Daily Forex News & Analysis – 06/02/13

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USD

The dollar rose against most counterparts on Tuesday after better-than-expected data and upbeat Fedspeak helped lift the outlook going forward. The greenback ended the day at 1.3581 to the euro and 93.64 to the yen. Today’s data includes MBS Mortgage Applications for the week ending Feb 1st.

EUR

The euro strengthened on Tuesday after Euro-zone Composite and Services PMIs came out better than expected. The single currency ended the day at 1.3581 to the dollar and 127.17 to the yen. Today’s data includes German Factory Orders, which are expected to fall by -1.2% in December.

GBP

The pound fell despite better-than-expected Services PMI as the after-effects of recent GDP data showing negative growth continued to weigh. Sterling ended the day at 1.5658 to the dollar and 146.62 to the yen. House Price data from Halifax headlines the news schedule today, with a rise expected in the last 3-months.

JPY

The yen fell after the Chairman of the BOJ Maasaki Shirakawa announced he was resigning early, leading to speculation he had been pressured out of the role to make way for a more aggressively pro-easing replacement. Data out today includes Machine Orders in December, which are expected to show negative growth.

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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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