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Daily Market Review – 05/04/16

U.S. Factory Orders came in weaker than expected on Monday and this sets the place for the ISM Non-Manufacturing PMI which will be released at 15:00 GMT today. After a slightly better performance on Friday via the jobless the numbers, U.S. data could bring on a more cautious tone from investors if the ISM number today under performs. The USD The USD The USD is the official currency of the United States of America. It is the largest reserve currency... More is the official currency of the United States of America. It is the largest reserve currency... More continues to trade in range against the EUR The EUR The EUR is the official currency of the European Union. Presently 19 out of the 28 collective  nati... More is the official currency of the European Union. Presently 19 out of the 28 collective  nati... More and this is largely because European data certainly is worse than its American counterpart.

German Factory Orders were published already this morning and the numbers were also below expectations. The main driver of the European economy, Germany, continues to falter under economic pressures. German Final Services PMI will be released shortly, but this data is not the most watched indicator meaning that the EUR/USD is likely to continue to test trends until the U.S. figures are published.

The U.K. will post Services PMI data at 9:00 GMT. The GBP The GBP The GBP is the official currency of the United Kingdom. The GBP is a major currency and currently ra... More is the official currency of the United Kingdom. The GBP is a major currency and currently ra... More like the EUR has been in a trend bouncing along support When investors and traders use the term support When investors and traders use the term support When investors and traders use the term support, or support level, they are often speaking about a p... More , or support level, they are often speaking about a p... More , or support level, they are often speaking about a p... More and resistance When investors and traders use the term resistance When investors and traders use the term resistance When investors and traders use the term resistance, or resistance level, they are often speaking abo... More , or resistance level, they are often speaking abo... More , or resistance level, they are often speaking abo... More the past couple of trading sessions. The U.K. while not experiencing a recession A recession A recession A recession in economic terms is a period of downturn when growth is in decline for a sustained peri... More in economic terms is a period of downturn when growth is in decline for a sustained peri... More in economic terms is a period of downturn when growth is in decline for a sustained peri... More has found it hard to achieve robust growth. The GBP is certainly trading near long-term lows against the USD and it may continue to test these support levels until the Brexit possibility has clarity.

Crude Oil continues to be under pressure. News has started to filter out from the Middle East that Saudi Arabia has taken a step back from proposals for output reductions. With supply remaining very strong and demand stagnant, do not look for a great increase in the price of Crude Oil.

EUR/USD chart as of this morning approximately 8.40 GMT, 5 April 2016

EUR/USD chart as of this morning approximately 8.40 GMT, 5 April 2016