4Dec

IForex Market Trading Signals and News – 04 December 2015

INTERNATIONAL CURRENCY BUZZ :

  • Forex – NZD/USD moves higher but gains seen limited
  • Forex – Dollar continues to trade at 8-month highs vs. rivals
  • Forex – AUD/USD rises to nearly 1-1/2 month highs in late trade

EUR/USD
The euro was trading close to seven-and-a-half month lows against the dollar on Thursday as investors waited to see whether the European Central Bank would announce fresh monetary easing measures after its meeting later in the day.EUR/USD was down 0.33% to 1.0577, not far from Wednesday’s lows of 1.0549, the weakest level since April 14.The single currency remained broadly weaker after data on Wednesday showing that the annual rate of inflation in the euro area rose just 0.1% in November added to pressure on the ECB to step up measures to shore up the flagging recovery in the region. The ECB targets inflation of close to, but just below 2%. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose to 100.28, holding just below the seven-and-a-half month peaks of 100.54 set on Wednesday.

GBP/USD
The pound pulled back from almost seven-and-a-half month lows against the broadly stronger dollar on Thursday after data showing that the U.K. service sector grew at the fastest rate in four months in November.GBP/USD was last at 1.4934 after falling to 1.4906 earlier, not far from the trough of 1.4893 set on Wednesday.The Markit services purchasing managers’ index rose to 55.9 last month from Octobers 54.9. Analysts had expected the index to rise to 55.0.It was the fastest rate of growth since July and new business growth also strengthened to a four month high the report said.Sterling was also higher against the weaker euro, with EUR/GBP down 0.37% to 0.7070 as investors waited to see whether the European Central Bank would announce fresh monetary easing measures after its meeting later in the day. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose to 100.37, holding just below the seven-and-a-half month peaks of 100.54 set on Wednesday.

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.4950 TARGET 1.4970 1.5000 SL 1.4920
  • SELL GBP/USD BELOW 1.0550 TARGET 1.0530 1.0500 SL 1.0580

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