FX News – October 3: EUR/USD Breaks Past 1.3600

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The EUR/USD pair continued to rise in today's session, breaking past the 1.3610 level around the early part of the Asian session. The boost has been fueled by several factors, primary of which is the continued shutdown of the US government. In addition, positive news came from Italy wherein PM E. Letta won the Senate's vote of confidence.

The pair is currently trading at 1.3601, with initial resistance seen at 1.3645, followed by 1.3679. Meanwhile, initial support is at 1.3541, followed by 1.3508.

A surprising rise in Australia's Performance Services Index in September, and an increase in China's Non-manufacturing PMI, helped boost the AUD/USD pair once again, after dropping in value yesterday.

Australia's performance index went up from 39.0 to 47.1, while China's non-manufacturing PMI went from 53.9 to 55.4. This helped boost the AUD/USD pair near the 0.9400 zone once again. In September, it rose past the 0.9500 zone, but it has gone downhill in the last week of September, falling below 0.9300.

Along with the weak greenback, it helped the AUD/USD pair get back up again and is currently trading at 0.9391, with initial resistance seen at 0.9399, followed by 0.9423. Meanwhile, initial support is at 0.9319, followed by 0.9295.

As for the GBP/USD, it has so far remained relatively flat throughout the week, save for yesterday's drop to just above the 1.6160 level. Aside from that, however, the pair has mostly hovered between the 1.6200 and 1.6240 zones. Some movement could happen when the UK releases its September house prices data half an hour from now. On a MoM basis, it is expected to rise from 0.4% to 0.5%, while the YoY data is seen to move from 5.4% to 6.4%.

The GBP/USD pair is currently trading at 1.6219, with initial resistance seen at 1.6284, followed by 1.6325. On the other hand, initial support is at 1.6193, followed by 1.6153.

By FX Strategy Team, Published on 3rd of October 2013
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