Despite disappointing manufacturing PMI data, the Euro managed to continue its upwards movement slightly. European Central Bank Vice President, Vitor Constancio indicated that he did not see deflation prospects in the Euro-zone but at the same time warned that the economy could face a protracted period of low inflation, which could act as a drag on the region’s economic recovery. Today we should pay attention to the U.S. ADP Non-Farm Employment Change which is a leading indicator of an estimate indicating job creation. The expectation is to see a very high value after the previous Non-farm payrolls data was positive and so it might positively affect the U.S. Dollar. The financial events to look out for today are the ADP Non-Farm Employment Change at 12.15PM GMT and US Factory Orders at 2.00PM GMT. Today EUR/USD has support of 1.3750 and resistance of 1.3845.
GBP/USD
The pairing declined slightly to the detriment of the pound yesterday, namely due to the fact that manufacturing PMI data form both the U.K and the U.S came out negative. Manufacturing PMI in the U.K declined to its lowest level since June 2013. At the beginning of the week Federal Reserve Chairman Janet Yellen stated that “considerable slack” remained in the US economy and this would require further stimulus measures. Earlier today in the Asian session the pair seemed to move flat to a certain extent. A report coming out from the U.K regarding the Construction PMI later this morning will give traders another glimpse towards economic health. Traders will also be anticipating the release of the ADP Non-Farm Employment Change later today which is an important leading indicator of job creation. Today GBP/USD has a support of 1.6600 and a resistance of 1.6685
USD/JPY
The USD/JPY pair climbed up in favor of the dollar throughout the trading session yesterday namely due to the fact that the Japanese government imposed an increase in the sales tax which no doubt caused a certain amount of turbulence. This gives a clear sign to traders that the Bank of Japan may have no choice but to increase the current stimulus in order to avoid any adverse effects. The yen is close to hitting a two month low against the dollar. Investors are looking forward to data being released later this afternoon from the U.S in the form of ADP Non-Farm Employment Change.
April 2, 2014 – Forex News
Hot Asset For Today: EUR/USD
EUR/USD
Despite disappointing manufacturing PMI data, the Euro managed to continue its upwards movement slightly. European Central Bank Vice President, Vitor Constancio indicated that he did not see deflation prospects in the Euro-zone but at the same time warned that the economy could face a protracted period of low inflation, which could act as a drag on the region’s economic recovery. Today we should pay attention to the U.S. ADP Non-Farm Employment Change which is a leading indicator of an estimate indicating job creation. The expectation is to see a very high value after the previous Non-farm payrolls data was positive and so it might positively affect the U.S. Dollar. The financial events to look out for today are the ADP Non-Farm Employment Change at 12.15PM GMT and US Factory Orders at 2.00PM GMT. Today EUR/USD has support of 1.3750 and resistance of 1.3845.
GBP/USD
The pairing declined slightly to the detriment of the pound yesterday, namely due to the fact that manufacturing PMI data form both the U.K and the U.S came out negative. Manufacturing PMI in the U.K declined to its lowest level since June 2013. At the beginning of the week Federal Reserve Chairman Janet Yellen stated that “considerable slack” remained in the US economy and this would require further stimulus measures. Earlier today in the Asian session the pair seemed to move flat to a certain extent. A report coming out from the U.K regarding the Construction PMI later this morning will give traders another glimpse towards economic health. Traders will also be anticipating the release of the ADP Non-Farm Employment Change later today which is an important leading indicator of job creation. Today GBP/USD has a support of 1.6600 and a resistance of 1.6685
USD/JPY
The USD/JPY pair climbed up in favor of the dollar throughout the trading session yesterday namely due to the fact that the Japanese government imposed an increase in the sales tax which no doubt caused a certain amount of turbulence. This gives a clear sign to traders that the Bank of Japan may have no choice but to increase the current stimulus in order to avoid any adverse effects. The yen is close to hitting a two month low against the dollar. Investors are looking forward to data being released later this afternoon from the U.S in the form of ADP Non-Farm Employment Change.
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