At the end of trading session on Thursday the euro regained its positions to the U.S. dollar, the British overpassed the level of resistance at 1.6112 and turns to 1.6250, and, as we expected, the Australian dollar fell to 0.9200. Although the news factor influenced on the currencies movement, market participants rather acted guided by technical models.
The EUR / USD pair increased, recovering from the harsh slump. The European currency increased, starting from 1.3400 supporting level. By the end of the day the pair rose by about 80 points, although it failed to reach 1.3500 yesterday. Economic news were mostly worse than it was predicted by experts, investors could be pleased by data on the Service Sector Business Activity Index and Manufacturing Index in Germany. Other data from the European bloc of statistics showed a decline, that is the same indexes from France and the whole Eurozone.
Positive news from the U.S. did not stop the growth of quotations EUR/USD pair. Data on the labor market, particularly the amount of initial applications for unemployment benefits met expectations of market participants and reached 323,000, compared with a forecast of 333,000. According to provisional data The Industrial Sector Business Activity Index in the U.S. also increased to 54.3. The Industrial Index of FRS Philadelphia was the only one index which experienced a decline and, simultaneously with level of consumer confidence in the Eurozone, it is appeared in the red zone.
From a technical point of view, the EUR/USD pair is moving sideways. If the upward trend does not continue, trading is most probably is expected to be conducted within the range of 1.3590-1.3300.
A GBP/USD pair Growth expected the growth of quotations either. The British pound rose in versus to the U.S. dollar because of the Confederation of Industrialists. The data of this indicator, the growth of industrial orders quantity and production volume, rose considerably, reaching the level which was recorded last time only in 1995. The GBP/USD pair gained approximately 100 points in a day, reaching 1.6199. The pair slightly retreated from the maximum level and has a downward trend at the moment.
The Australian dollar is in a decline continuously. Yesterday the pair AUD/USD lost 100 points more. Today AUD reached 0.9200 and is traded below this level at the moment. It is uncertain, will the pair AUD/USD continue to decline and demonstrate reduction of quotations for 100 points more, but since the opening of the day session, the Australian has lost more than 40 points.
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