TRADING
TIPS :
The GBP/USD
eased by 58 points to trade at 1.5404 today as traders wait for the
budget presentation. Data on UK industrial and manufacturing output,
often secondary to that on the services sector in an economy which
relies heavily on financial and other services for growth, were
mixed, giving markets little new to play on in the debate on when the
Bank of England could raise interest rates. Another signal on the UK
economy, and whether Britain’s central bank might move this year or
early next year, may come from the latest update from the National
Institute of Economic and Social Research, an independent think-tank,
on its forecasts for gross domestic product due later on Tuesday.
Currency investors are awaiting a budget statement from the British
finance minister George Osborne on Wednesday, who is widely expected
to cut welfare spending by 12 billion pounds. Traders said any
tightening could push back expectations of British interest rate
hikes and weigh on the pound.
RECOMMENDATION:
BUY
GBPUSD ABOVE 1.5490 TARGET 1.5510 1.5540 SL 1.5460
SELL
GBPUSD BELOW 1.5348 TARGET 1.5328 1.5298 SL 1.5378
RECOMMENDATION:
BUY
EURUSD ABOVE 1.1105 TARGET 1.1125 1.1155 SL 1.1075
SELL
EURUSD BELOW 1.0935 TARGET 1.0915 1.0885 SL 1.0965
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