07, May 2015

Fundamental analysis

 EUR/USD (a 4-hour chart)

The US dollar was under pressure against its major competitors. By the end of the day the pair EUR/USD had increased amid the energy prices growth. The Brent crude oil quotations set this week fresh maximum.

Despite the April PMI index construction sector weak release the pair GBP/USD was also in demand during the day. The UK and the US negative bond yields reduction with black gold quotations increase encouraged bulls to long. By the end of the day the pair GBP/USD had increased.

By the end of the day the pair USD/JPY had decreased despite the US service sector business activity positive release from ISM. The index came out at the highest level since December 2014 that indicates the US economy recovery after recession in the first quarter.

The ISM service sector employment rate for April has shown the maximum increase for the last six months. The four-week f jobless claims showed slight decrease which is also a positive factor for the labor market. However the ADP private sector employment release disappointed the market.