6Jun
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IForex Market Trading Signals and News – 06 June 2016

MARKET UPDATES :

  • Forex – GBP/USD little changed after U.K. services PMI
  • Forex – Dollar slips vs. yen, steady vs. euro ahead of nonfarm payrolls
  • Forex – Aussie holds gains on services surveys, yen flat after wage data

EUR/USD
EUR/USD is unchanged on Friday, following slight losses in the Thursday session. The pair is trading at 1.1140. On the release front, German Final Services came in at 55.2 points, within expectations. Eurozone Final Services posted a reading of 53.3, slightly above the estimate. Eurozone Retail Sales came in at 0.0%. It’s a busy day in the US, with three employment indicators on the schedule – Average Hourly Earnings, Unemployment Rate, and Nonfarm Employment Change. The US will also publish ISM Non-Manufacturing PMI.

GBP/USD
The pound was little changed against the U.S. dollar on Friday, even after data showed that the U.K. service sector expanded at a faster rate than expected in May, as investors remained cautious ahead of a key U.S. employment report due later in the day. GBP/USD hit 1.447 during European morning trade, the session high; the pair subsequently consolidated at 1.4425. Cable was likely to find support at 1.4329, the low of May 16 and resistance at 1.4507, the high of June 1.Research group Markit said its U.K. services purchasing managers’ index rose to 53.5 last month from a reading of 52.3 in April. Analysts had expected the index to rise to 52.5 in April.Despite the better than expected read, Markit warned that the improvement in expectations would hinge on the June 23 referendum on the U.K.’s membership in the European Union.

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.4510 TGT 1.4560 1.4600 SL 1.4460
  • SELL GBP/USD BELOW 1.4365 TGT 1.4315 1.4275 SL 1.4315

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

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