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
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.
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.
- 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