Euro waits for Data from Retail Sales
The EUR/USD pair is moving sideways fluctuating between 1.3495 and 1.3540 ever since the pair reacted in disappointment to the results from the U.S ISM Manufacturing PMI. The Spanish Unemployment change displayed a serious situation for the Spanish labor market again, yesterday. In contrast, the U.S Factory orders highlighted better figures than expected. Today, traders will follow some main economic events including the U.S ADP Non-Farm Employment change held at 1.15PM and the results of the ISM Non-manufacturing PMI held at 3.00PM.
The data supposed to be released from both of these are very important, especially before the approaching Non-farm payrolls. If the data released is strong and assists a Non-farm payroll, then the pair might move on, breaking its support.
The GBP/USD pair bounced back slightly from its previous downfall and climbed up to 1.6330. It indicated a resistance as bounced several times at the 1.6345 level. This possibly indicates a break out very soon. One should pay a lot of attention to the results of the U.K Services PMI scheduled to be held at 9.30AM. Traders are expecting to witness a better result than the previous month. Results of the last month were much below than expected and this result manages to beat the expectations, we will possibly see a rebound again. But, we shouldn’t forget the results from the U.S ADP Non-Farm Employment change and ISM Non-Manufacturing PMI too.
The USD/JPY pair has now climbed back to 101.75 after it experienced a bad downfall to 100.75 and it was the lowest price ever since November 20th the data of the softer stock, the mood has been reversed and stocks have gained a considerable profit since the Yen weakened. We should wait for the results of the U.S data which is scheduled to be released at 1.15PM and 3.00PM. (All the timings shown are in GMT)