Multi Management & Future Solutions | Forex Report

INTERNATIONAL CURRENCY BUZZ:

Forex – Dollar Traders See the Fed’s Next Rate Hike as a Big Sell Signal

Forex – GBP/USD strong bullish run pauses just ahead of 1.3300 handle

Forex – EUR/USD rebounds are likely to be short-term and capped – Westpac

EUR/USD:

“Their first budget was expected to test EU budget responsibility amidst fears of a fiscal blowout due to the opposing stances of the rightwing League and spending friendly 5 Star. Though still a risk, their budget appears to be falling well inside EU’s 3% deficit to GDP guidance and so a potential negative for EUR is turning into a supportive factor.” “Last week Draghi downplayed downside risks for a balanced and neutral outlook while maintaining their forward guidance. In addition to flash and Germany’s IFO survey, the ECB will be closely watching for any upside pressures within coming inflation data to offset external downside risks and persisting moderation in hard activity data.” “EUR/USD rebounds on the back of Italy’s reduced budget risk and consolidation in USD are likely to be short-term and capped within the current 1.12-1.19 range.”

GBP/USD:

The GBP/USD pair stalled its strong intraday bullish momentum just ahead of the 1.3300 handle and quickly retreated around 20-pips in the last hour. A combination of supporting factors – collapsing US Dollar, upbeat UK retail sales data and Brexit optimism, assisted the pair to catch some strong bids and confirm a fresh bullish break through 100-day SMA. With today’s strong up-move, the pair had rallied over 200- pips from overnight swing low level of 1.3096, touched in the reaction of a report that the UK PM May will reject the EU’s new proposal on the Irish border. Bulls, however, took some breather following the release of better-than-expected US economic data – Philly Fed manufacturing index and initial weekly jobless claims. This coupled with resurgent US Treasury bond yieldshelped ease the US Dollar bearish pressure, at least of the time being, and halted the pair’s relentless rally to the highest level since July 10.

 

Today's Forex Signals -

Today's Forex Signals -

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