the Euro to USD currency value picked up steam and grow closer to 1.0900. The US Dollar came under more selling pressure as statistics released by the ADP revealed that the employment status in the US private sector expanded at a considerably slower rate than anticipated in January.
Meanwhile, the USD to Japanese Yen encounters new supply in the 130.40 area and drifts into the red for a second straight day. Spot prices drop to a new daily low, below the mid-129.00s, in response to a weaker than expected US ADP data during the early North American session.
On the other hand, for a second session on Wednesday, the EUR JPY keeps the sidelined trade in place around the 141.00 area. In the very future, more consolidation should not be out. The 200-day SMA, which is now at 149.90 becomes the next significant support in the event that the downside escalates. A sustained decline below the latter reveals more vulnerability to the original 138.00 scale.
The US Dollar is also finding little demand as a result of the disappointing ADP jobs report, and the USD GBP pair is a little higher on the day over 1.2300. Prior to the Fed’s eagerly awaited policy decisions, market players await the ISM Manufacturing PMI data.
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