Analysis and important financial markets data on 02 July 2019
10:30 UK/GBP Construction PMI
16:00 USA/USD BoE Governor Carney speaks
Analysis EUR/USD
The European currency is currently under pressure and fell below the 1.13 USD level yesterday. Yesterday's manufacturing data shows that the economy has gone into a little stutter. The consequences of the negative economic data will be exacerbated by the squabbling about the EU's top positions in Brussels, which is also showing great disagreement among the members of the Monetary Union. The U.S. dollar, on the other hand, continues to benefit from the resumption of trade talks between the U.S. and China, and the ISM index, although showing a slight decline yesterday, has outperformed the forecast by 0.7 points.
Technically, the EUR/USD pair is supported at 1.1280, and if breached, the next price target could be 1.1255 and later on 1.1238. On the long side, a deal in Brussels today might provide a positive impulse at best. The first resistance would be at the 1.13 USD level, and later at the 1.1325 level.
Analysis USD/GBP
The British Pound also weakened against the Dollar yesterday after negative economic data, falling below the 1.27 USD mark to currently around 1.2645. The Construction Purchasing Managers' Index (CEST) at 10:30 a.m. could provide another negative impulse. If the current support at 1.2636 is breached, the next target would be at 1.2610. On the long side, there is not much to expect today, but there could be a fluctuation to 1.2665.
Advertisement
Disclaimer
The opinions of the author to market behaviour does not constitute a financial advise or solicitation to buy or sell any financial products, but are merely a personal opinion. When you trade leveraged financial products, you must be aware that a loss up to the amount of your deposit is possible, and in addition can also be an obligation to arise. Make yourself familiar with active trading or get independent advice before you invest your own money and use only money to invest that you can lose in the worst case