03-July-2018 International Forex
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International Forex INTERNATIONAL CURRENCY BUZZ Forex - USD Acts as Safe Haven, EUR Down on German Politics Forex - Euro Lower as Trade Fears, German Uncertainty Weigh Forex - GBP/USD refreshes session lows, below mid-1.3100s ahead of US ISM PMI GBP/USD The GBP/USD pair quickly reversed the UK PMI-led uptick to 1.3175-80 region and refreshed session lows in the last hour. Currently trading around the 1.3140-35 region, the pair struggled to build on Friday's strong up-move, led by an upward revision of the UK GDP growth figures for the first quarter of 2018 and traded with a negative bias for the fourth session in the previous five. Today's better-than-expected UK manufacturing PMI, coming in at 54.4 for June, did provide a minor lift during the early European session but the attempted recovery move was quickly sold into amid uncertainties surrounding Brexit negotiations. This coupled with resurgent US Dollar demand, despite the ongoing slide in the US Treasury bond yields, further collaborated towards keeping a lid on any meaningful up-move for the major. EUR/USD The euro was lower on Monday as fears over the prospect of a global trade war and fresh political uncertainty in Germany pressured the single currency, while the dollar pared back overnight gains against the safe haven yen. EUR/USD was down 0.47% to 1.1628 by 03:56 AM ET (07:56 AM GMT). The euro came under pressure after Germany's interior minister offered to resign amid an escalating row over immigration policy, throwing into doubt the future of Chancellor Angela Merkel’s coalition government. The euro had risen on Friday after European Union leaders reached a deal on migration, easing pressure on Merkel. The single currency was also pressured lower after U.S. President Donald Trump ratcheted up trade tensions with the EU, claiming overnight that it treated the U.S. very badly and was “possibly as bad as China, just smaller”. The comments raised the prospect that the U.S. could impose further tariffs on EU imports, possibly on auto imports.
International Forex DAILY ECONOMIC DATA
International Forex EPIC'S ANALYST SPEAKS
GBP/USD Daily Chart
INTRADAY OUTLOOK Support: 1.3178 Resistance: 1.3224 RECOMMENDATION: BUY GBPUSD ABOVE 1.3160 TGT 1.3180 1.3210 SL 1.3130 SELL GBPUSD BELOW 1.3090 TGT 1.3070 1.3040 SL 1.3120
International Forex EPIC'S ANALYST SPEAKS
EUR/USD Daily Chart
INTRADAY OUTLOOK Support: 1.1649 Resistance: 1.1707
RECOMMENDATION: BUY EURUSD ABOVE 1.1630 TGT 1.1650 1.1680 SL 1.1600 SELL EURUSD BELOW 1.1530 TGT 1.1510 1.1480 SL 1.1560
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