Source: ForexYard
The EUR/USD dropped to its lowest level since July of 2010 at 1.2323 in overnight trading. Investor concerns that the Bank of Japan will intervene in the markets to weaken the yen caused the USD/JPY to come off a recent 3 ½ month low. The pair is currently trading at 78.42.
Main News for Today
UK Manufacturing PMI- 08:30 GMT
• The pound has taken heavy losses against the dollar, yen and euro lately
• Analysts are predicting today’s news to come in at 49.7, which would mean that the British manufacturing industry contracted last month
• If the news comes in as expected, the pound could see additional losses to close out the week
US Non-Farm Employment Change- 12:30 GMT
• Considered the most important economic indicator on the forex calendar
• The last two months have both come in below expectations and have led to dollar losses
• Should today’s news again disappoint, the dollar could drop against the yen
Forex Market Analysis provided by ForexYard.
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