Euro Trades Sideways, Cable Lacks Direction

Dear Traders,

There was only little consistency in the currencies’ performances yesterday. While the euro preferred to trade sideways, the cable has been torn between better than expected U.K. PMI data and the neutral outcome in U.S. Manufacturing. GBP/USD still remains below 1.55 and traders are wondering if the Inflation report, scheduled for release on Thursday, could help the pound for a break through its key resistance.

Let’s wait and see. Before “Super Thursday” we will keep an eye on the U.K. PMI reports. The U.K. Construction PMI is due for release at 9:30 GMT today. Furthermore U.S. Factory Orders are scheduled for release today at 15:00 GMT but this report is unlikely to have a significant impact on the USD.

ECB president Draghi will speak at the opening of the European Cultural Days today at 19:00 GMT.

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