GBP Moves Upwards Following Release Of Great Industrial Data

The EUR/USD was trading flat during the last session in Asia and U.S. The pair did not move in any either direction but there is little significance for the pair to rise slightly against the dollar. The release of the French trade balance report came out positive than expected and the release data of German trade balance are due out this morning. From the data, we expect the pair to make a movement and traders are anxiously waiting for the FOMC meeting minutes to be released later this afternoon.

The data release of the FOMC meeting minutes gives an indication of the financial and economic conditions influencing the decision of interest rates. During today session, the EUR/USD has a support level of 1.3745 and its resistance level at 1.3845.

The GBP/USD moved upwards throughout yesterday’s session following the release of Great Industrial Data. However, in today’s Asian session the pair remained flat. Yesterday’s upward trend was caused by the boost of the Production data released in UK and the upward trend is expected to continue throughout the course of today’s session after the upcoming British Trade Balance figures later today. On the other hand, The IMF (International Monetary Fund) has made upgrades to its view of the economic growth and investors are on a lookout for the release of the British Trade Balance. The GBP/USD has a support level of 1.6620 and a resistance of 1.6790.

The USD/JPY experienced a downward trend thereby strengthening the Japanese Yen due to the release data on US job openings that came out positive than expected indicating a positive growth in the US economy. The Japanese economy was given a positive assessment by Kuroda, the Bank of Japan Governor but this still caused the ultra-loose policy in Japan not to be attractive to traders. Traders are focusing mainly on the upcoming financial events of the FOMC Meeting Minutes. The USD/JPY has a support level of 101.80 and resistance of 102.60.