Today has been a day of continuation of trends. GBP/EUR has declined, EUR/USD has gained and GBP/USD continues to test resistance just above 1.59. Global Stocks also continue to gain with risk appetite firmly present in the marketplace.

The ADP Employment report from the US was significantly worse than expected today helping to spark fears about a revision in Non Farms on Friday. US initial jobless claims tomorrow should prove to be an interesting leading indicator for Non Farms on Friday. All eyes are now on tomorrows key economic releases and interest rate decisions. Interest rates will undoubtedly remain on hold in both the UK and Europe tomorrow, with traders poised hoping for indications as to potential future policy

UK Industrial production and Manufacturing production data tomorrow will help indicate how the UK economic recovery is coming along, most expect the figures to show little improvement, confirming that we are in a fixed period of stagnant economic growth.

Support and Resistance

GBP/USD – Support 1.5670 / Resistance 1.5939
GBP/EUR – Support 1.1296 / Resistance 1.2015

UK Economic Releases

UK Industrial Production 0930
GER Industrial Production 1100
UK BoE Rate Announcement 1200
EU-16 ECB Rate Announcement 1245
EU-16 ECB Press Conference 1330
US Initial Jobless Claims 1330
UK NIESR GDP Estimate 1500
US Consumer Credit 2000

foreign exchange live chart