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2 May 2016, 12:39

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Monday, May 02nd


GBP/USD is regaining its bid tone and keeps its range-trade intact above 1.46 handle since mid-Asia. UK markets remain closed today in observance of May Day, but US will release ISM manufacturing report due later today. Now pair trades modestly flat, keeping its range near 1.46 with current level at 1.4610. Todays support and resistance levels are located at 1.4580 and 1.4637


EUR/USD refreshed this year high at 1.1481, on the back of sell-off of the US dollar. The dollar index broke through key support at 93.00, reached earlier in August 2015. On Monday, traders would be eyeing manufacturing PMI figures from the Euro-zone and US ISM manufacturing PMI print for fresh trading cues. At the beginning of the European session pair retreated from todays highs and now is trading at 1.1465 spot, with its todays support and resistance levels located at 1.1371 and 1.1540 marks.


USD/CAD has bounced off from multi-month lows just below the 1.25 reached on Friday, but couldn’t gather further traction amidst increased selling pressure around the US dollar. Now softer tone in crude oil prices has alleviated some CAD upside pressure. Today traders will focus on ISM US Manufacturing and speech of D. Lockhart, that will set us sentiment for further pairs direction. Now pair trades at 1.2549 with its todays support and resistance levels located at 1.2479 and 1.2631

USD/JPY reached todays low at 106.14, the weakest level since mid-October 2014. Dollar was weak against the yen this Monday amid the view that Japanese officials would not intervene in the foreign exchange market to weaken the currency. The dollar remained under pressure after the Fed kept interest rates on hold last week and indicated that any future interest rate hikes would be data dependent. Now pair trades retreating from its todays low at 106.41 level, with its todays support and resistance levels located at 105.15 and 107.61. 


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