26Jul
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IForex Market Trading Signals and News – 26 July 2016

INTERNATIONAL CURRENCY BUZZ :

  • Forex – EUR/USD almost unchanged near 1-month lows
  • Forex – Aussie rises, kiwi holds steady with eyes on central banks
  • Forex – Yen weakens further as investors eye monetary policy divergence

EUR/USD
The euro was almost unchanged near one-month lows against the U.S. dollar, despite the release of upbeat German data, as demand for the greenback remained broadly supported ahead of this week’s policy meeting by the Federal Reserve.EUR/USD hit 1.0953 during European morning trade, the session low; the pair subsequently consolidated at 1.0973. The pair was likely to find support at 1.0908, the low of June 24 and resistance at 1.1042, Friday’s high.Data on Monday showed that the German Ifo business climate index ticked down to 108.3 in July from 108.7 in June, compared to expectations for a drop to 107.5. Meanwhile, upbeat U.S. data released that week continued to support expectations for a rate hike by the U.S. central bank in the near future. While most investors expect the Fed to leave its monetary policy unchanged this week, it could give hints on the timing of future rate hikes.

GBP/USD
The British pound is unchanged at the start of the new trading week. Early in the North American session, GBP/USD is trading slightly above the 1.31 line. On the release front, it’s a quiet start to the week, with just one event on the schedule. British CBI Industrial Order Expectations came in at -4 points, within expectations. There are no US releases on Monday. On Tuesday, the US releases CB Consumer Confidence and New Home Sales, both key indicators. The pound sustained sharp losses on Friday, as British PMIs, important gauges of economic conditions, were unimpressive. Both indicators fell short of the 50-point threshold, indicating contraction in the services and manufacturing sectors. The soft readings are further indication of of economic fallout from the Brexit vote, in which the British electorate voted to leave the European Union.

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.3160 TGT 1.3180 1.3210 SL 1.3130
  • SELL GBP/USD BELOW 1.3070 TGT 1.3050 1.3020 SL 1.3100

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