8Jul

IForex Market Trading Signals and News – 08 July 2015

INTERNATIONAL CURRENCY BUZZ :

  • FOREX – Euro down 0.8 pct; commodity currencies at multi-year lows
  • FOREX – Euro edges down, focus turns to euro zone summit on Greece
  • FOREX – Euro declines, but off lows after Greek ‘No’ vote

EUR/USD
The euro slipped lower on Tuesday as investors remained wary ahead of a euro zone summit later in the day aimed at restarting negotiations between Greece and its lenders. EUR/USD was down 0.27% to 1.1026, but was holding above Monday’s lows of 1.0968. Greek Prime Minister Alexis Tsipras was to present new proposals to euro zone finance ministers later in the day, ahead of a meeting of European officials to discuss the aftermath of Sunday’s referendum in Greece. Greek banks were set to remain closed on Tuesday after capital controls were extended until Wednesday, amid concerns that lenders are close to running out of cash. Bank have been shuttered since last Monday, with ATM withdrawals limited to €60 per day. The European Central Bank announced Monday that it would keep its emergency liquidity assistance to Greece unchanged at levels announced last Monday. The ECB also said it will adjust the haircuts on collateral accepted by the Bank of Greece as part of the ELA, adding to pressure on Athens.

AUD/USD
The Australian dollar edged lower against its U.S. counterpart on Tuesday, after the Reserve Bank of Australian left interest rates on hold and as concerns over the consequences of Sunday’s referendum in Greece continued to weigh. AUD/USD hit 0.7465 during late Asian trade, the session low; the pair subsequently consolidated at 0.7488, slipping 0.15%. In a widely expected move, the RBA held its benchmark interest rate at a record-low 2.00% on Tuesday. Commenting on the decision, RBA Governor Glenn Stevens said that although the economy is growing at a below average pace, one good sign is that there are higher rates of borrowing. Stevens added that while the Australian dollar had fallen against the US dollar, it has not dropped as much against other currencies.

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.5590 TARGET 1.5610 1.5640 SL 1.5560
  • SELL GBP/USD BELOW 1.5420 TARGET 1.5390 1.5360 SL 1.5450

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