The pairing experienced quite a lot of activity, in particular when the Non-farm payroll report released its latest data showing positive results. Strength was seen immediately in favor of the dollar however this was short lived as the euro recovered shortly after. The one factor that may have burdened the rise and strength of the dollar was the labor participation report which fell. In terms of financial economic events there is very few events that may impact the pairing today apart from the ISM Non-Manufacturing PMI to be released later which may push the dollar up if the report comes out positive. Inflation continues to be a hot issue that sooner rather than later will be addressed perhaps even as soon as later this week. European Central Bank President Mario Draghi will be heading a conference later this week where traders and investors will be waiting in patience for the issue of low inflation may be addressed. The financial events to look out for today is ISM Non-Manufacturing PMI at 2.00pm GMT. Today EUR/USD has support of 1.3830 and resistance of 1.3900.
GBP/USD
Cable in terms of activity in the pairing has to a larger extent mirrored the movement of the EUR/USD where the dollar strengthened on the back of better than expected Non-farm payroll results, however was unable to hold on to gains made by the dollar. The pound seems to be trading and is seeing almost five year highs namely most recently due to the fact that the release of the U.S. GDP was less than expected giving way to a rise in the pairing in favor of the pound. The Federal Reserve remains steadfast in reducing its bond purchasing program. Traders and investors looking ahead will be in anticipation of today’s Non-Manufacturing PMI report coming from the U.S. Such a report may give a clear indication of U.S economic health. Also later this week Federal Reserve Chair Janet Yellen will be making a speech on monetary policy. The financial events to look out for today is ISM Non-Manufacturing PMI at 2.00pm GMT. Today GBP/USD has a support of 1.6840 and a resistance of 1.6900.
USD/JPY
Bank of Japan Governor Kuroda in a recent statement moved away from adding to speculation of any sort of an increase of stimulus. The dollar is clearly falling against the Japanese yen as traders and investors are being seen to move towards the yen as a safe haven currency in the midst of ongoing tensions in particular between the Ukraine and Russia. Focus later this week will be on the speech which will be made by Federal Reserve Chair Janet Yellen later this week as to direction towards the economic health and U.S monetary policy. It remains to be seen as to whether the pairing will remain to move in favor of the yen after U.S. manufacturing reports will be released later today. Today USD/JPY has support of 101.70 and resistance of 102.75
May 5, 2014 – Forex News
Hot Asset For Today: EUR/USD
EUR/USD
The pairing experienced quite a lot of activity, in particular when the Non-farm payroll report released its latest data showing positive results. Strength was seen immediately in favor of the dollar however this was short lived as the euro recovered shortly after. The one factor that may have burdened the rise and strength of the dollar was the labor participation report which fell. In terms of financial economic events there is very few events that may impact the pairing today apart from the ISM Non-Manufacturing PMI to be released later which may push the dollar up if the report comes out positive. Inflation continues to be a hot issue that sooner rather than later will be addressed perhaps even as soon as later this week. European Central Bank President Mario Draghi will be heading a conference later this week where traders and investors will be waiting in patience for the issue of low inflation may be addressed. The financial events to look out for today is ISM Non-Manufacturing PMI at 2.00pm GMT. Today EUR/USD has support of 1.3830 and resistance of 1.3900.
GBP/USD
Cable in terms of activity in the pairing has to a larger extent mirrored the movement of the EUR/USD where the dollar strengthened on the back of better than expected Non-farm payroll results, however was unable to hold on to gains made by the dollar. The pound seems to be trading and is seeing almost five year highs namely most recently due to the fact that the release of the U.S. GDP was less than expected giving way to a rise in the pairing in favor of the pound. The Federal Reserve remains steadfast in reducing its bond purchasing program. Traders and investors looking ahead will be in anticipation of today’s Non-Manufacturing PMI report coming from the U.S. Such a report may give a clear indication of U.S economic health. Also later this week Federal Reserve Chair Janet Yellen will be making a speech on monetary policy. The financial events to look out for today is ISM Non-Manufacturing PMI at 2.00pm GMT. Today GBP/USD has a support of 1.6840 and a resistance of 1.6900.
USD/JPY
Bank of Japan Governor Kuroda in a recent statement moved away from adding to speculation of any sort of an increase of stimulus. The dollar is clearly falling against the Japanese yen as traders and investors are being seen to move towards the yen as a safe haven currency in the midst of ongoing tensions in particular between the Ukraine and Russia. Focus later this week will be on the speech which will be made by Federal Reserve Chair Janet Yellen later this week as to direction towards the economic health and U.S monetary policy. It remains to be seen as to whether the pairing will remain to move in favor of the yen after U.S. manufacturing reports will be released later today. Today USD/JPY has support of 101.70 and resistance of 102.75
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