Yesterday’s price action remained relatively moderate. The highly anticipated U.S. ISM index fell short of the forecast but failed to trigger big market moves. The British pound tested the area slightly above 1.5240 but sold off sharply in response to weaker U.K. PMI reports. The support zone around 1.5130/10 still remains intact for the time being. A break below 1.51 could drive the cable towards 1.5010.
The euro, however, offered some gains for both sides. After a test of 1.1290, the currency pair turned into an intraday downtrend. A current support can be found at 1.1170. Below that level we will turn our focus to the 1.11-mark again.
Today, there are only second-tier economic reports scheduled for release, which could have a limited impact on the currencies.
7:30 EUR Germany Construction PMI
12:30 USA Trade Balance
17:00 EUR ECB president Draghi speaks
21:30 USA Fed’s Williams speaks
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