30-Aug-2018 International Forex
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International Forex INTERNATIONAL CURRENCY BUZZ Forex - Dollar Dips, Pound Rallies on Barnier Comment Forex - EUR/USD depressed near 1.1650 post-US GDP Forex - GBP/USD looks to keep the consolidative theme near term GBP/USD The dollar edged lower against a basket of the other major currencies on Wednesday, as the pound rallied after comments on Brexit by European Union negotiator Michel Barnier. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, edged down to 94.57 by 10:24 AM ET (14:24 GMT), not far from Wednesday’s one-month low of 94.34. Market sentiment was supported by hopes that Canada will join the new trade agreement between the U.S. and Mexico aimed at overhauling the North American Free Trade Agreement. But the new trade deal did little to indicate how a trade spat between the U.S. and China may develop after talks last week ended with little progress and both countries slapped fresh reciprocal tariffs on imports. The dollar showed little reaction to data showing that U.S. economic growth was slightly stronger than expected in the second quarter, coming in at 4.2% as markets remained focused on geopolitical developments. EUR/USD The pair remains on the defensive on Wednesday near 1.1650. The greenback flirts with daily highs in the 94.90 area. US Q2 GDP came in above estimates at 4.2%. The offered tone around the single currency remains well and sound in the middle of the week, forcing EUR/USD to recede nearly a cent since yesterday’s tops beyond 1.1730. The pair prolongs the knee jerk to the mid-1.1600s today amidst a renewed buying interest around the greenback and auspicious results from the US docket. In fact, another revision of the US GDP showed the economy is expected to expand at an annualized 4.2% during the April-June period, surpassing the previous estimate (4.1%) and initial forecasts (4.0%). The data gave extra oxygen to the already upbeat mood around the buck, dragging spot lower. Moving forward, the next risk event in Euroland will be the release of advanced inflation figures for the month of August, due on Friday.
International Forex DAILY ECONOMIC DATA
International Forex EPIC'S ANALYST SPEAKS
GBP/USD Daily Chart
INTRADAY OUTLOOK Support: 1.2818 Resistance: 1.2962 RECOMMENDATION: BUY GBPUSD ABOVE 1.3050 TGT 1.3070 1.3100 SL 1.3020 SELL GBPUSD BELOW 1.2940 TGT 1.2920 1.2890 SL 1.2970
International Forex EPIC'S ANALYST SPEAKS
EUR/USD Daily Chart
INTRADAY OUTLOOK Support: 1.1624 Resistance: 1.1770
RECOMMENDATION: BUY EURUSD ABOVE 1.1740 TGT 1.1760 1.1790 SL 1.1710 SELL EURUSD BELOW 1.1670 TGT 1.1670 1.1640 SL 1.1700
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