MPT Market Report - 3rd February 2010

MPT Market Report - 2nd February 2010 Daily forex market reports, available from the MyPrivateTradeTV YouTube Channel. www.myprivatetrade.com.

Yesterday, the Euro continued its recovery against the Dollar, hitting a 3 day high in early trading of 1.3995.
The Yen has held its ground against the Dollar at the 90.90 level, forcing the Dollar to pull back and consolidate around the 90.40 level during the Asian session. The Dollar has since fallen to 90.13 during the European session.
Sterling has continued to regain ground on the Dollar since Mondays 1.585 low, reaching 1.6057 at the time of writing. Many analysts believe Sterling will find resistance at 1.6075.
Looking ahead, the UK Nationwide consumer confidence figures were released today. Expected to be 70 percent, the actual figure for January was 73 percent, a slightly better than expected result.
At 10:00 CET, the UK Purchasing Manager Index for the service sector will be released. This is an indicator of the economic situation in the UK services sector, which captures the condition of sales and employment. A high reading may be considered bullish for Sterling.
In the US, ADP Employment figures are due out at 14.25 CET. This is a measure of the change in the number of people in employment. A rise in this indicator may be seen as bullish for the Dollar.
And finally, the US non-manufacturing index will be announced at 16:00 CET. This index can be used to measure the business conditions in the US non-manufacturing sector. A result above 50 may be considered bullish for the Dollar.

Category:

News & Politics

Tags:

• USD
• Dollar
• Yen
• JPY
• GBP
• Sterling
• Currencies
• Forex
• trading
• news
• market
• report
• daily
• mpt
• my
• private
• trade