Daily Forex News & Analysis – 05/02/13

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USD

The dollar traded mixed on Monday after upbeat commentary from the Fed failed to stimulate demand. The greenback ended the day at 1.3513 to the euro and 92.36 to the yen. News out today includes the ISM Non-Manufacturing Composite with a fall to 55.0 expected.

 EUR

The euro weakened on Monday as a result of political uncertainty in Spain and Italy and fears that the renewed strength of the currency might hamper exports. The euro ended the day at 1.3513 to the dollar and 124.81 to the yen. Today’s data includes Services PMI and Retail Sales in December.

GBP

The pound rebounded on Monday despite a lower-than-expected result in Construction PMI which remained at its previous level when it had been forecast to rise. Sterling ended the day trading at 1.5760 to the dollar and 145.56 to the yen. Today sees the release of Services PMI for January which is expected to show a rise to 49.5.

JPY

The yen recovered on Monday as a result of increased safe-haven demand following concerns about political stability in Europe. The Japanese currency ended the day at 92.36 to the dollar and 124.81 to the euro.

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I am a forex analyst, trader and writer. I have had a career writing articles for websites and journals, starting in the travel sector and then in Forex. I use a combination of technical and fundamental analysis in my forecasting. When I joined Forex4you in 2010 I thought it was a great opportunity to work as an analyst for an international broker. My technical plays provide clear entry points and targets, if you trade them assume a 1:1 risk reward, with stops the same distance from entry as targets. Good luck and happy trading!