Daily EURUSD & GBPUSD Analysis by HotForex

[Stan]

EURUSD trading lower after the FOMC Meeting Minutes. US Unemployment Claims on tap.

EURUSD dropped yesterday and closed at 1.3354. The FOMC Meeting Minutes showed that the policymakers are comfortable with the plan of the Chairman of the United States Federal Reserve Ben Bernanke to start cutting the bond buying later in the year if the economy improves. Investors are now awaiting the Unemployment Claims release due from the United States later today. Support for the EURUSD is seen at 1.3298 and resistance is seen at 1.3407. The HotForex Traders Board shows that 61 percent of the traders are short on the EURUSD.


GBPUSD

The Cable dropped yesterday and closed at 1.5655. The Public Sector Net Borrowing in the United Kingdom showed at deficit of 1.6 billion Sterling. Meanwhile the Confederation of British Industry that its Industrial Trends Survey unexpectedly rose to a 0 in August. Trading trends on the pair today are expected to be determined by the released from the United States. Support for the GBPUSD is seen at 1.5536 and resistance is seen at 1.5650. The HotForex Traders Board shows that 51 percent of the traders are short on the GBPUSD.

Visit HotForex Blog to read more

 

[Stan]

EURUSD trading higher in the European session. US New Home Sales data on focus today.

EURUSD rose yesterday and closed at 1.3355. The Flash Manufacturing Purchasing Managers Index in the Eurozone rose to a reading of 51.3 in August. The Flash Services PMI in the Eurozone rose to a reading of 51.0 in August. In Germany and France the Flash Manufacturing PMI and Flash Services PMI also recorded a gain in August. On the other side of the ocean the Unemployment Claims in the United States rose to 336K last week. The Flash Manufacturing PMI in the US came up a reading of 53.9 in August. Investors are now awaiting the New Home Sales report due from the United States later today. Support for the EURUSD is seen at 1.3298 and resistance is seen at 1.3407.

GBPUSD

The Cable dropped yesterday and closed at 1.5588. The Sterling lost strength after the policy member of Bank of England Martin Weale indicated that the UK central bank is ready to announce further asset purchases if the economy shows signs of stalling. In a release today the Second Estimate Gross Domestic Product quarter over quarter came out better than the market expectation at a reading of 0.7 percent. Support for the GBPUSD is seen at 1.5536 and resistance is seen at 1.5650.

 

[Stan]

EURUSD continues to drift lower driven by the tensions in Syria. GDP and the Unemployment claims data due from the United States.


EURUSD dropped yesterday and closed at 1.339. The M3 Money Supply in the Eurozone rose 2.2 percent on an annual basis in July. The European Central Bank reported that the private loans in the Euro area dropped 1.9 percent on an annual basis in July. The GfK German Consumer Climate dropped to a reading of 6.9 for September. On the other side of the ocean the Pending Home Sales in the United States dropped 1.3 percent month over month in July. The ongoing crisis in Syria keeps supporting the safe heaven United States dollar against the single European currency. Investors are now awaiting the preliminary Gross Domestic Product data and the Unemployment Claims due from the United States. Support for the EURUSD is seen at 1.3259 and resistance is seen at 1.3343. The HotForex Traders Board shows that 51 percent of the traders are long on the EURUSD.

GBPUSD

The Cable dropped yesterday and closed at 1.5524. The Governor of Bank of England Mark Carney stated the UK central bank is ready to provide further stimulus measures to boost the economy in the region. He also added that the policy makers plan to keep the interest rate at the record low of 0.50 percent for at least 3 years until the unemployment rate in the UK reaches 7 percent. A report showed that the CBI Realized Sales in the UK advanced to a reading of 27 in August. With no domestic releases from the United Kingdom today trading trends on the pair are expected to be determined by the releases from the United States. Support for the GBPUSD is seen at 1.5448 and resistance is seen at 1.5553. The HotForex Traders Board shows that 52 percent of the traders are long on the GBPUSD.

 

[Stan]

EURUSD trading higher in the European session. Light Economic Calendar due to the US Bank Holiday.

EURUSD dropped on Friday and closed at 1.3219. The personal income in the United States dropped 0.1 percent in July. On the other hand the Reuters/Michigan Consumer Sentiment Index rose to a reading of 82.1 in August. In the Eurozone the Consumer Confidence rose to -16 in August. The Retail Sales in Germany dropped 1.4 percent in July. The market keeps reacting to the crisis in Syria and the potential military attack is boosting the demand for the safe-haven dollar. The Manufacturing PMI data released today from several Eurozone countries came out better than the market expectation pushing the pair higher in the European. Due to the US Bank Holiday we don’t expect much movement on the market driven by the news. Investors should be aware that any potential news on the Syrian crisis may bring volatility on the market. Support for the EURUSD is seen at 1.3183 and resistance is seen at 1.3278. The HotForex Traders Board shows that 52 percent of the traders are long on the EURUSD.



GBPUSD

The Cable dropped on Friday and closed at 1.5500. The Nationwide House Prices in the United Kingdom rose 0.6 percent month over month in August. The Mortgage Approvals rose to a reading of 60.6 in July. In a report today the Manufacturing PMI came out at a reading of 57.2, better than the market expectation of 55.2. Support for the GBPUSD is seen at 1.5464 and resistance is seen at 1.5586. The HotForex Traders Board shows that 57 percent of the traders are short on the GBPUSD.

Visit HotForex Blog to read more.

 

[Stan]

EURUSD trading flat ahead of the ISM Manufacturing PMI release

EURUSD dropped yesterday and closed at 1.3190. The Manufacturing PMI in the Eurozone rose to two-year high coming at a reading of 51.4 in August. The manufacturing data from Italy and Spain also came out positive. The Producer Price Index data released today came out better than the market expectation showing a 0.3 percent gain in July. Investors are now waiting for the ISM Manufacturing Purchasing Managers Index due to be released from the United States later today. Support for the EURUSD is seen at 1.3167 and resistance is seen at 1.3254. The HotForex Traders Board shows that 59 percent of the traders are long on the EURUSD.

 

[Stan]

EURUSD continues to trade at the lows after positive ISM manufacturing data from the United States

EURUSD dropped yesterday and closed at 1.3169. The ISM Manufacturing Purchasing Managers Index in the United States advanced to a reading of 55.7 in August. A report from the Eurozone showed that the Producer Price Index in the Euro area rose 0.3 percent month over month in July. A report released today indicated that the Retail Sales in the Eurozone rose 0.1 percent in July, less than the market expectation of a 0.5 percent rise. Investors are now focused in the Trade Balance release due from the United States later today. Support for the EURUSD is seen at 1.3149 and resistance is seen at 1.3223. The HotForex Traders Board shows that 57 percent of the traders are long on the EURUSD.

GBPUSD

The Cable rose yesterday and closed at 1.5558. The Construction Purchasing Managers Index in the United Kingdom rose to a reading of 59.1 in August. Following the positive tone the Services Purchasing Managers Index released today rose to a reading of 60.5 in August sending the pair above the 1.56 level. Support for the GBPUSD is seen at 1.5527 and resistance is seen at 1.5632. The HotForex Traders Board shows that 61 percent of the traders are short on the GBPUSD.

- See more at: http://blog.hotforex.com/eurusd-continues-to-trade-at-the-lows-after-positive-ism-manufacturing-data-from-the-united-states/#sthash.c1S5p7R9.dpuf

 

[Stan]

EURUSD near the lows ahead of the ECB Press Conference and the US Unemployment Claims

EURUSD rose yesterday and closed at 1.3206. The European Central Bank Executive Board Member Joerg Asmussen autioned that the forthcoming stress test, which will be part of a comprehensive assessment of the European banks, will be authorities’ last opportunity to restore confidence in the region’s banking system. The two previous tests failed. The Services PMI data from the Italy, France, Spain, Germany and the Eurzone confirmed that the economy in the EU has started to recover. On the other side of the ocean the trade balance in the United States widened to -39.1B in July. Investors are now focused on the Minimum Bid Rate release due from the Eurozone, the ECB Press Conference and the Unemployment Claims and the ADP Non-Farm Employment Change due from the United States. Investors should be fully aware of the possible high volatility on the market during the time of the releases. Support for the EURUSD is seen at 1.3949 and resistance is seen at 1.3223. The HotForex Traders Board shows that 56 percent of the traders are long on the EURUSD.

GBPUSD

The Cable rose yesterday and closed at 1.5622. The Services PMI in the United Kingdom rose to a reading of 60.5 in August. In the session ahead we have the MPC Rate Statement, the Official Bank Rate and the Asset Purchase Facility releases due from the United Kingdom. We are expecting high volatility during the time of the releases. Support for the GBPUSD is seen at 1.5553 and resistance is seen at 1.5644. The HotForex Traders Board shows that 59 percent of the traders are short on the GBPUSD.

- See more at: http://blog.hotforex.com/eurusd-near-the-lows-ahead-of-the-ecb-press-conference-and-the-us-unemployment-claims/#sthash.BEvMdtf1.dpuf

 

[Stan]

EURUSD trading near the 1.31 mark ahead of the Non-Farm Payrolls

EURUSD dropped yesterday and closed at 1.3119. The ECB Maintained its benchmark interest rate unchanged at 0.50 percent. The President of the European Central Bank Mario Draghi said that he would consider further rate cuts if necessary. Draghi also stated that the European Central Bank would not participate in any country’s debt restructuring plan, despite growing speculation that Greece will be unable to fully return to the financial markets when its current bailout ends in 2014. On the other side of the ocean the Unemployment Claims in the United States rose to a level 323K during the last week. The ISM Non-manufacturing Purchasing Managers Index rose to a reading of 58.6 in August. Investors are now looking for the Non-farm Payrolls and the Unemployment Rate releases due from the United States. Investors should be aware of the potential high volatility during the time of the releases. Support for the EURUSD is seen at 1.3103 and resistance is seen at 1.3223.

- See more at: EURUSD trading near the 1.31 mark ahead of the Non-Farm Payrolls | HotForex Blog

 

[Stan]

EURUSD continue to move higher today. Markets are focused on Fed and Syria.

EURUSD rose on Friday and closed at 1.3177. The US economy added 169K jobs in August, market had expected 180K. Speculations flooded the market that the United States Federal Reserve might delay the plans to taper its asset purchase program in order to support the job market. In the Eurozone the Industrial Production in Germany dropped 1.7 percent month over month in July. Due to the lack of economic releases from the Eurozone and the United States we expect a low volatility session ahead. Support for the EURUSD 1.3155 and resistance is seen at 1.3223.

GBPUSD

The Cable rose on Friday and closed at 1.5627. Bank of England stated in its quarterly report that stated that its consumer inflation expectation for the next 12 months rose 3.2 percent. The Industrial Production in the UK recorded no gains in July and the Manufacturing Production rose 0.2 percent month over month in July. Support for the GBPUSD is seen at 1.5564 and resistance is seen at 1.5685.

- See more at: http://blog.hotforex.com/eurusd-continue-to-move-higher-today-markets-are-focused-on-fed-and-syria/#sthash.9aWtcySx.dpuf

 

[Stan]

EURUSD trading above the 1.35 level as FED kept the size of its bond-buying program. US Unemployment Claims on focus today.

EURUSD rose yesterday and closed at 1.3520. The United States Federal Reserve decided to keep the size of its monthly bond-buying program unchanged at 85 billion dollars. The Chairman of the United States Federal Reserve Ben Bernanke stated that the nation economic conditions has still not shown enough signs of improvement to start cutting the stimulus scheme. However he added that the possibility of the tapering can start later this year if the data is positive. The Building Permits in the United States dropped 3.8 percent month over month in August. Investors are now waiting for the Unemployment Claims release from the United States. Support for the EURUSD is seen at 1.3383 and resistance is seen at 1.3566. The HotForex Traders Board shows that 75 percent of the traders are short on the EURUSD.

GBPUSD

The Cable rose yesterday and closed at 1.6142. The Monetary Policy Committee expected the UK Economy to grow 0.7 percent in the third quarter of 2013. The MPC Members also voted against adding more quantitative easing to the economy. In a release today the Retail Sales month over month in the United Kingdom dropped to a reading of -0.9 percent in August. Trading trends on the pair for the rest of the day are expected to be determined by the releases from the United States. Support for the GBPUSD is seen at 1.5960 and resistance is seen at 1.6149. The HotForex Traders Board shows that 70 percent of the traders are short on the GBPUSD.

http://blog.hotforex.com/eurusd-trading-above-the-1-35-level-as-fed-kept-the-size-of-its-bond-buying-program-us-unemployment-claims-on-focus-today/

 

[Stan]

EURUSD continues its upside move despite the positive data from the United States

EURUSD rose yesterday and closed at 1.3528. The Initial Jobless Claims came out at 309K during the last week. The market has expected a rise of the Unemployment Claims to 330K. The Philly Fed Manufacturing Index rose to a reading of 22.3. With no important economic releases today we don’t expect high volatility on the market, but investors should be fully aware that any potential comment may bring volatility. Investors are now looking forward for the results of the Elections in Germany. The pre-elections voting polls give Angela Merkel 38 percent of the vote which is not enough to form a government. Most likely we will witness a Grand coalition in the new German Parliament. Support for the EURUSD is seen at 1.3491 and resistance is seen at 1.3566. The HotForex Traders Board shows that 74 percent of the traders are short on the EURUSD.

See more at:http://blog.hotforex.com/eurusd-continues-its-upside-move-despite-the-positive-data-from-the-united-states/

 

[Stan]

EURUSD striking back the 1.35 level ahead of the US New Home Sales release

EURUSD dropped yesterday and closed at 1.3472. The House Price Index in the United States rose 1.0 percent month over month in July. On the other hand the CB Consumer Confidence dropped to a reading of 79.7 in September. In Europe the German Ifo Business Climate dropped to a reading of 107.7 in September. Investors are now looking forward for the New Home Sales release and the Core Durable Goods Orders data due from the United States later today. Support for the EURUSD is seen at 1.3460 and resistance is seen at 1.3566. The HotForex Traders Board shows that 66 percent of the traders are short on the EURUSD.

GBPUSD

The Cable dropped yesterday and closed at 1.6001. The Deputy Governor of Bank of England Paul Tucker stated that the UK central bank is not in rush to withdraw to stimulus measures. A separate comment from the MPC member David Miles indicated that the market’s view on unemployment is too optimistic, and it is wrong to think a tightening of policy is imminent. Support for the GBPUSD is seen at 1.5960 and resistance is seen at 1.6083. The HotForex Traders Board shows that 64 percent of the traders are short on the GBPUSD.

- See more at:http://blog.hotforex.com/eurusd-striking-back-the-1-35-level-ahead-of-the-us-new-home-sales-release/#sthash.utyuLHn4.dpuf

 

[Stan]

EURUSD trading near the 1.35 level ahead of the US Unemployment Claims

EUSUSD rose yesterday and closed at 1.3524. The Gfk German Consumer Climate came out in line with the market expectation at a reading of 7.1 for October. The New Home Sales in the United States rose to a level of 421K. Rumors that the United States Federal Reserve will start cutting its bond-buying program next month kept the losses on the US dollar against the single European currency limited. Due to the lack of releases from the Europe today trading trends on the pair are expected to be determined by the releases from the United States. Investors are looking forward for the Unemployment Claims release and the Pending Home Sales data due from the United States. Support for the EURUSD is seen at 1.3460 and resistance is seen at 1.3566. The HotForex Traders Board shows that 70 percent of the traders are short on the EURUSD.

GBPUSD

The Cable rose yesterday and closed at 1.6078. The Current Account in the United Kingdom widened more than the market expectation in the 2nd quarter of 2013 to -13.0B. The Final GDP remained in line with the market expectation at 0.7 percent. Investors are now waiting for the economic releases due from the United States. Support for the GBPUSD is seen at 1.5960 and resistance is seen at 1.6095. The HotForex Traders Board shows that 72 percent of the traders are short on the GBPUSD.

- See more at: http://blog.hotforex.com/eurusd-trading-near-the-1-35-level-ahead-of-the-us-unemployment-claims/#sthash.Uv7QmUPr.dpuf

 

[Stan]

EURUSD trading above the 1.35 level after the speech of ECB President Mario Draghi

EURUSD dropped yesterday and closed at 1.3488. The Unemployment Claims in the United States dropped to a level of 305K during the last week. The Final GDP in the United States grew 2.5 percent in the second quarter of 2013. The Pending Home Sales in the US dropped 1.6 percent month over month in August. Official data released from the Eurozone showed that the M3 Money Supply in the currency union rose 2.3 percent on an annual basis in August. The pair recorded a rise in the session today and its currently trading above the 1.35 level. Investors are looking forward for the series of speeches from the FOMC members in the United States due in the session ahead. Support for the EURUSD is seen at 1.3460 and resistance is seen at 1.3537. The HotForex Traders Board shows that 70 percent of the traders are short on the EURUSD.

- See more at: EURUSD trading above the 1.35 level after the speech of ECB President Mario Draghi | HotForex Blog

 

[Stan]

The Italian crisis pressurized the single European currency. EURUSD is trading below the 1.35 mark.

EURUSD rose on Friday and closed at 1.3521. The President of the New York Federal Reserve William Dudley indicated that the economic recovery in the United States still needs support. Dudley also added that the labor market is not healthy yet and that the inflation should firm in the coming months. The President of the Chicago Federal Reserve Charles Evans shared similar views stating that there is a chance that FED may not scale back its bond-buying program until the early 2014. Support for the EURUSD is seen at 1.3472 and resistance is seen at 1.3550. The HotForex Traders Board shows that 68 percent of the traders are short on the EURUSD.

GBPUSD

The Cable rose on Friday and closed at 1.6137. The Governor of Bank of England Mark Carney stated that the economic recovery in the United Kingdom is gaining momentum and there is no need of further quantitative easing. Support for the GBPUSD is seen at 1.6062 and resistance is seen at 1.6171. The HotForex Traders Board shows that 76 percent of the traders are short on the GBPUSD.

- See more at: http://blog.hotforex.com/the-italian-crisis-pressurized-the-single-european-currency-eurusd-is-trading-below-the-1-35-mark/#sthash.5eDC0xID.dpuf

 

[Stan]

EURUSD trading lower ahead of the ECB Rate Decision. FED Chairman Ben Bernanke speaks later today.

EURUSD dropped yesterday and closed at 1.3524. The Manufacturing Purchasing Managers Index in the Eurozone dropped to a reading of 51.1 in September in line with the market expectations. Yesterday the US Government faced its first shut down in 17 years as the Republicans and the Democrats failed to agree on President Barack Obama’s healthcare bill. On the economic front the ISM Manufacturing Purchasing Managers Index in the United States rose to a reading of 56.2 in September. Investors are now looking for the ECB Rate Decision and the speech of the Chairman of the United States Federal Reserve Ben Bernanke due later today. Support for the EURUSD is seen at 1.3492 and resistance is seen at 1.3554. The HotForex Traders Board shows that 66 percent of the traders are short on the EURUSD.

GBPUSD

The Cable rose yesterday and closed at 1.6193. The pair rose following the US government crisis. However the losses of the United States dollar were capped later after the Manufacturing Purchasing Managers Index in the United Kingdom dropped to a reading of 56.7 in September. In a release today the Construction Purchasing Managers Index recorded a drop as well coming at a reading of 58.9 in September. Trading trends on the pair for the rest of the day are expected to be determined by the ADP Non-farm Employment Change release due from the United States and the speech of the Chairman of the United States Federal Reserve Ben Bernanke. Support for the GBPUSD is seen at 1.6131 and resistance is seen at 1.6250. The HotForex Traders Board shows that 74 percent of the traders are short on the GBPUSD.

- See more at:http://blog.hotforex.com/eurusd-trading-lower-ahead-of-the-ecb-rate-decision-fed-chairman-ben-bernanke-speaks-later-today/#sthash.p16m4ZlN.dpuf

 

[Stan]

EURUSD and GBPUSD recorded a sharp drop in the European session. US Non-farm payrolls are not going to be released today.

Both currency pairs recorded a sharp drop in the European session. EURUSD is trading below the 1.36 mark. The biggest loser of the day is the Cable which recorded a drop of over 130 pips in the session today after losing ground yesterday. Most of the market participants expected another push higher today due to the partial US Government shut down and the lack of the NFP release today, but the market has hit the opposite way. We can’t be certain if this is a trend reversal or just an uptrend correction yet. In the economic news the Retail Sales in the Eurozone rose 0.7 percent month in August. In the United States the President Barack Obama in a speech in the Washington blamed House Speaker John Boehner for refusing to allow a vote on a funding bill that would end a three-day government shut down. The Jobless Claims in the United States came out better than the market expectation at a reading of 308K during the last week. In the United Kingdom the Governor of Bank of England Mark Carney stated that the policy makers would not consider raising the interest rates until economic recovery is assured. The Services PMI in the UK dropped to a reading of 60.3 in September.

- See more at: http://blog.hotforex.com/?p=4305&preview=true#sthash.feiq3Erb.dpuf

 

[Stan]

EURUSD trades higher than its Friday close. Market is focused on the US debt ceiling issue.

EURUSD dropped on Friday and closed at 1.3554. The Producer Price Index in the Eurozone came in at 0.0 percent in August. In the United States the President of the United States Federal Reserve Bank in Mineapolis Narayana Kocherlakota stated that the US central bank has to do whatever it can to bring an improvement in the labor market. Kocherlakota also suggested that the Fed must be willing to continue to use the unconventional monetary policy tools that it has employed in the past few years and possibly provide more stimulus measures to bring down the unemployment rate quickly. In the mean time John Boehner stated that the House cannot pass an increase to the US debt ceiling without packaging it with other provisions.Boehner also added that the country may end up with a default if the President Barack Obama doesn’t negotiate with the Republicans over funding the government or raising the debt ceiling. Support for the EURUSD is seen at 1.3547 and resistance is seen at 1.3628. The HotForex Traders Board shows that 66 percent of the traders are short on the EURUSD.

- See more at: http://blog.hotforex.com/eurusd-trades-higher-than-its-friday-close-market-is-focused-on-the-us-debt-ceiling-issue/#sthash.BehlZWFr.dpuf

 

[Stan]

EURUSD trading higher after the Eurozone second quarter GBP remained in line with the market expectation.

EURUSD rose yesterday and closed at 1.3580. The United States dollar was pressurized again after the President Barack Obama stated that he would not negotiate with the Republicans over the debt limit and neither would he agree to any conditions placed on increasing the debt ceiling. On the other hand the Final Gross Domestic Product in the Eurozone rose 0.3 percent in line with the market expectations in the second quarter of 2013. Investors are now looking forward for the German Factory Orders Release and any comments from the United States. Support for the EURUSD is seen at 1.3547 and resistance is seen at 1.3628. The HotForex Traders Board shows that 66 percent of the traders are short on the EURUSD.

GBPUSD

The Cable rose yesterday and closed at 1.6094. In a release today the BRC Retail Sales monitor year over year came out at 0.7 percent. Investors are now looking forward for the Manufacturing Production month over month release and the Trade Balance data due from the United Kingdom tomorrow. Support for the GBPUSD is seen at 1.6005 and resistance is seen at 1.6099. The HotForex Traders Board shows that 66 percent of the traders are short on the GBPUSD.

- See more at: http://blog.hotforex.com/eurusd-trading-higher-after-the-eurozone-second-quarter-gbp-remained-in-line-with-the-market-expectation/#sthash.pFyLtYj7.dpuf

 

[Stan]

EURUSD drifting lower ahead of the FOMC Meeting Minutes

EURUSD dropped yesterday and closed at 1.3572. The Trade Balance in Germany rose to 15.6 billion Euro in August. The Factory Orders in the strongest economy in the European Union dropped 0.3 percent on a month basis in August. On the other side of the ocean the President of the United States Federal Reserve in Philadelphia Charles Plosser stated that Fed’s decision of not tapering the size of its asset purchases programme, last month, undermined the central bank’s credibility and reduced the effectiveness of forward guidance as a policy tool. Different media reports released earlier today highlighted that the US President, Barack Obama, was willing to have a broad budget talks with the Republicans and agree to a short term debt limit deal, once lawmakers end the shutdown. Investors are now looking forward for the FOMC Meeting Minutes due later today. Support for the EURUSD is seen at 1.3506 and resistance is seen at 1.3600. The HotForex Traders Board shows that 57 percent of the traders are short on the EURUSD.

GBPUSD

The Cable dropped yesterday and closed at 1.6081. The pair continued to lose ground in the session today and after series of bad data released from the United Kingdom it broke the physiological 1.60 level and its currently trading below it. Investors are now looking forward for the FOMC Meeting Minutes due later today. Support for the GBPUSD is seen at 1.5970 and resistance is seen at 1.6121. The HotForex Traders Board shows that 58 percent of the traders are short on the GBPUSD.

- See more at: http://blog.hotforex.com/eurusd-drifting-lower-ahead-of-the-fomc-meeting-minutes/#sthash.LEqYpQg4.dpuf