5Nov
forex-market-hours

IForex Market Trading Signals and News – 05 November 2015

INTERNATIONAL CURRENCY BUZZ :

  • FOREX -U.S. bond yields, factory data boost dollar
  • FOREX -Dollar sidelined as Aussie & kiwi take centre stage
  • FOREX -Dollar stands tall as risk appetite improves

EUR/USD
The dollar was higher against the euro on Wednesday, building on the previous session’s gains as investors continued to await Friday’s U.S. nonfarm payrolls report.The EUR/USD pair trades -0.13% lower at 1.0950, retreating from fresh session lows of 1.0938. The EUR/USD pair trades -0.39% lower at 1.0922, hovering close to fresh session lows struck at 1.0917 pre-data release. The main currency pair extends its downward spiral and mires near lows after the common currency failed to benefit from the upbeat final services PMI reports from the Euro zone. The shared currency came under renewed selling pressure versus its American counterpart in Asia after the ECB President Mario Draghi offered dovish comments, reiterating the need to re-examine the degree of monetary policy accommodation at the ECB’s December meeting.

GBP/USD
The GBP/USD pair continues consolidating in a tight range above the 1.5400 figure, but below the weekly high set last Monday at 1.5446. The release of the UK final services PMI resulted better than previously estimated in October, printing 54.9 against 53.3. The Pound enjoyed some limited demand afterwards, and trades near the mentioned high, but showing no upward momentum ahead of the BOE’s Super Thursday. The pound has remained apathetic after the UK’s Services PMI has surpassed expectations for the month of October, climbing to 54.9 vs. 54.5 initially forecasted and September’s 53.3.Spot is extending its overnight consolidative pattern in the low-1.5400s today, although gains seems to be so far limited around 1.5430/35, ahead of the BoE’s ‘Super Tuesday’.

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.5450 TARGET 1.5470 1.5500 SL1.5420
  • SELL GBP/USD BELOW 1.5310 TARGET 1.5280 1.5250 SL 1.5340

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