24Feb
forex-trading3

IForex Market Trading Signals and News – 24 February 2016

INTERNATIONAL CURRENCY BUZZ :

  • Forex -Yen up as rally in risky assets wanes, pound eyes BoE testimony
  • Forex -Aussie edges higher, kiwi slips in cautious trade
  • Forex – Dollar holds steady with U.S. data on tap

EUR/USD
The euro is steady on Tuesday, after sustaining sharp losses on Monday. EUR/USD is trading at the 1.10 line in the European session. On the release front, Germany will release Ifo Business Climate, a key event. The markets are expecting a strong reading of 107.0 points. In the US, there are two key releases – Existing Home Sales and CB Consumer Confidence. The markets will be looking for a strong reading from German Business Climate, after some disappointing releases from the Eurozone’s largest economy. German PPI, which measure inflation in the manufacturing sector, looked dismal in January, with a decline of 0.7%. This was shy of the estimate of -0.3%. So it comes as no surprise that German Flash Manufacturing PMI also missed expectations, with a reading of 50.2 points, barely above the 50-line, which separates contraction and expansion.

GBP/USD
The sterling is now wobbling around the 1.4100 handle vs. the greenback, with GBP/USD correcting lower from overnight tops in the 1.4160/50 band. While ‘Brexit’ fears are far from abated, the British pound has managed to bounce off yesterday’s fresh multi-year lows near 1.4050 and advance nearly a cent following the NA close.Market participants have perceived PM D.Cameron’s speech on Monday as stronger than expected, particularly when confronted with London’s mayor B.Johnson, giving some respite to GBP and allowing a rebound in spot.While the sterling remains vulnerable against the backdrop of ‘Brexit’ fears, today’s speech by BoE’s Carney before the Treasury Select Committee Hearing and the lecture by A.Haldane will grab all the attention.

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.4140 TARGET 1.4160 1.4190 SL 1.4110
  • SELL GBP/USD BELOW 1.4100 TARGET 1.4080 1.4050 SL 1.4130

For more information about Forex Signals and Market Updates, please visit EPIC RESEARCH PTE LTD.

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