TRADING TIPS :
- Forex-Dollar at 14-month highs as sterling tumbles.
- Forex-Euro steady near 14-month lows against dollar.
- Forex-USD/CHF edges up near 1-year highs after Swiss data.
EUR/USD dipped 0.05% to trade at 1.2946, not far from last Thursday’s lows of 1.2919.The pair was likely to find support at the 1.29 level and resistance at around 1.2987, Friday’s high.The euro pushed higher against the dollar on Friday after data showed that the rate of U.S. job creation slowed in August, indicating that rates could remain on hold at record lows for longer.The U.S. economy added 142,000 jobs last month, disappointing expectations for jobs growth of 225,000. The unemployment rate ticked down to 6.1% from 6.2% in July, as more people exited the labor force.The euro rose to two week highs against the broadly weaker pound, with EUR/GBP last up 0.93% to 0.8007.
GBP/USD was down 1.30% to 1.6112, the weakest since November 21 from 1.6324 late Friday.The selloff in sterling was sparked after an opinion poll over the weekend showed that Scottish pro-independence voters moved narrowly into the lead for the first time, ahead of next week’s vote.Financial markets were hit by uncertainty over what currency an independent Scotland would use, as well as concerns over how much of the U.K. national debt it would take on.EUR/USD dipped 0.02% to trade at 1.2948,not far from last Thursday’s lows of 1.2919.Economic confidence in the euro area deteriorated sharply this month data on Monday showed, despite the European Central Bank’s latest measures to shore up growth and inflation in the region.
1. Buy EUR/USD Above 1.2976-TG:1.2996/1.3026 SL 1.2946
2. Sell EUR/USD Below 1.2907-TG: 1.2887/1.2857 SL 1.2937