The USD starts off June under pressure
Gary Christie June 2, 2020 7:05 AM
The GBP/USD jumped 152 pips to 1.2495 making it the largest pip move in today's trading. Here is a look at key intraday levels.
The US Dollar was bearish against all of its major pairs on Monday. On the economic data front, Markit's US Manufacturing Purchasing Managers' Index remained at 39.8 in the May final reading (40.0 expected), in line with the May preliminary reading. Construction Spending declined 2.9% on month in April (-7.0% expected), from a revised no change (0.0%) in March. On Tuesday, no major economic data is expected to be released.
The Euro was bearish against most of its major pairs with the exception of the CHF, JPY, and USD. In Europe, research firm Markit has published final readings of May Manufacturing PMI for the Eurozone at 39.4 (vs 39.5 expected), for Germany at 40.7 (vs 36.8 expected), for France at 40.6 (vs 40.3 expected) and for the U.K. at 40.6 (vs 40.9 expected).
The Australian dollar was bullish against all of its major pairs.
The GBP/USD jumped 152 pips to 1.2495 making it the largest pip move in today's trading. The pair continues to rise supported by a rising trendline after breaking above key resistance at around the 1.237 level. Intraday support can be seen at 1.2425 as prices look to test 1.26 resistance. A break below 1.2425 might pressure the pair down towards 1.237 support.
Source: GAIN Capital, TradingView
From time to time, GAIN Capital Australia Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.
As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.