28-June-2018 International Forex
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International Forex INTERNATIONAL CURRENCY BUZZ Forex - US Dollar Extends Support Bounce as EUR/USD, GBP/USD Turn Lower Forex - GBP/USD tumbles to lows near 1.3150 on USD-buying Forex - EUR/USD weaker, challenging 1.1600 on US data GBP/USD Cable is down for the second session in a row on Wednesday, shedding more than a cent since recent peaks beyond 1.3300 the figure seen earlier in the week on the back of a moderate rebound in the demand for the greenback. In fact, cable retreats further and risks at the same time a visit to YTD lows in the 1.3100 neighbourhood seen during last week. The Sterling remains vulnerable amidst the lack of significant progress in the Brexit talks and political uncertainty around PM May government, while the recent hawkish tone from the Bank of England carries the potential to limit the downside. Earlier in the session, Governor M.Carney said that global risks have intensified at his speech in the release of the Boe’s Financial Stability Report. As of writing, the pair is retreating 0.50% at 1.3158 and a break below 1.3150 (low Jun.27) would expose 1.3101 (2018 low Jun.21) and finally 1.3039 (monthly low Nov.3 2017). EUR/USD The pair is probing the area of 3-day lows and trades at shouting distance from the critical support at 1.1600 the figure, always against the backdrop of a robust bounce in the greenback, with the US Dollar Index eyeing the psychological 95.00 milestone. In fact, spot keeps looking to risk appetite trends, in turn almost exclusively driven by the trade disputes between the US, China and the European Union. In this regard, President Trump is expected to make a decision on Chinese investment in the US any time later today. In the data space, US headline Durable Goods Orders contracted less than expected at a monthly 0.6% in May, while Core orders contracted 0.3% MoM vs. a forecasted 0.5% expansion. Additional US data saw advanced US Goods Trade deficit at $64.85 billion vs. $68.9 billion during last month and flash Wholesale Inventories rose 0.5% inter-month.
International Forex DAILY ECONOMIC DATA
International Forex EPIC'S ANALYST SPEAKS
GBP/USD Daily Chart
INTRADAY OUTLOOK Support: 1.3139 Resistance: 1.3333 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: 1.1583 Resistance: 1.1753
RECOMMENDATION: BUY EURUSD ABOVE 1.1600 TGT 1.1620 1.1650 SL 1.1570 SELL EURUSD BELOW 1.1550 TGT 1.1530 1.1500 SL 1.1580
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