29Sep

IForex Market Trading Signals and News – 29 September 2015

INTERNATIONAL CURRENCY BUZZ :

  • FOREX – Yen firms as global stocks trade in the red, spur safety flows
  • FOREX – Expectations of 2015 Fed rate hike nudge dollar higher
  • FOREX – Dollar edges lower ahead of this week’s payrolls, China survey

GBP/USD
The pound rose against its U.S. counterpart on Monday, but gains were expected to remain limited as expectations for a U.S. rate hike in the coming months continued to lend broad support to the greenback.GBP/USD hit 1.5232 during European morning trade, the session high; the pair subsequently consolidated at 1.5214, adding 0.23%.Cable was likely to find support at 1.5132, Friday’s low and a four-month low and resistance at 1.5261, Friday’s high.The dollar found support after Federal Reserve Chair Janet Yellen said last Thursday that the U.S. central bank remains on track to raise interest rates this year. The pound remained supported after Bank of England official Jon Cunliffe said last week that the U.K. economy was performing well compared to its international counterparts, fuelling further expectations that the BoE its on its way to raise interest rates as well.

EUR/USD
The dollar gained ground against the euro on Monday and slipped moderately against the yen, as amid growing expectations for the Federal Reserve to raise interest rates in the coming months.EUR/USD edged down 0.17% to 1.1170.The dollar found support after Federal Reserve Chair Janet Yellen said last Thursday that the U.S. central bank remains on track to raise interest rates this year.The comments reassured investors that monetary policy has not altered significantly following the Fed’s decision to hold off hiking rates earlier this month.The Commerce Department said gross domestic product expanded at an annual rate of 3.9% in the second quarter, up from an initial estimate of 3.7%. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.08% at 96.44.

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.5180 TARGET 1.5200 1.15230 SL 1.5150
  • SELL GBP/USD BELOW 1.5150 TARGET 1.5130 1.5100 SL 1.5180

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