EUR/usd

The markets are still moving in different directions. The single currency is strong enough to recover, while the stock markets are in the red zone. Yesterday the euro dropped to 1.3530 for a while, but now it is again attacking 1.3600. The currency's fall was spurred by the ADP's favourable employment statistics. In November the non-farm employment grew to 215K (against the expected 172). Besides, the rates of October and September were revised up, together making by 94K more than estimated before. This revision has brought ADP's data closer to the official statistics, which have been showing higher rates recently. This report has enabled the markets to expect more from the coming payrolls and again has made them think about the beginning of tapering in December, which  has triggered dollar purchases. However, the pair has found buyers at 1.3530 for three days in a row. The strong support makes the pair's prospects brighter. It is interesting what the ECB thinks about all that. Today the bank will hold another meeting regarding the monetary policy. Last time there were slight hopes for the change of the rate and they were realized. This time we shouldn't expect anything of the kind. Probably, we will see some change in the forward guidance. If it happens, it will be a real surprise for the markets. Anyway, it is quite likely that it will have an effect as short as that of the rate cut a month before. So, the main scenario for today is appreciation of the single currency, since Draghi will hardly be able to put pressure on the markets.

GBP/USD

The Bank of England also releases its interest rate decision today, but this event is not of primary importance. The bank now simply keeps track of economic statistics and they have been quite favourable recently to admit acceleration of the economic growth, but not quite enough to speak about the rate increase in the near future or any other steps in regard to QE. It is quite possible that today the sterling will be affected much by the autumn forecasts of the Chancellor of the Exchequer and the US statistics.

USD/JPY

The pair has turned out to be under pressure because of the decline of stock exchanges. Though the US statistics cannot produce any significant and continuous influence on the euro and pound, it has quite a strong effect on the Japanese currency. The bulls have decided to act on the defensive before the important release of payrolls. Now the pair has stabilized at 102, apparently expecting stats on the US unemployment claims, which will also help to make forecasts regarding tomorrow's payrolls. 

USD/CAD

The Canadian Loonie remains in the uptrend. The pair is moving upwards disregarding the fact that it has broken out of the trading ranges of this and of three preceding years. It is quite possible that after three weeks of growth the bulls will prefer to take profits as in case with the yen, but we should also take into account that the Canadian currency is affceted by the growing energy independence of the USA. Considering technical levels, pay attention to the possibility of a pullback to 1.06 or tendency to 1.07.