EURUSD dropped yesterday and closed at 1.3517. The United States dollar advanced against its European counterpart after two officials from the Federal Reserve hinted a continuation in the reduction of the size of the bond-buying program in the months ahead. The President of the Richmond Federal Reserve Bank Jeffrey Lacker stated that the central bank would probably continue to reduce the size of its stimulus measures. Charles Evans the President of the Chicago Fed also opined that the cuts to the massive bond-buying program have been reasonable.
In a release today the Spanish Services PMI data came out worse than the market expectations at a reading of 54.9 in January. On the other hand the Italian Services PMI came out better than expected at a reading of 49.4 in January. Investors are now looking forward for the ADP Non-Farm Employment Change data and the ISM Non-Manufacturing PMI due from the United States later today.
Support for the EURUSD is seen at 1.3476 and resistance is seen at 1.3575. The HotForex Traders Board shows that 53 percent of the traders are long on the EURUSD.
EURUSD trading steady above the 1.35 level ahead of the US Non-Farm Employment Change data
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