09-Aug-2018 International Forex
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International Forex INTERNATIONAL CURRENCY BUZZ Forex - Dollar Slips, Sterling Wallows at 1-Year Lows Forex - Sterling Falls to 2018 Lows as Brexit Selloff Intensifies Forex - Euro struggles to make headway even as dollar rally fades; yen rebounds GBP/USD The pound fell to the lowest levels of the year on Wednesday as the currency was pressured lower by growing fears over the prospect of Britain exiting the European Union without a trade deal in place. Against the dollar, the pound fell below the $1.29 level for the first time in a year. GBP/USD hit a low of 1.2854 and was at 1.2869 by 10:39 AM ET (14:39 GMT), off 0.53% for the day. Sterling hit a 10-month low against the euro, with EUR/GBP advancing 0.48% to 0.9030. Sentiment on the pound has soured after Britain’s International Trade Secretary Liam Fox said in an interview published in the Sunday Times newspaper there was a 60:40 chance that the UK would leave the European Union without an agreement. The remarks came after Bank of England Governor Mark Carney warned late last week that there is an “uncomfortably high” risk of a no-deal Brexit. Meanwhile, the dollar edged higher against a currency basket as fears over global trade tensions returned to the fore. EUR/USD The euro hovered around the $1.16 mark on Wednesday but failed to capitalise on a pause in the dollar's rally, while solid data out of China calmed nerves about recent Sino-U.S. trade tensions. The dollar has weakened since hitting a three-week high on Monday, when the prospect of a full-blown trade war increased demand for the currency. Traders said the dollar needed a fresh impetus or an escalation in the trade tensions to move higher. "The Chinese trade data, coupled with the PBOC moves, is helping quieten markets, with range-bound trading," said Valentin Marinov, an FX strategist at Credit Agricole(PA:CAGR). "The main driver for markets at the moment is dollar buying and selling.“ The People's Bank of China announced last week that it would impose a reserve requirement on forex forwards and wanted to see a stable yuan. China's currency has since recovered some of its losses but was 0.2 weaker at 6.8380 in offshore markets, still off last week's 6.9125 lows.
International Forex DAILY ECONOMIC DATA
International Forex EPIC'S ANALYST SPEAKS
GBP/USD Daily Chart
INTRADAY OUTLOOK Support: 1.2896 Resistance: 1.2996 RECOMMENDATION: BUY GBPUSD ABOVE 1.2940 TGT 1.2960 1.2930 SL 1.2910 SELL GBPUSD BELOW 1.2850 TGT 1.2830 1.2800 SL 1.2880
International Forex EPIC'S ANALYST SPEAKS
EUR/USD Daily Chart
INTRADAY OUTLOOK Support: 1.1522 Resistance: 1.1648
RECOMMENDATION: BUY EURUSD ABOVE 1.1620 TGT 1.1640 1.1670 SL 1.1590 SELL EURUSD BELOW 1.1570 TGT 1.1550 1.1520 SL 1.1600
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