INTERNATIONAL CURRENCY BUZZ :
- Forex -Dollar edges higher ahead of U.S. durable goods report
- Forex -Dollar inches higher after mixed U.S. data
- Forex -Rupiah, won and Taiwan dollar rise; ringgit eases
The pair currently trades around the hourly 200-MA at 1.0921 levels. The positive action in the stock markets has once again led to the weakness in the EUR. The common currency advanced for the last three consecutive days on the back of the minor jitters seen in the European and US financial markets.Later in the day, a batch of US data – durable goods orders, personal spending and personal income could influence the pair. A break below 1.0890 (38.2% of 1.1495-1.0517), would expose the support at 1.0803 (Dec 17 low). On the other hand, a break above 1.0940 (61.8% of Mar-Aug rally) would open doors for a retest of 1.1006 (50% of 1.1495-1.0517).
The pound edged higher against the U.S. dollar and the euro on Wednesday, even after data showed that the U.K. economy grew less than initially expected in the third quarter. GBP/USD inched up 0.27% to 1.4861 during European morning trade. Sterling was also higher against the euro, with EUR/GBP shedding 0.52% to 0.7350. The U.K.’s Office for National Statistics said gross domestic product expanded 0.4% in the three months ended September 30, missing forecasts for 0.5%. Preliminary estimates initially pegged U.K. growth at 0.5%. The U.K.’s economy grew by 0.7% in the preceding quarter. Meanwhile, investors looked ahead to key U.S. economic data later in the session for further indications on the strength of the economy. The U.S. is release a string of reports, including data on durable goods orders, new home sales and consumer sentiment.
- BUY GBP/USD ABOVE 1.4920 TARGET 1.4940 1.4970 SL 1.4880
- SELL GBP/USD BELOW 1.4870 TARGET 1.4850 1.4820 SL 1.4900