). Later on, at 3.00PM (GMT) U.S ISM Manufacturing PMI will be released. The trend is sideways. Support is found at 1.5380 and resistance at 1.5480.
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