2Nov
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IForex Market Trading Signals and News – 02 November 2015

INTERNATIONAL CURRENCY BUZZ :

  • FOREX -Yen strengthens after BoJ declines to ease policy further
  • FOREX -Dollar steadies vs yen as Japan budget report lifts risk appetite
  • FOREX -Dollar remains broadly lower after U.S. economic reports

EUR/USD
The euro climbed against the U.S. dollar on Friday, as upbeat euro zone data inflation and unemployment data. lent support, while concerns over the strength of the U.S. economy dampened demand for the greenback. EUR/USD hit 1.1072 during U.S. morning trade, the pair’s highest since October 28; the pair subsequently consolidated at 1.1054, advancing 0.70%. The pair was likely to find support at 1.0902, Thursday’s low and resistance at 1.1095, the high of October 28. Eurostat, the statistical body of the European Union, reported on Friday that the annual rate of inflation was flat in September, compared to expectations for a 0.1% uptick. Euro zone inflation fell 0.1% in August. It was the first time in six months that the region saw declining inflation.

GBP/USD
The pound edged higher against the U.S. dollar on Friday, as sentiment on the greenback remained vulnerable. Following the previous session’s downbeat U.S. data and as investors eyed the release of additional reports later in the day. GBP/USD hit 1.5359 during European morning trade, the pair’s highest since October 27; the pair subsequently consolidated at 1.5330, adding 0.13%. Cable was likely to find support at 1.5240, Thursday’s low and resistance at 1.5382, the high of October 16.The dollar came under pressure after the Commerce Department reported on Thursday that U.S. gross domestic product grew at an annual rate of 1.5% in the three months to September, missing expectations for growth of 1.6%.

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.5370 TARGET 1.5390 1.5430 SL 1.5340
  • SELL GBP/USD BELOW 1.5300 TARGET 1.5280 1.5250 SL 1.5340

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