Euro and pound higher on upbeat data

November 6, 2013

Currency markets are bit more “risk-on” today, although there will be some caution ahead of the European Central Bank and Bank of England policy meetings that are scheduled for Thursday.

There are some market expectations for a dovish ECB tomorrow with perhaps even a rate cut or signal for a cut for December. Meanwhile the BoE is decision is unlikely to contain any surprises, with rates expected to remain unchanged at 0.5 percent.

The euro today remained relatively strong, hovering around the key $1.3500 level. Economic data from the Eurozone helped buoy the single currency, with encouraging numbers on Eurozone Composite PMI. Germany’s higher-than-expected industry orders which had the most impact on the euro, boosting it to a high of $1.3531. EURUSD entered the US session with a 0.3 percent gain from the European session, at $1.3520. A dovish ECB tomorrow would have a negative impact on the euro.

Sterling is up on more upbeat UK data today. Both manufacturing and industrial production data were stronger and beating forecasts. GBPUSD rose 0.3 percent and ended the European session at $1.6091 with a gain of 0.06%. Against the euro, sterling gained 0.07% to end at 0.8400.

The US dollar was little changed against the yen, with USDJPY trading in a narrow range around 98.60 yen. There was no reaction to the release of the Bank of Japan minutes released today for the last BOJ meeting.  Friday’s jobs data will be the main driver for the dollar.

Publication source
FxNet information  FxNet reviews

October 24, 2016
Dollar at a 3-week winning streak
The US dollar completed three weeks of back to back gains with the US dollar index seen trading above the 98.55 handle. Without any pullback so far, further upside could come at a significant risk...
October 24, 2016
Golden week for dollar but USD/JPY bucks trend
It has been a very good week for the US dollar and a really bad one for the euro and Canadian dollar, among others. The rally has lifted the Dollar Index to its highest level since early February and possibly on course to 100...
October 21, 2016
EUR/USD remained unchanged after the ECB
The price maintained its bearish tone on Thursday. The EUR/USD pair stayed around its recent lows during the day. The euro slightly strengthened towards 1.1000 ahead of the US opening. The 50-EMA limited the euro recovery in the 1 hour chart...

Vantage FX Rating
FIBO Group Rating
Fort Financial Services Rating
OANDA Rating
XM Rating
HYCM Rating

24option Rating
TopOption Rating
Binary Brokerz Rating
TropicalTrade Rating
Grand Option Rating
OptionFair Rating