Kickstart the new trading day on Dec 5 w/ a technical look at EURUSD, USDJPY & GBPUSD

The major currency pairs yesterday moved up and down in yesterday’s trading as the markets reacted to

• weaker PMI data,
• ADP jobs which wer as expected but lower than last month.
• Productivity was a disappointment at -0.4% for Q3 vs -0.2% estimate
• Factory orders came in as expected.

The Fed Chair did speak and highlighted the strength of the U.S. economy, calling it the “envy of the world.” He emphasized that the economy is in remarkably good shape, with growth stronger than anticipated in September and inflation slightly higher. Powell expressed confidence in the Fed’s current monetary policy and stated that the economy’s strong labor market and robust growth reduce downside risks. He also noted that the Fed can afford to be cautious in determining neutral rates. Powell reaffirmed the Fed’s independence, including its self-funding status, and expressed optimism that the economy’s positive trajectory can continue.

US yields moved lower. Stocks liked the story.

What has all the stories and the ups and downs to the 3-major currency pairs? I will show you in this video.

This article was written by Greg Michalowski at www.forexlive.com.