The EUR/USD and GBP/USD pairs didn’t react much to the services PMIs released today for the U.K. and the eurozone with the market now waiting for this week’s ECB meeting. A dovish message from the ECB could put pressure on the euro while a no rush tone may be supportive.
AUD/USD continued to lose ground during the European session but didn’t break through the 0.6480 level of support and now a correction is expected. However, the U.S. ISM Services PMI might influence the pair’s direction if it deviates significantly from consensus. The index is expected to drop from 53.4 to 53.00, but will stay in expansionary territory, though well below pre-pandemic levels.
USD/CAD has continued its consolidation and rejected the 1.3610 level of resistance.
USD/JPY was uneventful during the European session, but has prospects for further appreciation and is likely to test the 151.70 resistance.
This article was written by Gina Constantin at www.forexlive.com.
