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Forex: EUR/USD in session highs around 1.2840/45

FXstreet.com (Barcelona) - The single currency is trading in the upper end of today’s range so far, eyeing 1.2850 as the effects of the softer ISM are still hovering over the markets. Recall that the Markit Manufacturing PMI came in at 54.6 in March and the ISM Manufacturing at 51.3 vs. previous prints at 54.3 and 54.2, respectively.

Analyst Elwin de Groot at Rabobank expects the ECB to leave the refi rate unchanged at 0.75% on Thursday, adding, “Looking at the turmoil the recent Cypriot crisis ‘resolution’ has caused, a rate cut at this point would smack of uncertainty if not outright panic among the Governing Council”.

At the moment, the cross is up 0.32% at 1.2846 with the next resistance at 1.2888 (MA200d) followed by 1.2890 (highMar.26) and finally 1.2901 (MA10d).
On the flip side, a breakdown of 1.2751 (low Mar.27) would open the door to 1.2730 (low Nov.19) and finally 1.2680 (61.8% of 1.2042-1.3711).

Forex: GBP/USD peaks at 1.5241 on US session

Biased to the biased today and finding support at 1.5180 area, the GBP/USD had a strong push higher after the release of US data. The March Manufacturing PMI by ISM fell from 54.2 to 51.3, much lower than the market consensus of 54.1. ISM Prices Paid fell from 61.5 to 54.5, also below expectations (59.8). The US construction spending beat consensus at 1.0% by rising 1.2% in February. In January, data had dropped by -2.1%. US March manufacturing PMI by Markit rose from 54.3 to 54.6, disappointing investors looking for a figure at 54.9.
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ISM Manufacturing: Not necessarily a bad thing at all - Miller Tabak

The ISM manufacturing index came at 51.3 in March, well below expectations of 54.1 and a 2.9 points below February figure of 54.2. Equities reacted down and EUR/USD trades higher on the data as the ISM data seems disappointing figures but Miller Tabak's Chief Economic Strategist Andrew Wilkinson believes the PMI index is less ugly than it actually looks.
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