INTERNATIONAL CURRENCY BUZZ :
- FOREX -Euro steadies, eyes on central banks next week
- FOREX -Dollar subdued in post-holiday trade, euro under pressure
- FOREX -Won, rupiah, Philippine peso, yuan dip
.The euro re-approached seven-month lows against the U.S. dollar on Friday, as expectations for a December rate hike in the U.S. broadly supported the greenback, while speculation over additional easing measures in the euro zone pressured the single currency lower. EUR/USD hit 1.0569 during U.S. morning trade, the pair’s lowest since Wednesday; the pair subsequently consolidated at 1.0583, sliding 0.27%. The pair was likely to find support at 1.0564, Wednesday’s low and a seven-month low and resistance at 1.0690, Wednesday’s high.The greenback remained broadly supported after a string of upbeat U.S. data released over the week added to expectations that the Federal Reserve will raise interest rates next month.The euro was steady against the pound, with EUR/GBP at 0.7026.In the U.K., the Office for National Statistics reported on Friday that gross domestic productrose 0.5% in the third quarter, in line with expectations and with a previous estimate.
The pound slipped lower against the U.S. dollar on Friday, re-approaching a seven-month trough even after data showed that the U.K. economy grew in line with expectations in the third quarter, as hopes for a U.S. rate hike before the year-end continued to support the greenback. GBP/USD hit 1.5054 during European morning trade, the pair’s lowest since November 25; the pair subsequently consolidated at 1.5061, shedding 0.28%. Cable was likely to find support at 1.5023, the low of November 6 and resistance at 1.5137, the high of November 25.The U.K. Office for National Statistics reported that gross domestic product rose 0.5% in the third quarter, in line with expectations and with a previous estimate.Meanwhile, the dollar remained broadly supported after a string of up- beat U.S. data released over the week added to expectations that the Federal Reserve will raise interest rates next month. Sterling was lower against the euro, with EUR/GBP adding 0.21% to 0.7040.
- BUY GBP/USD ABOVE 1.5070 TARGET 1.5090 1.5120 SL 1.5040
- SELL GBP/USD BELOW 1.5030 TARGET 1.5010 1.4980 SL 1.5060