2May

IForex Market Trading Signals and News – 02 May 2016

MARKET UPDATES :

  • Forex -Dollar falls to fresh 9-month trough after UoM report
  • Forex USD/JPY at 1-1/2 year lows as BoJ move still weighs
  • Forex-USD/CAD hits fresh 9-month lows after U.S., Canadian data

EUR/USD
The GBP/USD gained 56 point to 1.4599 as the dollar weakened after the FOMC statement gave no indications of future Fed moves. Sterling has risen to its highest level against the dollar since the start of the EU referendum campaign, aspolls show support for the Remain camp growing.After Barack Obama’s intervention in the Brexit debate on Friday, betting odds for the UK to stay in the EU jumped from 65 per cent to 73 per cent, a move reflected in polls conducted this week that indicated “stronger momentum” for Remain ahead of the 23 June referendum.While reaction to this week’s polls has also seen sterling rebound strongly against the euro, specialist bank Investec warned that investors “needed to be careful in poll interpretation”, reports the Irish Independent.

GBP/USD
The GBP/USD gained 56 point to 1.4599 as the dollar weakened after the FOMC statement gave no indications of future Fed moves. Sterling has risen to its highest level against the dollar since the start of the EU referendum campaign, aspolls show support for the Remain camp growing.After Barack Obama’s intervention in the Brexit debate on Friday, betting odds for the UK to stay in the EU jumped from 65 per cent to 73 per cent, a move reflected in polls conducted this week that indicated “stronger momentum” for Remain ahead of the 23 June referendum.While reaction to this week’s polls has also seen sterling rebound strongly against the euro, specialist bank Investec warned that investors “needed to be careful in poll interpretation”, reports the Irish Independent.

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.4680 TARGET 1.4720 1.4780 SL 1.4630
  • SELL GBP/USD BELOW 1.4370 TARGET 1.4330 1.4250 SL 1.4430

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