5Jan
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IForex Market Trading Signals and News – 05 January 2016

INTERNATIONAL CURRENCY BUZZ :

  • Forex -NZD/USD drops to 2-week lows in risk-off trade
  • Forex -Dollar drops to 2-1/2 month low vs. yen on geopolitical tensions
  • Forex -AUD/USD tumbles to 1-week lows on China PMI

EUR/USD
The dollar was broadly lower against the eur on Monday, as concerns over growth in China and geo- political tensions in the Middle East boosted investor demand for the safe-haven yen and Swiss franc.EUR/USD gained 0.40% to 1.0898.Data earlier showed that China’s Caixin manufacturing purchasing managers’ index fell to 48.2 this month from 48.6 in December, confounding expectations for a rise to 48.9.It was the lowest reading since September and was well below the 50-point level which separates expansion from contraction. The downbeat data added to concerns over slowdown in the world’s second biggest economy. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.39% at 98.39.The index ended 2015 with gains of 8.96% bolstered by the diverging monetary policy stance between the Federal Reserve and other world central banks, particularly the European Central Bank and the Bank of Japan.

GBP/USD
The pound held on to modest gains against the broadly softer dollar on Monday, but remained close to eight-and-a-half month lows after data showing that activity in the U.K. manufacturing sector continued to slow at the end of 2015. GBP/USD was up 0.23% to 1.4770, after falling to overnight lows of 1.4692, the weakest level since April 14.The Markit manufacturing purchasing managers’ index fell to a three-month low of 51.9 from 52.5 in November, compared to forecasts for anuptick to 52.7.New export orders rose at the slowest rate in five months, the report said while factory gate prices fell for the fourth straight month.The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell 0.55% to 98.22.

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.4790 TARGET 1.4810 1.4840 SL 1.4760
  • SELL GBP/USD BELOW 1.4740 TARGET 1.4720 1.4690 SL 1.4770

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