Majors are trading in a range at the moment

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The majors are trading in a range at the moment although the EUR has come under some pressure in recent trading sessions.EUR/USD has dropped from around the 1.4460 level to around a figure lower this morning . This is primarily on concerns over Greek Debt with Thomson Reuters reporting on a release from the Greek State Budget Office saying that “the deepening of the recession have boosted the dynamics of its debt to its utmost and is now out of control”.

We also had upbeat manufacturing figures out of the US yesterday along with China and that has given some impetus to the US Dollar. These gains are muted at the moment however I see the EUR coming under some pressure in today’s trading session as we await the release of Non Farm Payrolls tomorrow.

Tomorrow we’ll have a better idea on the US situation and whether their recovery is at a standstill, progressing or whether talk of a further recession is back on the cards. Sterling has dropped off against the US Dollar, from the opening of 1.6455 on Monday to trade just below the mid 1.62’s at present.

GBP/EUR after a bumpy opening to the week has recovered some of its losses and pushed up around 50 pips in yesterdays trading. GBP is at the mercy of EUR/USD action at present so the Non Farm payrolls figure released tomorrow will be keenly viewed.

Indeed, the EUR has softened this morning on the release of German GDP (YoY) (Q2) that came in under expectations at 2.7% against the expected 2.8%. GDP (QoQ) (Q2) came in as expected at 0.1%. Further data out of Germany today consists of the release of the PMI Manufacturing (Aug) figure which is expected in at 52. Anything above the 50 level will give the EUR some momentum however if we see a figure below that level then expect bearish sentiment on the EUR. We also have the same figure released for the EMU this morning and the UK.

We have second and third tier data out of the US this afternoon in the form of initial jobless claims and continuing jobless claims. Construction spending out of the US this afternoon will give us an idea on how the situation looks for future national home sales which is important as employment and home sales have a large impact on USD moves.

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Majors are trading in a range at the moment

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