Thursday February 2, 2017 - 11:02:25 GMT
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Traders still must be settling down following the circus scene following the Fed's decision to keep policy steady yesterday. No change in policy was as expected, although some prominent TV economists were speculating that the ADP data yesterday could see the central bank turn a bit more hawkish. Reacting to an ADP payrolls figure would have called the credibility of the central bank in question given the poor reliability of the data. The focus now is official U.S. January figures tomorrow. Today, the EURUSD HOD has been 1.0820 and the LOD 1.0762. Expect stops at the HOD and LOD levels. Then there is not much until 1.0875. If the upside is tested expect 1.0850 to come into play. On the downside nearby stops are at 1.0771, then 1.0728.
The GBPUSD is lower on the day. EURGBP is higher. The GBPUSD HOD has been 1.2707, and its LOD 1.2534. A Bank of England policy decision is due shortly. Flows in and out of the EURGBP cross can have a significant impact on the value of EURUSD. Tune in frequently to the GVI Forum for updated trading insights as the session unfolds.
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