03, July 2014

EUR/USD Fundamental analysis

EUR/USD (a 4-hour chart)

The major pairs showed the mixed movement. The EUR/USD was in demand by the "bears" during the day who opened the short positions after the United States macroeconomic statistics publication. ADP Agency pleased the investors with the strong data - June figure came out much better than it was forecasted at the number - 281 thousand new jobs, which created a good foundation for the Non-Farm.

Positive PMI index release on UK construction sector supported the moderate demand for the GBP/USD. The investors unreasonably optimistic about the British currency now and we are seeing the strong quotations growth against the U.S. dollar and against the single European currency. However, the high pound rate may give the "disservice" to the Sterling - the net exports reducing and the inflation growth lack. Even the positive macroeconomic statistics from the United States could not shake the "bulls" positions.

The strong employment data from the ADP allowed the USD/JPY to complete the second consecutive day on a positive note. Such a pleasant surprise from ADP was few expected and immediately after the data publication, we observed a strong enough demand for the U.S. currency.