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Posts Tagged ‘currency trading’
EUR Increases versus the USD while GBP Falls
Based on speculations that the Bank of Japan and the Federal Reserve will jointly increase the government debt purchases to promote economic recovery, the euro was able to reach an 8-month high against the dollar. The US ADP data posted negative results, further boosting a recovering euro. The EUR/USD forex trading pair continues to maintain its bullish momentum. A long position is preferred for this pair if it keeps trading beyond the 1.3600 level. The German Industrial Production is anticipated to go up from 0.1% to 0.4%, as the interest rate decision is anticipated to remain at 1.00%. The EUR/USD pair exchanged at a high of 1.3948 and a low of 1.3798.
The pound went down versus the euro and the dollar as investors are awaiting for the MPC’s decision on whether to stick to its bond buying program or resume the purchasing of assets. The Manufacturing Production is anticipated to go down from 0.3% to 0.1%, while the interest rate decision is anticipated to stay at 0.50%. The GBP/USD pair exchanged at a high of 1.5940 and a low of 1.5832.
USD Falls Across the Board
Based on speculation that the government debt purchases will be kept by FED, the dollar fell against forex trading majors. The US stock markets went up, with NASDAQ going up by 2.36% and Dow Jones increasing by 1.8%. Gold reached an all-new high as it went up by 1.8% and traded at $1,340 per ounce. Crude oil also went up by more than 1.5% and traded at $82.70 per barrel. The ISM Non-Manufacturing Index was at 53.2, which was better than the anticipated 51.8. The ADP Nonfarm Employment Change is anticipated to go up from the prior -10k to 18k.
Against the dollar, the euro was able to reach an 8-month high after it went beyond the 1.38 resistance level. The euro was able to post gains versus the dollar despite negative data from Retail Sales, which was at -0.4% versus the anticipated 0.2%. The EUR/USD pair exchanged at a high of 1.3858 and a low of 1.3636. The British pound also gained against the dollar and exchanged at a high of 1.5928 and a low of 1.5750.
Dollar Recovers from a Slump and Posts Some Gains
After hitting a slump, the dollar managed to pull some gains versus major currencies in the forex trading market, notwithstanding the fact that concerns about economic recovery still prevail. The Pending Home Sales rose to 4.3% than the 2.8% forecast. The stock markets in the US fell with NASDAQ losing by 1.11% and Dow Jones by 0.72%. Crude Oil rose to more than $82.30 but fluctuated to $81.40 per barrel, staying almost at the same level as before. At $1,320 per barrel, gold reached a new high until it slipped to close at $1,315 per ounce.
After making a strong rally against the dollar, the euro slipped, with profit taking and overbought conditions influencing the market movement. The worse than expected PPI, from 0.2% to 0.1%, also triggered euro’s fall. Should it breach below the 1.3720 resistance level, it is expected that the EUR/USD pair will move downward. The EUR/USD reached a low of 1.3643 and a high of 1.3802.
On the other hand, the British pound still came out strong versus the dollar, moving around the 1.58 level. From 51.7, the constructions PMI rose to 53.8. If the GBP/USD pair trades below the resistance level of 1.5880, the pair will probably head downward. The GBP/USD touched a high of 1.5867 and a low of 1.5746.
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