09, September 2014

Fundamental analysis

EUR/USD (a 4-hour chart)

The American currency slightly lost some positions against the background of the moderately negative macroeconomic statistics - the dollar index basket (USDX) ended the last trading week at 83.77.

The EUR/USD trading was within the range of 1.2921 -1.2988. The pair fell at the end of the trading day. The United States labor market release came out ambiguous - the unemployment rate fell to the level of 6.1%, while the non-farm payrolls rose only to the level of 142,000, instead of the expected 226 000. Against this background, the bulls tried to push quotes to the 30 figure, but the bears were able to fight off the level which indicates a strong euro/dollar strong downward trend.

The GBP/USD also remained under the pressure during the day, but some market participants decided to take profits on the short positions after the Non-Farm report which came worse than the forecasted medians, but it didn’t bring any strong dividends to the pound. The pair sharply fell down.

The USD/JPY was able to set the fresh maximum at the level of 105.70 - the bulls started to close the "longs" which caused the strong price decrease. The United States employment macroeconomic statistics increased the downward movement and at the moment the price reached the level of 104.68, but by the end of the trading the bulls were able to restore the lost positions. The pair rose above the level of 105.70.