Good Morning!
We saw last night pretty good economic data coming out of the U.S. ADP employment survey and the ISM services PMI bounced up, which is why we saw the European currencies fall down against the dollar.
But at the same time we saw the Aussie stay resilient against the dollar!
The Euro had some mixed economic data out yesterday, with the retail sales coming up a little but the Eurozone PMI's not doing so well. The Euro sell-off though i think is more of a correction, and i would still look to buy at lower levels.
The Cable as well had some mixed economic data out yesterday, with the Halifax house prices showing an increase and the PMI dropping lower. The cable sell-off as well i think is a mix of a correction and dollar gain. I would still look to buy the cable as well at lower levels.
The Yen still looks bearish, but i would be cautious about selling here as trend could reverse around these levels.
The Aussie had an awesome economic data day yesterday. the trade balance, exports number and house price index all rose higher, which is why we saw the aussie roll higher!
We got quite a bit of economic data coming out today too:
German factory order data - 10am GMT
BOE Interest rate decision - 11am GMT
ECB Interest rate decision - 11.45am GMT
US weekly unemployment claims data - 12.30pm GMT
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