US dollar is waiting patiently for a major release lined up today, as the nonfarm payrolls and the unemployment report will be released by the US Department of Labor.
Chinese services PMI released earlier during the Asian session helped the risk sentiment to some extent as the pairs like EURUSD, AUDUSD and NZDUSD stayed above critical support levels.
Chinese HSBC China Services PMI i.e. an indicator based on data compiled from monthly replies to questionnaires sent to purchasing executives in over 400 private service sector companies released by Markit Economics registered a reading of 52.3 in March 2015, which was well above the last reading of 52.
Japanese overtime pay i.e. wages and salaries defined as the total remuneration, in cash or in kind, payable to all persons counted on the payroll released by Ministry of Health in Japan came in at 0.40% in February 2015, compared to the same month a year ago.
Euro continued to stay above the 1.0850 area, which can be considered as a short-term support.
Chinese HSBC Services PMI
Earlier during the Asian session, the Chinese HSBC Services PMI i.e. a critical value indicator and calculated and based on data compiled from monthly replies to questionnaires sent to purchasing executives in over 400 private service sector companies of Statistics was published by Markit Economics. The forecast was lined up for a reading of 52.1 in March 2015, compared to the last value of 52.0. However, the report published showed better than expected results, as the Chinese HSBC Services PMI managed to register a reading of 52.3.
The report highlighted that there was continued increases in the business activity across China, which marks the eleventh successive month of gains. Moreover, the rate of growth remained modest overall, and the most important factor was that the HSBC Composite Output Index remained at 51.8 in March. Lastly, one more point to note was that there was positive gains and optimism towards the 12-month business outlook, which improved in service sector at the end of the Q1 2015.
In the report, an Economist at Markit, Annabel Fiddes mentioned that “Chinese manufacturers and service providers both managed only modest increases in output at the end of the first quarter”.
Overall, the report was mixed, but mostly on the positive side and helped the risk sentiment to hold the ground during quiet session. It is important to note that after falling sharply the Aussie dollar has managed to recover ground in the near term against the US dollar.
Technical Outlook – NZDUSD
The NZDUSD pair was seen taking advantage of low liquidity session, as the pair traded higher and closed above an important resistance area of 0.7500. We need to see how long the pair can stay above the mentioned level. It would be interesting to see whether the pair can challenge the 0.7540 level moving ahead or not. On the downside, the 0.7480 is a pivot area, and a break below the same might call for more losses.
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Ben Myers is one of the most respected and trusted names in the financial trading industry. Following a long and successful career with HSBC, Bank of Ireland and running his own investment firm
UK Nationwide Housing Prices highlighting the value of the houses prices in UK and indicate current movements in the housing market posted an increase of 1% in April, compared to the preceding month.
US dollar continued to weaken against a few currencies and managed to recover some ground against currencies like the Euro and the British Pound
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