7Dec

IForex Market Trading Signals and News – 07 December 2015

INTERNATIONAL CURRENCY BUZZ :

  • Forex – Euro hugs huge gains, US payrolls next hurdle for dollar
  • Forex – Dollar regains ground, recovers from ECB drop
  • Forex – Dollar set for biggest loss against euro in over 6-1/2 yrs after ECB

EUR/USD
EUR/USD managed to pause losses and stabilized near 15-week lows over the last hours as investors focus shifts to Friday’s US employment report.EUR/USD came under renewed pressure on Wednesday as the greenback strengthened on the back of supportive US data and comments from Fed Chair Yellen, which fueled bets of a possible rate hike in December. EUR/USD hit a low of 1.0843, last seen July 21, and has spent the last hours consolidating at the bottom of the range. At time of writing, the pair is trading at 1.0855, recording a 0.96% loss on Wednesday. EUR/USD slid 0.75% to 1.0860, after rising to one-month highs of 1.0982 on Thursday. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 1.50% at 98.55, off Wednesday’s eight-month peak of 100.54.

GBP/USD
The pound slipped lower against the U.S. dollar on Friday, after the European Central Bank’s policy statement sent sterling higher on Thursday and as expectations for a U.S. rate hike this month took over market sentiment.GBP/USD hit 1.5078 during European morning trade, the session low; the pair subsequently consolidated at 1.5120, slipping 0.16%.Cable was likely to find support at 1.4902, Thursday’s low and nearly a seven-month low and resistance at 1.5197, the high of November 23.The pound had strengthened after ECB President Mario Draghi said on Thursday that the pace of the quantitative easing program is to remain unchanged at €60 billion, disappointing expectations that the central bank would speed up its bond-buying scheme.But the dollar regained ground after Federal Reserve Chair Janet Yellen strongly indicated to Congress on Thursday that Fed policymakers are likely to vote to raise interest rates at its meeting in two weeks, barring any major shocks to the global economy.

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.5150 TARGET 1.5170 1.5220 SL 1.5110
  • SELL GBP/USD BELOW 1.5080 TARGET 1.5060 1.5020 SL 1.5120

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