Littlefish FX | Dec 04, 2013 05:11AM ET
Tuesday was quite busy in the markets fundamentally, with Spanish Unemployment Change coming in much better than forecast at -2.5K vs 49.3K and UK Construction PMI also posting a very bullish print at 62.6 vs 59.3 forecast. This gave the European currencies a lift at the expense of the dollar, and interestingly, the Nikkei and the USD/JPY finally cracked after hinting towards it for some time now. Australain dollar after having been given a boost by the hold on rates from the RBA, but having suffered from the poor Chinese manufacturing PMI had another shock overnight with a below par GDP number which sent the currency tumbling in most pairs. There are still many hurdles to jump before the end of the week but overall it seems like hinting towards a return to Dollar weakness. ECB rate decision on Thursday seems unlikely to prevent that, although on Wednesday we have US ADP Non-Farm Employment Change, US ISM Non-Manufacturing PMI and US New Home Sales which are all trending high currently which could be a hindrance for a Dollar sell off. UK services PMI is also expected to come in strong.
USD% Index
USD% Index Resistance (EUR/USD support): EUR/USD 13578, 1.3539, 1.3523
USD% Index Support (EUR/USD support): EUR/USD 1,3610, 1.3622, 1.3662, 1.3682
EUR% Index
EUR% Index Resistance: EUR/USD 1,3585, 1.3600, 1.3625, 1.3660
EUR% Index Support: EUR/USD 1,3500, 1.3488
JPY% Index
JPY% Index Resistance (USD/JPY Support): USD/JPY 102.00, 101.37
JPY% Index Support (USD/JPY Resistance): USD/JPY 102.66, 103.00
GBP% Index
GBP% Index Resistance: GBP/USD 1.6424, 1.6450, 1.6500
GBP% Index Support: GBP/USD 1.6331, 1.6300, 1.6227
AUD% Index
AUD% Index Resistance: AUD/USD 0.9100, 0.9128, 0.9177, 0.9200
AUD% Index Support: AUD/USD 0.9033, 0.9015, 0.9000
CHF% Index
CHF% Index Resistance (USD/CHF support): USD/CHF 0.9032, 0.9000
CHF% Index Support (USD/CHF resistance): USD/CHF 0.9093, 0.9150, 0.9192, 0.9200
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