06-Aug-2018 International Forex
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International Forex INTERNATIONAL CURRENCY BUZZ Forex - Dollar Strengthens as Trade Tensions Pressure Chinese Yuan Forex - GBP/USD sticks to modest gains, above 1.30 handle post-NFP Forex - EUR/USD around 1.1600 post-Payrolls GBP/USD The GBP/USD pair held on to its modest daily gains, above the key 1.30 psychological mark, albeit struggled to gain any follow-through traction post- US monthly jobs report. With investors looking past today's disappointing UK services PMI, the pair enjoyed a brief rally and spiked to a session high level of 1.3043 on the back of a modest US Dollar retracement, triggered by the headlines that PBoC raises reserve requirement on FX forwards trading to 20%. The uptick remained supported after the headline NFP print fell short of consensus estimates and showed that the US economy added 157K new jobs during the month of July, lower than 190K expected and worse than previous month’s upwardly revised reading of 248K. Additional details showed that the unemployment rate ticked lower to 3.9%, on expected lines. EUR/USD After a brief test of levels above the 1.1600 handle on PBoC headlines, EUR/USD manages to keep the buying interest around the 1.1600/10 area in the wake of US Non-farm Payrolls. Spot keeps the familiar range post-PBoC spike after the US economy created 157K jobs during July, coming in below estimates at 193K and down from June’s 248K (revised from 213K). Further data showed the unemployment rate slipped to 3.9%, matching prior surveys. In addition, Average Hourly Earnings – a proxy for wage inflation – expanded at a monthly 0.3% and 2.7% over the last twelve months, in line with previous estimates Later in the session, the key ISM Non-manufacturing during July is due along with Markit’s Services PMI for the same period. At the moment, the pair is up 0.06% at 1.1592 facing immediate contention at 1.1562 (low Aug.3) followed by 1.1527 (low Jun.28) and then 1.1508 (2018 low May 29). On the upside, a breakout of 1.1680 (21-day SMA) would aim for 1.1749 (high Jul.23) and finally 1.1792 (high Jul.9).
International Forex DAILY ECONOMIC DATA
International Forex EPIC'S ANALYST SPEAKS
GBP/USD Daily Chart
INTRADAY OUTLOOK Support: 1.2937 Resistance: 1.3171 RECOMMENDATION: BUY GBPUSD ABOVE 1.3050 TGT 1.3070 1.3100 SL 1.3020 SELL GBPUSD BELOW 1.2990 TGT 1.2970 1.2940 SL 1.3020
International Forex EPIC'S ANALYST SPEAKS
EUR/USD Daily Chart
INTRADAY OUTLOOK Support: 1.1525 Resistance: 1.1699
RECOMMENDATION: BUY EURUSD ABOVE 1.1620 TGT 1.1640 1.1670 SL 1.1590 SELL EURUSD BELOW 1.1580 TGT 1.1560 1.1530 SL 1.1610
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