Since yesterday afternoon, USD trading has been dominated mainly by the rebound in U.S. Factory Orders. The market reacted very strongly, as new orders for manufactured goods jumped by 0.9% in September. This is remarkable compared to the 0.8% decline in August. This is good news for the U.S. economy, as we have seen a string of positive news in the past week. As for today, the greenback is trading lower against its most traded currency crosses.
The EUR/USD pair is currently trading higher by 30 pips at the 1.4760 level. The GBP/USD cross is trading higher by 60 pips at the 1.4682 level. You should follow this pair very closely, as Britain is set to publish the Services PMI at 09:30 GMT. The Dollar is also trading lower against the CAD and CHF. However, it is currently trading higher vs. the JPY. Later today, this cross will be under pressure, as we await the Japanese Monetary Policy Meeting Minutes at 23:50 GMT.
In the coming hours, there will be some crucial data that will be published from the U.S. economy. The ADP Non-Farm Employment Change will be released at 13:15 GMT, the Federal Funds Rate and FOMC Statement at 07:15 GMT, and the Crude Oil Inventories report at 15:30 GMT. The results of these publications are set to mostly affect Crude prices, Gold, the EUR/USD and GBP/USD crosses. Open your positions in these now, as you have the opportunity to make big profits today.
