Daily Forex News and Analysis — January 3rd 2018

Wall Street finished in the green on the first trading day of 2018 as the NASDAQ breached 7,000 points for the first time. The Dow Jones rose by 0.42%, the S&P 500 by 0.83%, and the NASDAQ added 1.50% to its value. The US dollar traded lower against the other major currencies with a lack of key economic data and low trading volume. The Final Manufacturing PMI came at 55.1 vs. 55 forecast. Today, the ISM Manufacturing PMI is expected at 58.1 vs. 58.2 previously. Gold rose by 1.03%, closing at $1,230 an ounce. Crude Oil rose by 0.32%, closing at $60.43 a barrel.

The euro rose by 0.43% versus the dollar, closing at 1.2062. On the daily chart, the pair is struggling to breach the resistance at 1.2080. Should the pair succeed, a rise towards 1.22 can be expected. However, should it fall thic could start a reversal and a fall towards 1.19. Today, the Spanish Unemployment Change is expected at -58.7k vs. 7.3k prevouisly. The pound rose by 0.67% versus the dollar, closing at 1.3594. On the 4-hour chart, the pair has breached the resistance at 1.3540 with the MACD above 0. As long as the pair holds here, we might see a rise towards 1.37. Breaking the line may drop it towards 1.34. Today, the Construction PMI is expected at 52.8 vs. 53.1 previously.

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