11-July-2018 International Forex
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International Forex INTERNATIONAL CURRENCY BUZZ Forex - Dollar Extends Early Gains, Euro Slips Forex - Sterling Edges Higher, UK GDP Data Eyed Forex - EUR/USD bounces off lows, looking to stay above 1.1700 GBP/USD The pound edged higher on Tuesday despite fresh uncertainty over Brexit following the resignations of David Davis and Boris Johnson, as investors awaited growth data that could keep the Bank of England on track for an August rate hike. GBP/USD was trading at 1.3274 by 03:53 AM ET (07:53 AM GMT), having touched an overnight low of 1.3224. Sterling remained on the back foot after Boris Johnson resigned as British foreign secretary on Monday, becoming the third minister to quit the government in twenty-four hours, rather than back Prime Minister Theresa May’s plans for a soft Brexit. Johnson’s resignation increased the chance that May could face a vote of no confidence, which could throw the future of her government into doubt. But the pound found support amid reports that May could avoid a leadership challenge, keeping alive hopes that a softer Brexit may be on the cards moving forward. Sterling was also higher against the euro, with EUR/GBP losing 0.21% to trade at 0.8843. EUR/USD The dollar extended early gains against a currency basket on Tuesday, sending the euro lower, while mixed GDP data and political instability weighed on the pound. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was up 0.25% to 94.04 by 09:28 AM ET (13:28 GMT). The euro was weaker against the firmer USD, with EUR/USD down 0.27% to 1.1719 after falling as low as 1.1691 earlier. In the euro zone, data on Tuesday showed that German investor confidence fell to the lowest level in six years in July as fears over an escalation in trade tensions with the U.S. dampened the economic outlook. The ZEW index of German investor sentiment dropped to -24.7 this month from -16.1 in June, the weakest reading since August 2012. The dollar was also higher against the yen, with USD/JPY climbing 0.33% to 111.19, the most since May 21. Demand for the dollar continued to be underpinned by expectations for a faster pace of rate hikes by the Federal Reserve this year.
International Forex DAILY ECONOMIC DATA
International Forex EPIC'S ANALYST SPEAKS
GBP/USD Daily Chart
INTRADAY OUTLOOK Support: 1.3097 Resistance: 1.3445 RECOMMENDATION: BUY GBPUSD ABOVE 1.3290 TGT 1.3310 1.3350 SL 1.3260 SELL GBPUSD BELOW 1.3240 TGT 1.3220 1.3190 SL 1.3270
International Forex EPIC'S ANALYST SPEAKS
EUR/USD Daily Chart
INTRADAY OUTLOOK Support: 1.1697 Resistance: 1.1819
RECOMMENDATION: BUY EURUSD ABOVE 1.1770 TGT 1.1790 1.1820 SL 1.1740 SELL EURUSD BELOW 1.1700 TGT 1.1680 1.1650 SL 1.1730
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