The EUR/USD dropped yesterday as the dollar strengthened due to better than expected data. Today, the pair is retracing some of these losses despite worse than expected German PPI data. Some of this movement may be anticipatory, as there will be some data coming from the United States later today. The initial jobless claims report will be published at 12:30 GMT, and the Philadelphia Fed Manufacturing Index will come out at 14:00 GMT. however, bullish behavior in the EUR/USD is mostly supported by Janet Yellen’s statements, which reinforced the idea that the interest rate would stay low for a while and consequently put the doolally on a downward trajectory. Look for support at 1.3803 and resistance at 1.38618.
The USD/JPY has gone down during the Asian session due to Bank of Japan Governor Kuroda’s statements. In his speech, Kuroda noted that the outlook for consumer prices was up, stressing that the Japanese government was achieving some success will its goal of achieving 2% inflation. Thus, the yen has increased in value substantially. Now, however, the pair is ranging in anticipation of data coming out later today. Look for support at 101.50 and resistance at 102.47.
April 17, 2014 – Forex News
Hot Asset For Today: EUR/USD
The EUR/USD dropped yesterday as the dollar strengthened due to better than expected data. Today, the pair is retracing some of these losses despite worse than expected German PPI data. Some of this movement may be anticipatory, as there will be some data coming from the United States later today. The initial jobless claims report will be published at 12:30 GMT, and the Philadelphia Fed Manufacturing Index will come out at 14:00 GMT. however, bullish behavior in the EUR/USD is mostly supported by Janet Yellen’s statements, which reinforced the idea that the interest rate would stay low for a while and consequently put the doolally on a downward trajectory. Look for support at 1.3803 and resistance at 1.38618.
The USD/JPY has gone down during the Asian session due to Bank of Japan Governor Kuroda’s statements. In his speech, Kuroda noted that the outlook for consumer prices was up, stressing that the Japanese government was achieving some success will its goal of achieving 2% inflation. Thus, the yen has increased in value substantially. Now, however, the pair is ranging in anticipation of data coming out later today. Look for support at 101.50 and resistance at 102.47.
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