29Dec
forex-market-hours

IForex Market Trading Signals and News – 29 December 2015

INTERNATIONAL CURRENCY BUZZ :

  • Forex -Dollar recovers vs yen, Aussie falls back
  • Forex -Yen gets boost from souring risk sentiment, crude slide hits loonie
  • Forex -Canadian dollar struggles as weaker oil weighs on commodity currencies

EUR/USD
The dollar edged lower against the EUR on Monday, as investors continued to lock in profits from the greenback’s recent rally and as trading volumes remained thin ahead of the New Year holiday. Global financial markets closed early on Thursday, Christmas Eve, and remained shut for Christmas Day on Friday. Heading into the final week of the year, trading volumes are expected to remain light as many traders already closed books due to the holiday period, reducing liquidity in the market and increasing volatility. EUR/USD edged up 0.22% to 1.0987.The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.12% at 97.89.
GBP/USD
The pound was almost unchanged against the U.S. dollar on Monday, as trading volumes remained thin ahead of the New Year holiday.Global financial markets closed early on Thursday, Christmas Eve, and remained shut for Christmas Day on Friday. Heading into the final week of the year, trading volumes are expected to remain light as many traders already closed books due to the holiday period, reducing liquidity in the market and increasing volatility. GBP/USD hit 1.4935 during European morning trade, the session high; the pair subsequently consolidated at 1.4923.Cable was likely to find support at 1.4860, the low of December 24 and resistance at 1.5003, the high of December 17.However, the Fed funds futures currently suggests there will be just two rate increases, one in June and one in December.Mixed U.S. economic reports released last week failed to offer clues as to how fast the U.S. central bank will raise interest rates next year.

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.4940TARGET 1.4960 1.4990 SL 1.0910
  • SELL GBP/USD BELOW 1.4920 TARGET 1.4900 1.4870 SL 1.4950

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