Today’s Hot Asset for you to Trade On: EUR/USD.
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The EUR/USD had a slight recovery yesterday and was traded at 1.2440, an increase from the previous 1.2360. The German Ifo Business Climate report, supported better than expected data and helped push the pair up. Pressure is expected to remain on the Euro, as the market waits for the EU inflation data to come out on Friday.
The U.S. GDP data will be released today at 1.30PM (GMT), traders should have an eye open on the release. U.S. Consumer Confidence data is also set to come out at 3PM (GMT). The latter is expected to show its highest value since October 2007. If that should be the case, we may see the pair drop back down to 1.2400.
The movement is sideways. Support is found at 1.2360 and resistance at 1.2445.
A climb of almost 100 pips was recorded on Monday for the GBP/USD. The pair reached its resistance at 1.5715 but later dropped back to its current reading of 1.5680. In front of the UK Inflation Report Hearing, which will begin today at 10AM (GMT), speculative movement is expected. After last week’s better than expected CPI data, at 1.3%, today’s hearing is said to be on the positive side. Hawkish comments may be in favour of the GBP and could drive the pair up to its resistance again.
Today’s U.S data, if strong, could draw back recent gains. Trend is sideways. Support is found at 1.5590 and resistance at 1.5715.
Gold fluctuated between $1,192/ounce and $1,204/ounce yesterday. The worsening outlook on global economy has seen the price climb up over the last week. Most traders are now waiting for the Swiss referendum, set to take place next week, a bullish sentiment is reserved.
In addition, the U.S stock market has been pushing itself towards record levels. Figures from the U.S have also contributed to cutting demand for the yellow metal. The U.S. GDP data should be on trader’s minds today. The price may move lower if the result is better than expected.
The movement is sideways. Support is found at 1,186 and resistance at 1,207.
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