Awaiting the FED's interest rate move
The US Dollar recovered against most of its European counterparts in the US trade yesterday.
The most significant movement was seen in GBP as Cable broke the key psychological level of 1.9000 and shed about 150 points.
However, US April ISM manufacturing data fell to 53.3 against the expectation of 55. The Employment Index too declined to 52.3 from 53.3 in the previous month.
Players would now keenly watch the FOMC meet outcome and the accompanying comments on the US economy for fresh clues.
Outlook for the day
EUR/USD - EUR/USD Euro is testing the support at 1.2800 and expected to trade in a thin range as players would prefer the sidelines ahead of FOMC meet and comments today.
GBP/USD - After breaching 1.9000 levels, GBP is expected to test the supports in 1.8850-1.8875 region. Expected range 1.8875-1.8975 with weaker bias.
USD/JPY - USD/Yen is expected to trade in 105-106 range. Correction in Yen rally to 106.50 levels is not ruled out.
The most significant movement was seen in GBP as Cable broke the key psychological level of 1.9000 and shed about 150 points.
However, US April ISM manufacturing data fell to 53.3 against the expectation of 55. The Employment Index too declined to 52.3 from 53.3 in the previous month.
Players would now keenly watch the FOMC meet outcome and the accompanying comments on the US economy for fresh clues.
Outlook for the day
EUR/USD - EUR/USD Euro is testing the support at 1.2800 and expected to trade in a thin range as players would prefer the sidelines ahead of FOMC meet and comments today.
GBP/USD - After breaching 1.9000 levels, GBP is expected to test the supports in 1.8850-1.8875 region. Expected range 1.8875-1.8975 with weaker bias.
USD/JPY - USD/Yen is expected to trade in 105-106 range. Correction in Yen rally to 106.50 levels is not ruled out.
posted by Drs Search @ 10:10 AM
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