23-July-2018 International Forex
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International Forex INTERNATIONAL CURRENCY BUZZ Forex - Dollar on Track for Weekly Drop as Trump Blasts Fed Policy Forex - Flailing Euro Is Unlikely to Find Any Succor From ECB Meeting Forex - GBP/USD spikes to fresh session tops, 1.31 mark back on sight GBP/USD The GBP/USD pair reversed a dip to sub-1.3000 level and spiked to fresh session tops around the 1.3080-85 region in the last hour. The pair built on its overnight rebound from 10-month lows and caught some bids since the early European session, snapping three consecutive days of losing streak. A follow-through US Dollar retracement on Friday was seen as one of the key factors that helped the pair to recover all of its previous session's losses. The latest leg of a spike over the past hour or so could be attributed to the US President Donald Trump's comments, via Twitter, expressing displeasure over the Fed's monetary policy tightening. The greenback was also being weighed down by St. Louis Fed President James Bullard's dovish comments, saying that yield curve inversion is a bearish signal on the economy and the Fed should hold off on hiking further. EUR/USD The euro has been treading water. It is unlikely to find a rescuing hand from the European Central Bank, whose policy makers meet next week. While analysts expect the shared currency to strengthen as the year progresses, conviction in that view is shaky, with strategists having pared their calls recently. The euro was knocked down after the ECB’s mid-June policy review, when President Mario Draghi dashed expectations for tightening in early 2019. Since then, trade tensions have heightened and core inflation in the euro area has been revised downward, which gives the ECB little incentive to change tack any time soon. The policy divergence between the Federal Reserve and the ECB is another factor that is curbing enthusiasm on the euro. Shorter-term bond yields, which are usually more sensitive to changing views on monetary policy, are in favor of the dollar: the two-year yield differential between U.S. Treasuries and German bunds widened this week to more than 300 basis points, the most in data going back to 1990.
International Forex DAILY ECONOMIC DATA
International Forex EPIC'S ANALYST SPEAKS
GBP/USD Daily Chart
INTRADAY OUTLOOK Support: 1.2891 Resistance: 1.3147 RECOMMENDATION: BUY GBPUSD ABOVE 1.3150 TGT 1.3170 1.3200 SL 1.3120 SELL GBPUSD BELOW 1.3120 TGT 1.3100 1.2970 SL 1.3150
International Forex EPIC'S ANALYST SPEAKS
EUR/USD Daily Chart
INTRADAY OUTLOOK Support: 1.1526 Resistance: 1.1738
RECOMMENDATION: BUY EURUSD ABOVE 1.1740 TGT 1.1760 1.1790 SL 1.1710 SELL EURUSD BELOW 1.1700 TGT 1.1680 1.1650 SL 1.1730
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