It's the fifth day in a row for the fall of the Eur/Usd pair with 70 pips lost just in the last 24 Hours (from the time of this post).

Eur/Usd has felt the impact of both the NFP pre-news speculation and the lower than expected data from the CPI Flash Estimate y/y (0.2% vs. 0.4% expected) and the Core CPI Flash Estimate y/y (0.9% vs. 1.0% the forecast).

The "Smart Money" have moved from the Risk On currencies (Eur, Gbp, Nzd, Aud) to the safe heaven assets (Gold, Jpy, Usd). It's interesting that we can observe a stronger correlation between Eur/Usd and Usd/Jpy than between Eur/Usd and Gbp/Usd.

I keep a close look on the Gbp/Usd in the next 24 Hours as the economic calendar shows important data coming up:

- US - ADP Non-Farm Employment Change, Trade Balance and ISM Non-Manufacturing PMI,
- GB - Services PMI with a dovish forecast 55.6 vs. previous 55.9

Maybe there is more room to the downside on the Gbp/Usd than on the Eur/Usd in the next 24 to 48 Hours timeframe.

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