7Oct

IForex Market Trading Signals and News – 07 October 2014

TRADING TIPS :

  • Forex-Dollar rally stalls after record run higher.
  • Forex-Euro pushes higher as dollar pauses.
  • Forex- USD/CHF edges lower in quiet trade.

EUR/USD
EUR/USD was up 0.22% to 1.2542, easing back from Friday’s two year trough of 1.2499.The US Dollar Index, which tracks the performance of the greenback against a basket of six major currencies, slipped 0.21% to 86.60, not far from Friday’s four-year peaks of 86.79. It notched up its twelfth consecutive weekly gain last week, the longest rally since the index was created in 1971.Demand for the dollar continued to be underpinned after Friday’s stronger-than-forecast U.S. jobs report fuelled expectations that the Federal Reserve could raise interest rates in the middle of next year.

USD/JPY
USD/JPY was down 0.23% to 109.52, off Friday’s highs near six year highs of 109.86.The US Dollar Index, which tracks the performance of the greenback against a basket of six major currencies, dipped 0.12% to 86.69, not far from Friday’s four year peaks of 86.79. It notched up its twelfth consecutive weekly gain last week, the longest rally since the index was created in 1971.The U.S. economy added 248,000 jobs in September, the Labor Department reported Friday, well ahead of forecasts for jobs growth of 215,000. The unemployment rate ticked down to 5.9%, the lowest level since July 2008The robust data reinforced expectations that the strengthening economic recovery may prompt the Federal Reserve to raise interest rates sooner..

RECOMMENDATION :

1. Buy EUR/USD Above 1.2583-TG:1.2603/1.2633 SL 1.2553
2. Sell EUR/USD Below 1.2532-TG:1.2512/1.2482 SL 1.2562

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