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 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!