➔ Forex – EUR/USD edges higher but upside seen limited
➔ Forex – USD/JPY slides on Ukraine unease, U.S. data support
➔ Forex – GBP/USD holds steady after upbeat U.K. retail sales data
GBP/USD hit 1.6831 during European morning trade, the pair’s highest since Wednesday; the pair subsequently consolidated at 1.6807, inching up 0.03%.Cable was likely to find support at 1.6718, the low of April 11 and resistance at 1.6842, the high of April 17 and a four-and-a-half year high.Official data showed that U.K. retail sales rose 0.1% in March, beaing expectations for a 0.4% fall. Retail sales in February were revised down to a 1.3% increase from a previously estimated 1.7% gain.A separate report showed that U.K. mortgage approvals rose by 45,900 last month, compared to expectations for an increase of 48,900. February’s mortgage approvals were revised down to a 47,200 rise from a previously estimated 47,600 increase.
EUR/USD hit 1.3848 during U.S. morning trade, the pair’s highest since Wednesday; the pair subsequently consolidated at 1.3841, adding 0.08%.The pair was likely to find support at 1.3792, Thursday’s low and resistance at 1.3884, the high of April 13.In a revised report, the University of Michigan said its consumer sentiment index rose to a nine-month high of 84.1 in April, from a reading of 82.6 in March. Analysts had expected the index to rise to 83.0 this month.The University of Michigan also said inflation expectations for the next 12 months ticked up to 3.2% in April, from the previous month’s estimate of 3.1%.Meanwhile, market sentiment remained fragile amid renewed tensions in Eastern Europe, after Ukrainian troops killed several pro-Russian rebels on Thursday,and Russian troops started military exercises close to its border with Ukraine.
1. Buy USD/CAD Above 1.1050- TG: 1.1090/ 1.1150 SL 1.1000
2. Sell USD/CAD Below 1.0995- TG: 1.0955/ 1.0895 SL 1.1050