4Jul
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IForex Market Trading Signals and News – 04 July 2016

INTERNATIONAL CURRENCY BUZZ :

  • Forex – GBP/USD almost unchanged after U.K. PMI report
  • Forex – Dollar moves lower against yen, gains vs. euro
  • Forex – Yen gains further in Asia with Caixin PMI down more than seen

EUR/USD
The dollar dropped against the yen and gained ground against the euro on Friday, as ongoing uncertainty following the Brexit vote and disappointing Chinese manufacturing activity data fuelled safe-haven demand.EUR/USD fell 0.29% to 1.1073.Markets continued to recover from Britain’s shock decision last week to leave the European Union.Bank of England Governor, Mark Carney, indicated on Thursday that more stimulus may be needed over the summer, sparking expectations for an upcoming rate cut.Meanwhile, market sentiment weakened after data showed that China’s Caixin manufacturing purchasing managers’ index fell to 48.6 in June from 49.2 the previous month, compared to expectations for a downtick to 49.1.

GBP/USD
The pound was almost unchanged against the U.S. dollar on Friday, despite the release of upbeat U.K. manufacturing data as uncertainty following the Brexit vote and news of a potential U.K. rate cut this summer limited sterling’s gains. GBP/USD hit 1.3350 during European morning trade, the session high; the pair subsequently consolidated at 1.3315. Cable was likely to find support at 1.3318, the low of June 27 and resistance at 1.3535, the high of June 29.Research group Markit said that its U.K. manufacturing purchasing manager’s index rose to 52.1 last month from a reading of 50.1 in May. That was its highest level since January 2016.Analysts had expected the index to drop back into contraction at 49.9 in May.

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.3345 TGT 1.3365 1.3375 SL 1.3315
  • SELL GBP/USD AROUND 1.3385-87 TGT 1.3365 1.3335 SL 1.3415

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