EURUSD rose yesterday and closed at 1.3179. The United States Federal Reserve indicated yesterday that it will continue to buy $85 billion worth of bonds each month to support a moderately expanding economy that continues to have a high unemployment rate. The Manufacturing Purchasing Managers Index in the US dropped to a reading of 50.7 in April. The ADP Non-Farm Employment rose by 119K less than the market expectation of a 154K rise. Investors are now focused on the ECB Press Conference due today. Rumors about Minimum Bid Rate changes are flooding the market. The other important events are the Trade Balance and the Unemployment Claims from the United States. Support for the EURUSD is seen at 1.3110 and resistance is seen at 1.3226. The HotForex Traders Board shows that 62 percent of the traders are short on the EURUSD.
GBPUSD
The Cable rose yesterday and closed at 1.5554. The Manufacturing Purchasing Managers Index in the United Kingdom rose to a reading of 49.8 in April. The Construction Purchasing Managers Index released today increased to a reading of 49.4 in April. Support for the GBPUSD is seen at 1.5469 and resistance is seen at 1.5586. The HotForex Traders Board shows that 58 percent of the traders are short on the GBPUSD.
EURUSD trading lower ahead of the ECB Press Conference. Unemployment Claims from the United States due today.
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