2Dec

IForex Market Trading Signals and News – 02 December 2015

INTERNATIONAL CURRENCY BUZZ :

  • Forex – Dollar slips lower vs. yen, euro but remains supported
  • Forex – ECB caution drives traders to buy back euro vs dollar
  • Forex – Dollar rises slightly, ECB meeting in sight

EUR/USD
The EUR/USD pair is attempting an extension of gains above 1.06 levels amid weak European stocks and on the back of an uptick in the German PMI manufacturing index and drop in German unemployment rate. The pair is trading well above its hourly 100-MA located at 1.0596 levels. The shared currency was sitting just above 1.06 handle ahead of the German and Eurozone PMI reports mainly on account of the slight weakness in the European equities. The gains were extended to a high of 1.0618 levels after the German PMI in November revised higher to 52.9. Eurozone PMI came in as expected at 52.8. The German unemployment rate dropped to a new multiyear low of 6.3%. Ahead in the day, the pair could be influenced by the US ISM manufacturing index and sentiment on the Wall Street.

GBP/USD
The pound pared gains against the U.S. dollar on Tuesday, after the release of disappointing U.K. manufacturing data, although positive news for the British banking sector continued to support. GBP/USD pulled back from 1.5126, the pair’s highest since November 26, to hit 1.5085 during European morning trade, still up 0.18%. Cable was likely to find support at 1.4990, Monday’s low and a seven-month low and resistance at 1.5197, the high of November 23.Research group Markit reported on Tuesday that its U.K. manufacturing purchasing managers’ index fell to 52.7 last month from a revised reading of 55.2 in October. Analysts had expected the index to decline to 53.6 in November.But the pound remained supported after Bank of England Governor Mark Carney said that no new wave of capital regulation was scheduled for U.K. banks.It was the central bank’s second public stress test, as it seeks to boost investor confidence in the U.K. financial sector.

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.5120 TARGET 1.5140 1.5170 SL 1.5090
  • SELL GBP/USD BELOW 1.5060 TARGET 1.5040 1.5010 SL 1.5090

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