USD Changes little despite Pre-NFP Data

The EUR/USD continued to move upwards slightly despite the manufacturing PMI data. Vitor Constancio, the European Central Bank Vice President showed that there will be no deflation in the Euro-zone but also warned that there could be a low inflation in the economy and this would gradually drag on the economic recovery within the region.

The awaited data to the U.S. ADP Non-Farm Employment could result a change in job creation, it is expected to make a change in high value following after the Non-farm payrolls data that was positive and this can increase the USD slightly. The support level of the EUR/USD is at 1.3750 whilst its resistance is at 1.3845

The pairing GBP/USD declined slightly due to the fact that the PMI data came negative on both the US and UK. Manufacturing PMI declined to its lowest level in UK since June 2013. Traders will also look forward to the release data of ADP Non-Farm Employment Change and it is a vital indicator in the job creation sector. The pair had a support level of 1.6600 and a resistance of 1.6685.

The USD/JPY pair increased in favor of the USD during yesterday’s trading session. The jump was caused by the increase in the sales tax that was imposed by the Japanese government and caused the turbulence. This will surely give a clear signal to traders I the sense that the Japanese Bank will increase the current stimulus to avoid any other negative effects. However, traders are looking forward to this afternoon’s release data of the ADP Non-Farm Employment Change from the U.S.