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Forex: EUR/USD dropping further after surprising US ADP

The EUR/USD is entering new daily lows as the NY session opens and US factory orders are still to come. The pair is pressing down again, below 1.3019 (low printed on the release of US ADP employment data).

US ADP employment has surprised investors by adding 198K jobs in February, instead of 170K, and revising January's figure from from 192K to 215K. US factory orders are expected to drop -2.2% in January, more than erasing the previous 1.8% gains.

“With the ECB tomorrow though we are likely to see more consolidation today”, wrote TD Securities analysts Shaun Osborne and Greg Moore. “For EUR/USD, key intraday resistance comes in near 1.3075, and we continue to favor an extension lower toward the upper 1.28/low 1.29 area in the next couple weeks”, they added.

Forex Flash: CAD may be expecting too much BoC risk – TD Securities

The constructive mood about the markets today is not spilling over into the CAD as the currency gets ahead of the BoC decision and statement "and the fact that USD/CAD is holding close to 1.03 suggests that market participants are pricing in a high risk of a further moderation in the BoC’s language", according to TD Securities analysts, that are only expecting only a nod to weaker growth trends from the BoC.
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Given the recent focus on Japanese monetary policy, much discussion has surrounded the concept of Ábenomics´ but little explanation has followed through. Consequently, Nomura economist have taken the time to clearly explain its characteristics.
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