Market Analysis by Finexo.com
Upcoming Sessions (all times GMT)
• GBP Nationwide HPI m/m (06:00)
• GBP Services PMI (08:30)
• USD ADP Non-Farm Employment Change (12:15)
• USD Unemployment Claims (12:30)
• USD ISM Non-Manufacturing PMI (14:00)
EURUSD
Overall sentiments towards the EURUSD remain heavily bearish as the European single currency remains vulnerable to any signs that region’s debt crisis will spread to its banking system.
Yesterday, the US Dollar gained ground as better than expected data showed that pending home sales increased by 6% in April. The EUR/USD pair continues to hold steady around the $1.2300 mark as investors await today’s ADP Non-Farm Employment Change. This number, generally considered a predictive figure for tomorrow’s high anticipated Non-Farm Employment Change, is expected to show an increase of 68K jobs in the private sector. Also out today, the Unemployment Claims for last week.
Support/Resistance 1.2244/1.2306
USDJPY
The Yen continued to fall against its major currency counterparts as speculations increased that Japan’s next prime minster will want a weaker currency. The Japanese currency dropped for a second day in a row against the greenback after Prime Minster Yukio Hatoyama announced his resignation.
While the ruling democrats are expected to vote on Friday for a new Prime Minister, sources already predict that the most likely successor is Finance Minister Noato Kan. Mr. Kan stunned markets earlier this year, by stating that he wanted the Japanese currency to depreciate more and that he heavily favored an exchange rate of 95 yen per dollar.
Support/Resistance 91.77 /92.33
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