Littlefish FX Analysts
Littlefish FX
KEY DATA RELEASES TODAY (BST):
10:00 EUR Retail Sales m/m -0.4% v -0.2%
13:15 USD ADP Non-Farm Employment Change 192K v 189K
13:30 USD Prelim Unit Labor Costs q/q 4.5% v 2.7%
13:30 USD Prelim Nonfarm Productivity q/q -1.8% v -1.8%
14:15 USD Fed Chair Yellen Speaks
15:30 USD Crude Oil Inventories 1.3M v 1.9M
18:30 USD FOMC Member Lockhart Speaks
OVERNIGHT:
EURUSD rallied to an overnight high 1.1243 on USD weakness and the European Commission’s upgrade Eurozone economic growth. The EU has nudged up its forecast for economic growth across the 19-country Eurozone except Greece. Seller are reported to have offers resting at 1.1260 just above the 100DM, the EUR has traded below the 100DMA for the last 12 months. Eurozone Retail sales and Services PMI released this morning.
UK construction PMI fell sharply to 54.2 in April, as companies put off decisions before the UK General election, but confidence remained high and hinted at a post-election pick up GBPUSD slipped to 1.5087 low after the data but then bounced back above 1.5200 during US session amid the sell off in the USD.
USDJPY surged to a 3-week high of 120.51 in European session whereas disappointing US data sent the pair breaking below 120 handle overnight. Japan’s large exporters should pass on the benefits from the weaker yen to suppliers who are hurt by higher costs for imported raw materials, Deputy Economy Minister Nishimura said.
PRICE ACTION OVERVIEW:
EUR: While 1.1120/40 supports intraday expect retest and break of last weeks highs en-route to 1.1350
GBP: While 1.5050 supports the advance expect a retest and break of 1.55 en route to 1.5560
JPY: Rejected at the 120 descending trendline resistance offers a break and close above 120.50 opens April highs
CAD: Bids at 120 continue to support on a closing basis, while this level survives anticipate a retest of 123/24 from below
AUD: Offers at .8050 reject on the first attempt while .78 supports potential for another run at .8050
All comments, charts and analysis on this website are purely provided to demonstrate our own personal thoughts and views of the market and should in no way be treated as recommendations or advice. Please do not trade based solely on any information provided within this site, always do your own analysis.
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