MARKET UPDATES :
- Forex – Dollar slips lower but remains broadly supported
- Forex – Sterling edges lower after U.K. growth figures
- Forex- Yen moves higher as Yellen speech eyed
EUR/USD rose moderately on Thursday, extending slight gains from the previous session, as foreign exchange traders awaited comments from Janet Yellen for possible signs of whether the Federal Reserve could tighten its monetary policy cycle next while the European Central Bank maintains an unorthodox negative interest rate policy. The currency pair traded between 1.1155 and 1.1217, before settling at 1.1193, up 0.0038 or 0.34% for the session. Despite the brief gains over the last two sessions, the euro is still in the midst of one of its driest spells on the calendar year. Since hitting nine-months in early-May, EUR/USD has fallen considerably by nearly 3%.EUR/USD likely gained support at 1.1055, the low from March 15 and was met with resistance at 1.1434, the high from May 12.
The pound edged lower on Thursday after data confirming that the British economy grew 0.4% in the first three months of this year, but business investment unexpectedly fell ahead of the European Union referendum.GBP/USD was last at 1.4687, down from around 1.4722 ahead of the data.The Office of National Statistics said gross domestic product growth slowed to 0.4% in the three months to March, in line with the preliminary esti- mate, from 0.6% in the previous quarter.The annual rate of growth was revised down to 2.0% from 2.1% initially, the ONS said.The report showed that business investment fell during the quarter for the first time in three years amid uncertainty over an upcoming referendum on Britain’s EU membership.
- BUY GBP/USD ABOVE 1.4739 TGT 1.4759 1.4789 SL 1.4709
- SELL GBP/USD BELOW 1.4677 TGT 1.4657 1.4627 SL 1.4707