EURUSD rose yesterday and closed at 1.3166. The Unemployment Level in the Eurozone hit a record high reaching 12.1 percent in March. Speculations that the European Central Bank may lower the interest rates tomorrow flooded the market. In the United States the Chicago Purchasing Managers Index dropped to a reading of 49.0 in April. Investors are awaiting the ADP Non-Farm Employment Change and the FOMC Meeting Minutes due from the United States today. Support for the EURUSD is seen at 1.3110 and resistance is seen at 1.3198. The HotForex Traders Board shows that 71 percent of the traders are short on the EURUSD.
GBPUSD
The Cable rose yesterday and closed at 1.5530. The Mortgage Approvals in the United Kingdom rose to 53.5K in March. The Net Lending to Individuals month over month came in line with the market expectation at 0.9B. The Manufacturing Purchasing Managers Index data released today came out better than the market expectation at a reading of 49.8 in April. Support for the GBPUSD is seen at 1.5469 and resistance is seen at 1.5586. The HotForex Traders Board shows that 61 percent of the traders are short on the GBPUSD.
EURUSD trading near the 1.32 level. FOMC Meeting Minutes on focus.
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