TRADING
TIPS :
The euro turned lower against the
dollar on Thursday, retreating from seven-week highs after European
Central Bank policymaker Ewald Nowotny said fresh measures to bolster
price growth in the euro zone are needed. EUR/USD was last down 0.29%
to 1.1439 after rising to highs of 1.1496 earlier, the strongest
since August 26. The drop in the single currency came after Nowotny,
who is a member of the ECB’s governing council said new efforts to
boost inflation are needed. Nowotny said that both headline and core
inflation in the euro area are “clearly” undershooting the ECB’s
target. The dollar weakened broadly on Wednesday after data showing
that retail sales edged up 0.1% last month after being flat in
August, while core retail sales, which strip out auto sales, fell
0.3%. The U.S. dollar index, which measures the greenback’s
strength against a trade-weighted basket of six major currencies, was
last at 94.02 after falling to lows of 93.84 overnight, the lowest
level since August 26.
RECOMMENDATION:
BUY
GBP/USD ABOVE 1.5510 TARGET 1.5530 1.5570 SL 1.5470
SELL
GBP/USD BELOW 1.5440 TARGET 1.5420 1.5380 SL 1.5470
RECOMMENDATION:
BUY
EUR/USD ABOVE 1.1500 TARGET 1.1520 1.1550 SL 1.1470
SELL
EUR/USD BELOW 1.1430 TARGET 1.1410 1.1380 SL 1.1460
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