10Oct
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IForex Market Trading Signals and News – 10 October 2014

TRADING TIPS :

  • Forex-Dollar slides lower as U.S. rate hike expectations subside.
  • Forex-Dollar slips vs. euro, yen after dovish Fed minutes.
  • Forex- GBP/USD remains near 1-week highs as BoE holds.

GBP/USD
GBP/USD hit 1.6216 during European morning trade, the pair’s highest since October 2; the pair subsequently consolidated at 1.6207, rising 0.25%. Cable was likely to find support at 1.6029, Wednesday’s low and resistance at 1.6251, the high of October 2.The dollar weekend broadly after the minutes of the Fed’s September 16-17 policy meeting released on Wednesday showed that a number of officials believe the bank’s current language painted the wrong picture on the timing of rate hikes and that an interest rate rise should be tied to U.S. economic progress. The report also showed that the U.S. central bank cut its growth outlook due to the higher dollar and concerns over global weakness

USD/JPY
USD/JPY remained near three week lows of 107.61 hit overnight, before pulling back slightly to trade a 107.79, down 0.23% for the day.Government data earlier showed that Japan’s core machinery orders rose 4.7% in August, more than the expected 1.1% increase, after a 3.5% gain in July. The dollar had rallied against the euro and the yen in recent months amid growing expectations that the Fed is growing closer to raising interest rates, while central banks in Japan and Europe are likely to stick to a looser monetary policy stance.The Bank of Japan left monetary policy unchanged at its policy meeting on Tuesday, but acknowledged that declining domestic demand as a result of a sales tax increase in April was leading to economic weakness.

RECOMMENDATION :

1. Buy GBP/USD Above 1.6245-TG:1.6265/1.6295 SL 1.6215
2. Sell GBP/USD Below 1.6177-TG:1.6157/1.6127 SL 1.6207

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