BoE is expected to leave the principal rate at the record-breaking minimum level.
Asian and European trading sessions:
Euro: The EUR/USD pair decreased below the $1.4500 mark.
US Dollar: Demand for the save-heaven currencies increased and the greenback rate grew against the major currencies.
Australian Dollar: The Reserve Bank of Australia left the principal rate unchanged today at the previous level of 4.75%, and the Australian dollar rate dropped.
British Pound: Due to the US dollar strengthening the GBP/USD decreased as well and reached the $1.6000 minimums. But after the release of the strong UK fundamentals on Tuesday, the sterling rate increased. The PMI Services grew above expectations and compared to the previous month as well (53.9 against 53.5). The GBP/USD reached the $1.6030 maximums.
Market participants are expecting for the Bank of England decision regarding the principal rate, which is forecasted to be left at the previous record-breaking low level of 0.5%.
Japanese Yen: The USD/JPY showed maximums at the Y81.20 level.
Oil: Oil is trading around the level of $94.80 per barrel.
Gold: Gold demonstrated some growth to the $1512 mark.
American trading session:
US Dollar: The released US factory orders showed growth (0.8%) compared to the previous month (-0.9%), but still below the forecasts of 1.0%.
Technical analysis for 06/07
If the pair declines below 1.44400 the pair will decline to 1.42996.
Resistance: 1.46222, 1.47342, 1.48550
Support: 1.44400, 1.42996, 1.41780
If the pair stays below 1.60322 the pair will decline to 1.58543.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
The pair couldn’t break 0.84685 and aiming to 0.83541.
Resistance: 0.84685, 0.85939, 0.87214
Support: 0.83541, 0.82483, 0.81356
The pair stays below Moving Average (100) at 81.399. This may bring pair to decline to 80.438.
Resistance: 81.399, 82.219, 83.065
Support: 80.438, 79.707, 79.070
The pair has declined to 1.07005. If this level is broken the pair will decline to 1.06164.
Resistance: 1.07739, 1.08413, 1.09112
Support: 1.07005 ,1.06164, 1.05332