EURUSD dropped yesterday and closed at 1.3524. The Manufacturing Purchasing Managers Index in the Eurozone dropped to a reading of 51.1 in September in line with the market expectations. Yesterday the US Government faced its first shut down in 17 years as the Republicans and the Democrats failed to agree on President Barack Obama’s healthcare bill. On the economic front the ISM Manufacturing Purchasing Managers Index in the United States rose to a reading of 56.2 in September. Investors are now looking for the ECB Rate Decision and the speech of the Chairman of the United States Federal Reserve Ben Bernanke due later today. Support for the EURUSD is seen at 1.3492 and resistance is seen at 1.3554. The HotForex Traders Board shows that 66 percent of the traders are short on the EURUSD.
GBPUSD
The Cable rose yesterday and closed at 1.6193. The pair rose following the US government crisis. However the losses of the United States dollar were capped later after the Manufacturing Purchasing Managers Index in the United Kingdom dropped to a reading of 56.7 in September. In a release today the Construction Purchasing Managers Index recorded a drop as well coming at a reading of 58.9 in September. Trading trends on the pair for the rest of the day are expected to be determined by the ADP Non-farm Employment Change release due from the United States and the speech of the Chairman of the United States Federal Reserve Ben Bernanke. Support for the GBPUSD is seen at 1.6131 and resistance is seen at 1.6250. The HotForex Traders Board shows that 74 percent of the traders are short on the GBPUSD.
EURUSD trading lower ahead of the ECB Rate Decision. FED Chairman Ben Bernanke speaks later today.
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