21May

IForex Market Trading Signals and News of 21st May 2014

TRADING TIPS

EUR/GBP
EUR/GBP was last at 0.8138, down 0.17% for the day after falling as low as 0.8120 earlier, the weakest level since early January 2013.The pair was likely to find support at 0.8120 and resistance at 0.8175.The annual rate of consumer inflation in the U.K. rose to 1.8%, up from 1.6% in March and ahead of expectations for 1.7%, the Office for National Statistics said.That means prices are rising faster than wage growth after data last week showed that average earnings rose by 1.7% in the three months to February, and by only 1.4% excluding bonuses.The rise in inflation was due in part to higher transport costs, the ONS said, as airlines pushed up ticket prices in time for the Easter holidays.On a month over month basis, consumer prices increased by 0.4% in April, compared to estimates for a 0.3% rise.

USD/JPY
USD/JPY was last down 0.12% to 101.36, not far from Monday’s low of 101.09, the weakest level since February 5.Investors remained cautious ahead of the minutes from the Federal Reserve’s latest monetary policy meeting on Wednesday, as they awaited insight on the central bank’s view of the economy.Recent U.S. economic reports indicating that the recovery remains uneven have weighed on U.S. Treasury yields, pressuring the dollar lower.Demand for the yen continued to be supported by expectations that the Bank of Japan will refrain from further stimulus measures in the near term.The BoJ was widely expected to keep monetary policy unchanged at the conclusion of its two-day meeting on Wednesday, after recent comments by Governor Haruhiko Kuroda indicated that the bank’s assessment of the economy remains upbeat.

RECOMMENDATION:

1. Buy GBP/USD Above 1.6840- TG: 1.6860/ 1.6890 SL 1.6810
2. Sell GBP/USD Below 1.6795- TG: 1.6775/ 1.6745 SL 1.6825

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