CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open account
☰
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open account
✖

Euro trend continues as we await US jobs data

Article By: ,  Financial Analyst
February 1, 2013 9:10 AM

News overnight came from China with the official manufacturing PMI falling slightly below consensus at 50.4 following expectations of 51 with the final HSBC version being revised up slightly to 52.3 from 52 with only the AUD reacting to these numbers as the lifestyle dips below 1.0400.

The US 10-year yield added two basis points over night and is currently trading just over 2% which was the catalyst for further JPY depreciation with USD/JPY now trading on a 92 handle and with further Euro strength the 125 level was accomplished in EUR/JPY overnight after the technical break of 123.30 was seen earlier in the week.

It’s all about the US unemployment data at 1.30pm this afternoon with most analysts looking for a strong number as we trend around the 150k mark. A payrolls number between 140k and 190k will probably be seen as a continuation of prior trends and roughly market neutral. Given the Fed’s 6.5% unemployment threshold for monetary policy, markets will pay as much attention to that variable as payrolls counts.

Early PMI data from Europe are showing stronger readings which will please the ECB president as he uses these a strong gauge with LTRO repayments and the UK PMI also of keen interest this morning.

 


EUR/USD

Supports 1.3575-1.3530-1.3485 | Resistance 1.3660-1.3730-1.3790


USD/JPY

Supports 91.60-91.30-90.70 | Resistance 92.30-92.85-93.65


GBP/USD

Supports 1.5840-1.5815-1.5770 | Resistance 1.5880-1.5900-1.5930

 

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. CFD and Forex Trading are leveraged products and your capital is at risk. They may not be suitable for everyone. Please ensure you fully understand the risks involved by reading our full risk warning.

City Index is a trading name of StoneX Financial Ltd. Head and Registered Office: 1st Floor, Moor House, 120 London Wall, London, EC2Y 5ET. StoneX Financial Ltd is a company registered in England and Wales, number: 05616586. Authorised and regulated by the Financial Conduct Authority. FCA Register Number: 446717.

City Index is a trademark of StoneX Financial Ltd.

The information on this website is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement.

© City Index 2024