TRADING TIPS :
- Forex-Dollar index slightly higher ahead of Fed minutes
- Forex-Euro slips lower against dollar .
- Forex- NZD/USD slides lower on IMF, Fed minutes on tap.
EUR/USD touched session lows of 1.2623 and was last down 0.07% to 1.2660.The single currency remained under pressure after data on Tuesday showing a steep decline in German factory orders in August added to concerns that the euro area’s largest economy being pulled into a recession.The weak data added to expectations that the European Central Bank will implement fresh stimulus measures to help bolster growth.The IMF said Tuesday that Europe was experiencing a “multispeed recovery” and revised down its growth forecasts for the euro zone’s three largest economies, Germany, France and Italy.
USD/JPY was up 0.25% to 108.40, after falling as low as 107.74 overnight.The yen strengthened broadly on Tuesday after the International Monetary Fund cut its forecast for global growth for 2014 and 2015 and warned that the global recovery is weak and uneven.The IMF is now forecasting global economic growth of 3.3% this year, down from 3.4% in July and expects growth of 3.8% in 2015, compared to an earlier prediction of 4.0%. Investor sentiment was also hit after a report showing a steep decline in German factory orders in August fuelled fears that the euro zone’s largest economy is falling into a recession.The yen found support earlier Tuesday after Japanese Prime Minister Shinzo Abe voiced concerns over the impact of a weaker yen on the economy.
1. Buy EUR/USD Above 1.2692-TG:1.2712/1.2742 SL 1.2662
2. Sell EUR/USD Below 1.2627-TG:1.2607/1.2587 SL 1.2657