Daily Forex News & Analysis – 04/02/13

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USD

The dollar traded mixed on Friday, rising after the release of positive sentiment and manufacturing data, but falling to the euro which continued to see strong interest. The greenback ended the day at 1.3639 to the euro and 92.81 to the yen. Today’s news includes December Factory Orders which are expected to rise by 2.2% from 0.0% previously.

EUR

The single currency rose on Friday as the trend for euro-buying continued. Data was on the whole stronger-than-expected with Euro-zone PMI Manufacturing rising to 47.9 from the 47.5 expected. The euro ended the day at 1.3639 to the dollar and 126.61 to the yen. Today’s data includes the Euro-zone Producer Price Index which is expected to remain unchanged at 2.1% y/y in December.

GBP

The pound fell on Friday after data showed a drop in Manufacturing PMI in January to 50.4 from 50.6 previously when an increase had been expected. Sterling ended the day at 1.5692 to the dollar and 145.66 to the yen. Data out today includes Construction PMI in January, which is expected to rise to 49.2.

JPY

The yen traded overall weaker on Friday. Data overnight showed an unexpected fall in Household Spending to -0.7% from 0.2%, when a -0.2% fall had been forecast. The yen ended the day at 92.81 to the dollar and 126.61 to the euro.

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About Author

I was born in North London and Studied at Goldsmiths' College London University achieving a BSC Hons in Social Anthropology and a Diploma in Journalism. At first I was interested in writing and travelling and I began my career editing a magazine for a city breaks tour operator called Travelscene; then I also managed their website. Later I became increasingly interested in the financial markets and trading. My first trade was spread-betting the SP500, using an overnight strategy – I remember one year it made me enough money for Christmas – I thought it was great how you could make money like that in your sleep! Later my interests turned to Forex because of its 24-hour accessibility, the many different currency pairs and because of my interest in international politics. I managed a small fund which I set up with the help of some friends and traded the markets for several years with some degree of success. I am a member of the society of technical analysts and have contributed original research to their journal; I now also help mark their diploma papers. I enjoy refining and developing trading strategies, in particular for my 'baby' the eurodollar. When I joined Forex4you in 2010 I thought it was a great opportunity, working as an analyst for an international foreign exchange broker.

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