Daily Market Report

Technical Analysis Daily Majors & Minors

GBP/USD picked up momentum and managed to break above the 1.6610 resistance area, climbing to a high of 1.6643 before finding resistance. Question is will it bounce off the resistance for a bearish trend?

EUR/USD has maintained its downward trajectory after a bullish reversal pattern 

failed to find confirmation on the daily. This leaves the spotlight cast on the 

September lows at 1.3100. But will we finally see gains in the EUR/USD? 

Quick Daily update

• Activity in the UK's manufacturing sector grew at its slowest pace for 14 months in August, a survey finds, while a separate study also suggests a slowdown.

• The amount of new money being borrowed by consumers soared to more than £1bn in July, according to the Bank of England.

• Five economists forecast the ECB will cut the refinancing rate by 10 basis points, or 0.10 percentage point, to 0.05 percent at its Sept. 4 meeting in Frankfurt, while the remaining 50 predict no change.

• Premier League clubs have been on a player buying spree, with spending at £835m, as the end of the transfer window passes.

• The number of people struggling with payday loans has risen by 42% in the past year, according to the debt charity StepChange.

Daily News To Watch 

Tuesday, 2nd September 2014 Previous Forecast Actual

09:30am GBP Construction PMI 62.4 61.5

15:00pm USD ISM Manufacturing PMI 57.1 57.0

By Nikhil Pankhania

Senior Market Analyst & Trader