Today the focus in the markets is on the U.S. economy jobs report with expectations showing that the nation will fewer employees will be shed from the job market yet unemployment is forecasted to resume its rise. Confusion is spread in the markets therefore keeping markets calm and few trading taking place.
The euro is pressured in the markets as a result of the anticipations that the Group of Seven meeting this weekend with finance ministers favoring a lower euro since they are worried from weaker exports, this meant that they want the euro to fall in the markets therefore causing investors to sell the single currency. The EUR/USD is being traded at 1.4547 between the support of 1.4500 and the resistance of 1.4583 while recording a high of 1.4562 and a low of 1.4501.
The United Kingdom today released its PMI construction showing the sector that represents 6% of the GDP contracted deeper and this followed yesterday contraction of the manufacturing sector arousing worries that conditions are not that bright in the nation. The pound is currently seen depreciating against the federal currency as the pair trades at 1.5889 while recording a high of 1.5947 and a low of 1.4501. For the GBP/USD we see there is a support at 1.5885 and if that level is broken successfully, our next target will be at 1.5839 while there is a resistance at 1.5912.
The yen versus the dollar is trading in narrow ranges as markets are waiting for the data from the U.S. economy which will then determine the trend of the pair. The pair is being traded at 89.42 while recording a high of 89.62 and a low of 89.20.