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Wednesday, September 2nd
EUR/USD surged to 1.1332 in course of Tuesday trade as Chinese manufacturing PMI index came out below 50 indicating definite contraction in Chinese economy. Meanwhile, euro zone Manufacturing PMI was out slightly below than expected at 52.3 versus forecasts of 52.4. The American data was mixed with manufacturing PMI data coming out in green colour, while the same index from ISM was lower than expected. The pair may find support at 1.1205 and resistance at 1.1443.
AUD/USD is recovering from the losses it suffered in the morning when weaker than expected GDP reading sent the pair below 0.70 to 0.6982. The U.S. dollar index was up 0.31% at 95.69. Tomorrow, retail sales and trade balance data is expected from Australia. The support and resistance levels are located at 0.6910 and 0.7122, respectively.
GBP/USD continues falling amid slower expansion of UK manufacturing sector. Ahead in the day, British Construction PMI data is due before the announcement of ADP Nonfarm Employment Change in the US. Currently, the pair is trading at 1.5301 with support and resistance levels at 1.5171 and 1.5434, respectively.
USD/CAD continues its consolidated trade above 1.32 with the current quote of 1.3240. Yesterday’s data showed positive Canadian GDP figures, but the bears remain skeptical ahead of Non-Farm Payrolls data. It is expected that the pair will reach as high as 1.3450 in the next two weeks, while support can be found at 1.3124.
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