16Jun
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IForex Market Trading Signals and News – 16 June 2016

INTERNATIONAL CURRENCY BUZZ :

  • Forex – Sterling hits day’s highs after UK jobs data as Brexit fears ebb
  • Forex – Euro edges higher as dollar eases ahead of Fed
  • Forex – Aussie, kiwi move higher ahead of Fed statement

EUR/USD
EUR/USD rose considerably on Wednesday after the Federal Reserve held short-term interest rates steady and lowered its rate path outlook for each of the next two years. The currency pair traded in a broad range between 1.1190 and 1.1299 before settling at 1.1264 at the close of U.S. afternoon trading, up 0.0043 or 0.50% on the session. With the sharp gains, the euro closed above 1.11 versus the dollar for the ninth consecutive session. More broadly, the euro is relatively flat against its American counterpart over the last month, down 0.39% during that span. EUR/USD likely gained support at 1.1055, the low from March 15 and was met with resistance at 1.1616, the high from May 3.

GBP/USD
Sterling rose to the day’s highs against the dollar on Wednesday as fears that the U.K. may vote to exit the European Union eased and after data showing that Britain’s unemployment rate fell, while pay growth rose in the three months to April. GBP/USD hit highs of 1.4215, pulling further away from the two-month trough of 1.4090 set on Tuesday. The pound regained ground as risk appetite recovered and investors turned their attention to the outcome of the Federal Reserve’s
meeting later in the day.The Fed was to conclude its two-day policy meeting later on Wednesday and investors were looking for fresh indications on whether the U.S. central bank still expects to raise interest rates twice this year.Sterling has weakened across the board in recent sessions after a number of opinion polls showed that the U.K.’s EU referendum race is tightening ahead of the June 23 vote.

RECOMMENDATION :

  • BUY GBP/USD AROUND 1.4090 TGT 1.4110 1.4140 SL 1.4060
  • SELL GBP/USD AROUND 1.4300-1.4298 TGT 1.4280 1.4250 SL 1.4330

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