Back to insights Insights

Currency Feed – New York Close Report – Tuesday 6th September

EUR/USD – Current Price $1.1244 (+$0.0097)

 It was a slow start to the day for EUR/USD as the pair saw a fairly narrow $1.1150-1.770 range for most of the European AM session. However the pair rocketed higher this afternoon as the Dollar weakened across the board after some disappointing US data releases. ISM Non-Manufacturing fell to 51.4 in August (f/c. 55.0) from 55.5, the lowest since January 2010. Also, the labor market conditions index fell -0.7 last month while IBD/TIPP Economic Optimism slipped to 46.7 (f/c. 48.1) from 48.4. EUR/USD reached a high of $1.1256, just above Friday’s payrolls high at $1.1252. Above there, we look for resistance at the August 18th high at $1.1366. On the downside, yesterday’s high at $1.1182 and low at $1.1139 are in focus.

GBP/USD – Current Price $1.3424 (+$0.0121)

GBP/USD had already made modest gains in Europe this morning but was propelled higher this afternoon after the US Dollar weakened across the board after some disappointing US data releases. ISM Non-Manufacturing fell to 51.4 in August (f/c. 55.0) from 55.5, the lowest since January 2010. Also, the labor market conditions index fell -0.7 last month while IBD/TIPP Economic Optimism slipped to 46.7 (f/c. 48.1) from 48.4. GBP/USD reached a high of $1.3445 which is the highest since the July 15th high of $1.3481 which is our first resistance level. On the downside, yesterday’s high at $1.3376 and Friday’s low of $1.3253 may offer some support.

USD/JPY – Current Price ¥102.15 (-¥1.28)

USD/JPY hit a near six week high on Friday at ¥104.32 but has spent the last two sessions on the retreat. The pair fell through the ¥103 handle today and came close to surrendering the ¥102 handle after some soft US data points weighed heavily on the US Dollar. ISM Non-Manufacturing fell to 51.4 in August (f/c. 55.0) from 55.5, the lowest since January 2010. Also, the labor market conditions index fell -0.7 last month while IBD/TIPP Economic Optimism slipped to 46.7. USD/JPY hit a daily low of ¥102.05, below which we target support at last Tuesday’s low of ¥101.76. On the upside, the overnight high at ¥103.81 and Friday’s high are in focus.

GBP/EUR – Current Price €1.1942 (+€0.0007)

GBP/EUR made further gains today which took the pair above the August high of €1.1984, to today’s high of €1.1999. It was a choppy session however with the venture up towards the €1.20 handle lasting only a few minutes as the pair back pulled to around €1.1940 after some soft US data releases. In term of resistance, we now look back to the July 22nd high of €1.2047 ahead of the July 15th high of €1.2104. On the downside, we may find support at yesterday’s low of €1.1896 followed by Friday’s low at €1.1842.

Related Insight

More Insights