After the German Manufacturing PMI and Manufacturing PMI both came out worse than the anticipated, the euro declined versus the US dollar. Based on the macro data, Manufacturing PMI came out worse than the anticipated at 53.6 against 54.6. The German Manufacturing PMI landed at 55.3, which was worse than the anticipated 57.8. The EUR/USD forex trading pair exchanged at high of 1.3414 and a low of 1.3285.

Although it attempted to exceed the resistance level of 1.5730 and failed, the pound was able to make small gains versus the dollar. The BBA Mortgage Approvals data came out at 31.8K, which was worse than the anticipated 32.3k. As for the dollar, it was able to post gains against many forex majors. This was after the Initial Jobless Claims posted results — 465k — that were worse than the anticipated 450k. As for the Existing Home Sales, it came out better than the anticipated 4.04M, landing at 4.13M. The stock markets posted negative results, with both Dow Jones and NASDAQ going down at -0.72% and -0.32% respectively.

The euro is on a bullish trend for the past few days as it trades above the 1.2950 level. The currency continues to enjoy positive momentum after reaching a near one-month high versus the US dollar. The movement is influenced by speculations that the Fed Reserve will be buying more Treasury securities for sustained growth this year. On September 16 forex trading day, the EUR/USD pair closed at a high of 1.3037 and a low of 1.2955.

Also on the rise against the US dollar, the British pound recorded a four-week high after news of mixed economic data in the US, which led to investor appetite for higher yielding assets. Should the GBP/USD pair continue to trade above the 1.5700 resistance level, the trend will remain bullish. The GBP/USD traded between 1.5448 and 1.5652

While the Canadian dollar strengthened versus the US dollar, the Japanese yen slipped to a 12-day low against the US dollar and, worse, declined versus all forex majors. The downward trend is
fueled by the admission of Japan government that it interfered with the currency market to support yen’s strong gains. The USD/JPY pair traded at a low of 82.87 and a high of 85.77, while the USD/CAD
traded at a high of 1.0320 and a low of 1.0251.

Forex trading investors turned to high yielding currencies on September 10th as good economic data encouraged investors to lean away from risk aversion. As a result, the dollar closed mixed against many of the majors.

In Europe, the euro was able to show signs of progress as it nearly broke through the 1.2770 resistance level. This was a great sign for investors, but it would be short lived as the euro dropped back down to break below the 1.2770 support level. The EUR/USD pair traded with a high of 1.2765 and a low of 1.2663.

The pound weakened against the dollar as the UK Trade Balance came out worse than expected at -8.7B instead of -7.5B. The GBP/USD pair traded at a high of 1.5476 and a low of 1.5374. In Japan, the GDP remained the same at 0.4%. The USD/JPY forex pair traded at a high of 84.11 and a low of 83.48.