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- EUR/USD Below 1.3800 on Positive Bail-Out Expectations and Neutral ECB Decision
EUR/USD broke down below the 1.3800 support level today as the dollar was fundamentally more attractive than the euro. Traders expect that the $700 billion bail-out plan will be adopted in the House of Representatives soon after passing Senate yesterday. Meanwhile, European Central Bank left the interest rate unchanged at 4.25%, which spurred talks that the rate may be lowered at the next governing council meeting. Macroeconomic statistics which came out today in U.S. wasn’t very positive for the dollar, but didn’t help the euro much. EUR/USD is currently trading near 1.3804.
Initial jobless claims rose by 1k last week compared to the week before — from 496k (revised up from 493k) to 497k. Traders were expecting a decline to 475k.
Factory orders in U.S. were down by 4.0% in August following 0.7% growth in July. Analysts expected that the factory orders will drop by 3.0% in August.
Posted on Forex blog.
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Переслать - EUR/USD Falls Despite ISM PMI Drop
EUR/USD continued to fall today after the yesterday’s record-breaking decline, despite the unexpectedly low reading of the influential ISM purchase manager’s index. EUR/USD broke the technical and psychological support line at 1.4000 during the trading session, but then return to the levels above and is now trading near 1.4004.
ADP employment report showed that the employment decline slowed down from 37,000 from July to August to 8,000 decrease from August to September. The estimated decline was 50,000.
Construction spending stalled in August after 0.6% decline a month earlier and 0.5% forecasted drop for August.
ISM PMI fell significantly in September — from 49.9 to 43.5. Only a minor drop to 49.5 was expected by the market analysts. But it looks like it didn’t affect dollar’s rate much as the markets are currently driven by the bail-out plan speculations.
Posted on Forex blog.
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