02-Aug-2018 International Forex
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International Forex INTERNATIONAL CURRENCY BUZZ Forex - Dollar Edges Up Ahead of Fed, Aussie Hit by Trade Concerns Forex - EUR/USD pares losses, trades just below 1.1700 on ADP Forex - GBP/USD Climbs to fresh session tops, US data/FOMC looms GBP/USD The GBP/USD pair continued with its steady climb through the mid-European session and has now recovered around 35-40 pips from sub-1.3100 level. After a rather muted reaction to today's slightly disappointing UK manufacturing PMI, coming in at a three month low levle of 54.0 for July, the pair gained some positive traction and is currently placed at fresh session tops, around the 1.3135-40 region. Despite a goodish pickup in the US Treasury bond yields, the US Dollar struggled to build on the early uptick and was seen as one of the key factors lending some support to the major, amid prospects for an eventual BoE rate hike move on Thursday. Moving ahead, traders now look forward to the USeconomic docket, highlighting the release of ADP report on private sector employment and ISM manufacturing PMI, for some short-term impetus ahead of the key FOMC monetary policy decision. EUR/USD The single currency managed to stage a moderate rebound from the 1.1675/70 band and is now pushing EUR/USD to the vicinity of 1.1700 the figure in the wake of US data. The pair is prolonging the sideline theme for yet another session on Wednesday, coming down from recent tops beyond 1.1700 the figure amidst a moderate recovery in the greenback. Spot is now under pressure after the ADP report showed the US private sector added 219K jobs during July vs. 186K forecasted and up from June’s 181K (revised higher from 177K). Looking ahead, all eyes will be on the publication of the US ISM manufacturing for the month of July ahead of the FOMC meeting, where market consensus expects no change at today’s gathering. at 1.1689 facing immediate support at 1.1625 (low Jul.27) followed by 1.1575 (low Jul.19) and then 1.1527 (low Jun.28). On the upside, a breakout of 1.1749 (high Jul.23) would open the door to 1.1792 (high Jul.9) and finally 1.1853 (high Jun.14).
International Forex DAILY ECONOMIC DATA
International Forex EPIC'S ANALYST SPEAKS
GBP/USD Daily Chart
INTRADAY OUTLOOK Support: 1.3047 Resistance: 1.3215 RECOMMENDATION: BUY GBPUSD ABOVE 1.3150 TGT 1.3170 1.3200 SL 1.3120 SELL GBPUSD BELOW 1.3080 TGT 1.3060 1.3030 SL 1.3110
International Forex EPIC'S ANALYST SPEAKS
EUR/USD Daily Chart
INTRADAY OUTLOOK Support: 1.1643 Resistance: 1.1769
RECOMMENDATION: BUY EURUSD ABOVE 1.1690 TGT 1.1710 1.1740 SL 1.1660 SELL EURUSD BELOW 1.1650 TGT 1.1630 1.1600 SL 1.1680
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