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The US ISM non-manufacturing PMI for August collapsed to a 6-year low yesterday, pushing back investors’ expectations for the next FOMC rate hike. The dollar came under renewed selling pressure immediately on the news and continued to trade even lower against its major peers in the following hours. This disappointment follows a similar nose-dive in the ISM manufacturing PMI, which showed that the sector contracted in August, and a slowdown in the US jobs growth. Even though these are just one mo…
marcom13's Blog
EUR GBP
- I see that the rate has been trading within a wide sideways range between the 0.6980 support area and the resistance zone of 0.7485 (R3). As a result, although I see a near-term uptrend, I would like to hold a “wait and see” stance as far as the overall outlook of this pair is concerned.
- Support: 0.7335 (S1), 0.7305 (S2), 0.7275 (S3)
- Resistance: 0.7365 (R1), 0.7415 (R2), 0.7485 (R3)