1Aug
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IForex Market Trading Signals and News – 01 August 2016

INTERNATIONAL CURRENCY BUZZ :

  • Forex – EUR/USD gains some ground after E.Z. inflation report
  • Forex – GBP/USD edges higher on upbeat U.K. data
  • Forex – USD/JPY tumbles over 1% after BoJ stimulus disappoints

EUR/USD
The euro gained some ground against the U.S. dollar on Friday, after the release of positive euro zone inflation data and as the Federal Reserve’s inaction at its latest policy meeting continued to dampen demand for the greenback.EUR/USD 1.1103 during late European morning trade, the session high; the pair subsequently consolidated at 1.1096, up 0.17%. The pair was likely to find support at 1.1046, Thursday’s low and resistance at 1.1150, the high of July 15.In a preliminary report, Eurostat said on Friday that the euro zone’s consumer price index rose at an annualized rate of 0.2% in July, exceeding expectations for a 0.1% uptick and after a 0.1% gain the previous month.Core CPI, which excludes food, energy, alcohol and tobacco, increased by 0.9% last month, year-on-year, in line with expectations.

GBP/USD
The pound edged higher against the U.S. dollar on Friday, supported by the release of upbeat U.K. data and as the Federal Reserve’s decision this week to leave its monetary policy unchanged continued to weigh on the greenback.GBP/USD hit 1.3214 during European morning trade, the session high; the pair subsequently consolidated at 1.3188, adding 0.19%. Cable was likely to find support at 1.3055, the low of July 26 and resistance at 1.3293, th high of July 22. The Bank of England reported on Friday that net lending to individuals rose to £5.2 billion in June from £4.5 billion inMay, whose figure was upwardly revised from a previously estimated £4.3 billion.Analysts had expected net lending to individuals to rise to hit £4.2 billion last month.

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.3200 TARGET1.3220 1.3250 SL 1.3170
  • SELL GBP/USD BELOW 1.3165 TARGET 1.3145 1.3115 SL 1.3135

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