Weak UK services PMI pushes the pound lower
City Index March 4, 2015 3:10 PM
<p>The Euro has started today the weaker of the bunch, as the USD gains on a vulnerable currency and capitalises on the uncertainty in Greece. It is […]</p>
The Euro has started today the weaker of the bunch, as the USD gains on a vulnerable currency and capitalises on the uncertainty in Greece. It is currently making new lows now around 1.1120, with slightly weaker Eurozone PMI data already out this morning. Later on, the EU retail sales will be out with an expected drop to 0.2% from 0.3% which is not likely to help the Euro’s cause.
The main release today will be from the US as the ADP data is set to be released at an expected 220k, which may help guide some traders to rethinking the Non-farm payrolls data on Friday. It will also be interesting to see if the US weather has played its part in any of the data yet.
In the UK, the Services PMI dipped to 56.7 from 57.5. This has had a muted effect on the GBP as we trade just below the 1.5350 level.
The BOC is set to announce its overnight rates, with no changes expected. But with lots of central banks cutting rates this year already, this is one to be aware of.
Supports 1.1150-1.1120-1.1080 | Resistance 1.1210-1.1250-1.1280
Supports 119.25-118.90-118.40 | Resistance 120.20-120.70-121.10
Supports 1.5340-1.5315-1.5285 | Resistance 1.5400-1.5430-1.5455
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