TRADING TIPS :
- Forex- Euro edges higher, stocks sag before ECB meeting.
- Forex- Dollar rally pauses ahead of ECB, U.S. nonfarm payrolls.
- Forex- New Zealand dollar edges higher, near 17-month trough.
GBP/USD was trading at 1.5978, almost unchanged for the day, off Wednesday’s one-year lows of 1.5867. Sterling had a subdued reaction after the Office of National Statistics said industrial production rose 0.6% in September, beating expectations for a 0.4% gain. On a year-over-year basis, industrial output rose 1.5%, in line with forecasts.Manufacturing production increased by 0.4% from a month earlier, slightly better than forecasts of 0.3% and rose by an annualized 2.9%.The pound fell to a one year low against the dollar on Wednesday after data showed that the U.K. service sector expanded at the slowest rate in 17 months in October, adding to signs that the pace of the economic recovery is cooling.
USD/JPY slid 0.17% to 114.46, coming off the highs of 115.52 struck overnight, the most since November 2007. The US dollar index, which tracks the performance of the greenback against a basket of six major currencies, was down 0.21% to 87.35, holding below Wednesday’s four-and-a-half year highs of 87.72. The dollar rallied on Wednesday, boosted by Republican gains in the U.S. mid-term elections and a report showing that the private sector added more jobs than forecast last month.Separately, the Institute of Supply Management said that its non- manufacturing index slowed to 57.1 last month from 58.6 in September, but the employment component of the index rose, boosting the outlook for the labor market.
1. Buy EUR/USD Above 1.2525-TG:1.2545/1.2575 SL 1.2495
2. Sell EUR/USD Below 1.2460-TG:1.2440/1.2410 SL 1.2490