FOREX EUR USD: Nearing Important Support Zone. 05.11.2015

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Yesterday’s Trading:
Expectations of a euro weakening rang true. Strong service PMI data from the US’ ISM and ADP and comments made by Yellen lent support to the dollar.

Employment creation in the US private sector was down from 190k to 182k (forecasted: 180k).

The ISM’s index for October stood at 59.1 (forecasted: 58.0, previous: 59.0).

FOREX GBP USD: Waiting for BoE Decision. 05.11.2015

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My forecast worked a treat. The pound/dollar dropped to 1.5360 from the LB. The pound didn’t fall too much because the euro/pound was holding it back. Today’s key event for the financial market is the Bank of England meeting. Forecasters expect the base rate to be left unchanged at 0.5%. The results of the MPC voting and what Carney has to say afterwards will bear importance for traders.

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