EURUSD dropped on Friday and closed at 1.3009. On Friday the United States Federal Reserve Governor Jeremy Stein stated the Federal Reserve might consider reducing the size of its asset purchase program by September. He also indicated that FED has no plans of adjusting the interest rates. The Michigan Consumer Sentiment rose on Friday surprising the investors. The Chicago PMI dropped to a reading of 51.6 in June marking the highest drop in 4 years period. Investors are now awaiting the ISM Manufacturing Purchasing Managers Index due from the United States later today. Support for the EURUSD is seen at 1.2997 and resistance is seen at 1.3087. The HotForex Traders Board shows that the long on the short positions of the traders are even.
GBPUSD
The Cable dropped on Friday and closed at 1.5210. The House Price Index in the United Kingdom rose 1.9 percent in June. Market had expected a 2.1 percent rise. In a release today the Manufacturing Purchasing Managers Index from the UK rose more than the market expectation coming at a reading of 52.5. Support for the GBPUSD is seen at 1.5163 and resistance is seen at 1.5276. The HotForex Traders Board shows that 71 percent of the traders are long on the GBPUSD.
EURUSD trading higher in the morning. ISM Manufacturing PMI due from the United States.
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