Movement of currencies on Tuesday had diverse character. The largest increase in the session demonstrated the British pound, helped by economic data. Market participants' attention focused on the ECB meeting, which will take place on Thursday, so the European currency is under pressure and is trading in a range. Today we expect the news flow from the Eurozone, the economic data for Germany, Spain and Italy. In this regard, the movement in EUR/USD may be volatile.
The European currency fell on Tuesday, dropping below 1.3500 dollars. EUR/USD pair reached the 1.3450 level, strayed from the support and began to grow. The dollar yesterday had data on business activity in the services sector. At the moment, the euro traded upward, near the 1.3500 resistance area. The greatest influence on the dynamics of trade EUR/USD pair has a waiting traders ECB meeting, many analysts expect the euro's decline after the upcoming event. From a fundamental point of view, the position of EUR/USD too shaky, lowering the forecast for the euro area GDP and the increase in unemployment in the future creates a negative environment for the players that put on the growth of the single currency.
Substantial growth was the British pound, more than 70 points. At this point upward trend remains. The pair GBP/USD took place against the background of data on business activity in the services sector, which grew to a value of 62.5 . The index rose stronger than expectations of analysts and economists, thereby supporting the British pound. At this good news did not end, the Commission has increased the forecast for economic growth in the UK this year and next. Projected growth will reach 1.3 this year and 2.2 percent in the future against the old values of 0.6 and 1.7 respectively. After experiencing the level of 1.6000, the pair GBP/USD targeting the 1.6100 .
The Australian dollar closed near the opening level at around 0.9500 . The currency pair AUD/USD continues to move sideways. However, to date, the pair managed to consolidate above 0.9500 . Within days the Australian dollar holds tight, generally moving in a northerly direction.Social button for Joomla