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On Tuesday, the EUR/USD pair finally broke down of its 3-day-old trading range and dropped to a near 2-week low level of 1.2254 amid resurgent US Dollar demand. The selling pressure abated during the Asian session on Wednesday, with the pair bouncing back to 1.2285-90 support turned resistance as the focus now shifts back to the economic fundamentals. Investors today will confront the preliminary release of latest Euro-zone consumer inflation figures, which is expected to show reviving inflation…
matibea's Blog
GBP /USD
"UK Data showed slightly better than expected momentum in the manufacturing sector in Mar, with the PMI index holding at 55.1, little changed form 55.0 in Feb but better than the slight deceleration to 54.7 expected.""Sterling seasonality is positive in Apr, reflecting the typical decline in the USD that grips the markets around this time of the year as well as UK-centric factors such as financial inflows at the start of the financial year. ""The GBP’s relatively strong performance in Q1 may sof…
EUR/USD
From a technical perspective, the pair remains confined within a broader trading range held since mid-January and hence, it would be prudent to wait for a clear breakthrough before positioning for any meaningful trajectory. Meanwhile, the 1.2285 area now seems to have emerged as an immediate support, which if broken is likely to accelerate the slide towards 1.2240 horizontal support before the pair eventually heads towards testing the 2-1/2-month-old trading range support near the 1.2200-1.2180 …
Attention turns back to data this week
Asian equities kicked off Q2 on a positive note, taking their cue from Wall Street’s rally on Thursday. The gains came despite China imposing retaliatory tariffs on U.S. imports and Manufacturing PMI data falling short of economists’ forecasts.So far China’s response has only been on the aluminum and steel tariffs, announced by the White House last month, and not on the proposed $60 billion in annual tariffs against Chinese products. This shows Beijing is unwilling to enter a trade war with the …
USD/CHF
The pair fell to its lowest level since the U.S. election day at 0.9654 in the wake of dismal nonfarm payroll report. As of writing, the pair is trading at 0.9670, down 0.45% on the day.
In a matter of minutes, the pair lost more than 50 pips as the total nonfarm employment in the U.S. increased by 138,000 in May, missing the market consensus of 185,000.
In a matter of minutes, the pair lost more than 50 pips as the total nonfarm employment in the U.S. increased by 138,000 in May, missing the market consensus of 185,000.
GBP/USD
GBP/USD levels to considerAs of writing the pair is losing 0.06% at 1.2875 facing the immediate support at 1.2770 (low May 31) followed by 1.2758 (low Apr.21) and then 1.2738 (55-day sma). On the flip side, a breakout of 1.2918 (20-day sma) would aim for 1.2921 (high May 31) and finally 1.2949 (high May 26).