8Oct
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IForex Market Trading Signals and News – 08 October 2015

INTERNATIONAL CURRENCY BUZZ :

  • FOREX -NZD/USD climbs to 6-week highs in late trade
  • FOREX -Aussie rises to 2-week highs vs. softer greenback
  • FOREX -Yen firms as BOJ offers no hints on further easing of policy

GBP/USD
The GBP/USD pair 0.17% higher at 1.5255, heading for a test of 20-DMA located at 1.5290 levels. The major keeps pushing higher, as the European traders hit their desks and prefer to hold the UK currency in anticipation of a stronger than previous industrial figures from Britain. The UK industrial production results in August are seen advancing 0.3% on a monthly basis after the 0.4% drop reported in July, and adding 1.2% on an annual basis compared to the 0.8% growth reported a month ago. On the USD-side, the renewed strength in the greenback against its major peers appears to have negligible impact on the cable. The USD index rises to 95.60, up 0.06% on the day. Focus now remains on the UK industrial production data and the NIESR GDP estimate due later today for fresh incentives.

EUR/USD
The euro fell to session lows against the dollar and the yen on Wednesday after data showing that German industrial production fell at the fastest rate in a year in August.EUR/USD was down 0.34% to 1.1235 from 1.1271 late Tuesday.Germany’s Economy Ministry said industrial output fell 1.2% from a month earlier, missing forecasts for a 0.2% increase.It was the steepest drop since August 2014, adding to concerns that a slowdown in global growth is spreading to the euro area’s largest economy.But July’s figure was revised up to show an increase of 1.2% from a previously reported rise of 0.7%.The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.15% to 95.67. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.15% to 95.67.

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.5300 TARGET 1.5320 1.5350 SL 1.5270
  • SELL GBP/USD BELOW 1.5250 TARGET 1.5230 1.5200 SL 1.5280

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