22Jul

IForex Market Trading Signals and News – 22 July 2016

INTERNATIONAL CURRENCY BUZZ :

  • Forex – GBP/USD edges lower after weak U.K. retail sales data
  • Forex – Aussie rises, kiwi declines after RBNZ update
  • Forex – Kiwi holds weaker after RBNZ views, yen, Aussie also down

EUR/USD
EUR/USD bounced off near four-month lows, spiking after Mario Draghi sent strong indications that the European Central Bank could be ready to use a wide array of easing tools in the coming months to bolster the economy following Thursday’s decision to hold interest rates steady. The currency pair rose to a session-high of 1.1060 as Draghi spoke at a news conference in Frankfurt, before falling back slightly to 1.1028 at the close of U.S. afternoon trading, up 0.0012 or 0.12% on the session. Despite the slight gains, the euro is still down by more than 3% versus the U.S. Dollar since last month’s historic Brexit referendum. Over the last month, EUR/USD has remained in range-bound trade between 1.09 and 1.12, amid a relative lack of data on the long-term ramifications of the U.K.’s decision to leave the European Union.

GBP/USD
The pound edged lower against the U.S. dollar on Thursday, after the release of a weak U.K. retail sales report added to concerns over the outlook for British economic growth, although upbeat public sector borrowing data lent some support. GBP/USD hit 1.3161 during European morning trade, the session low; the pair subsequently consolidated at 1.3183, shedding 0.16%. Cable was likely to find support at 1.3061, Wednesday’s low and resistance at 1.3480, the high of July 15. The U.K. Office for National Statistics said that retail sales dropped 0.9% in June, compared to the prior 0.9% gain. Analysts had expected retail sales to fall 0.6% last month. Year-on- year, retail sales increased 4.3%, compared to May’s 5.7% gain which was revised from the initial reading of a 6.0% gain. Consensus had forecast a 5.0% rise.

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.3275 TGT 1.3295 1.3325 SL 1.3255
  • SELL GBP/USD BELOW 1.3200 TGT 1.3180 1.3150 SL 1.3230

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