Dubai Forums Dubai Business Dubai Business Talk

EUR/USD
The EUR traded marginally lower against the USD and closed at 1.2847, after the manufacturing PMI in Germany, Euro-zone’s biggest economy dropped to 50.3 in September .
In the US, the manufacturing PMI remained steady at 57.9 in September, compared to market expectations of a rise to 58.0. Meanwhile, the housing price index rose 0.1%, on a monthly basis. Yesterday, the St. Louis Fed President James Bullard, in a conference, stated that he expects the first move of hiking the interest rates by the Fed would be employed at the end of the first quarter 2015.
The pair is expected to find support at 1.2827, and a fall through could take it to the next support level of 1.2801. The pair is expected to find its first resistance at 1.2891, and a rise through could take it to the next resistance level of 1.2929.
GBP/USD
The GBP rose 0.15% against the USD and closed at 1.6391.
In economic news, the UK mortgage approvals registered an unexpected drop to a level of 41.6K in August, lower than market expectations of a rise to 42.9K and following a revised reading of 42.8K registered in the p The pair is expected to find support at 1.633, and a fall through could take it to the next support level of 1.6259. The pair is expected to find its first resistance at 1.6444, and a rise through could take it to the next resistance level of 1.6487. Trading trends in the Pound today are expected to be determined by economic news from other countries.
USD/JPY
The USD strengthened 0.06% against the JPY and closed at 108.83.
Early morning data indicated that, the preliminary manufacturing PMI in Japan unexpectedly eased to 51.7 in September, lower than market expectations of a rise to a level of 52.5 and down from 52.2 in August. The pair is expected to find support at 108.25, and a fall through could take it to the next support level of 107.87. The pair is expected to find its first resistance at 109.01, and a rise through could take it to the next resistance level of 109.39.
USD/CHF
The USD traded flat against the CHF and closed at 0.9398.
The pair is expected to find support at 0.9363, and a fall through could take it to the next support level of 0.9332. The pair is expected to find its first resistance at 0.9414, and a rise through could take it to the next resistance level of 0.9434. Going forward, investors keenly await the SNB’s Q3 bulletin to get more insights on the Swiss economy, scheduled in a few hours.