TRADING
TIPS :
Forex-Dollar hits
6-year highs against yen.
Forex-Dollar hits
14-month highs against currency basket.
Forex-AUD/USD hits 3-week lows on business
confidence data.
USD/JPY
USD/JPY rose to six year highs of 106.34 and was last up 0.23% to 106.25.The yen remained under pressure after data on Monday showing that Japan’s second quarter economic contraction was larger than initially estimated, and another report showing that the country’s current account surplus fell short of expectations in July.The weak data raised expectations for further easing measures from the Bank of Japan to stimulate the economy.In contrast, the Federal Reserve is expected to wind up its asset purchase program in October and to start raising interest rates sometime in mid-2015. A study by the San Francisco Fed published on Monday indicated that central bank officials see rates rising earlier than markets expect.
USD/JPY rose to six year highs of 106.34 and was last up 0.23% to 106.25.The yen remained under pressure after data on Monday showing that Japan’s second quarter economic contraction was larger than initially estimated, and another report showing that the country’s current account surplus fell short of expectations in July.The weak data raised expectations for further easing measures from the Bank of Japan to stimulate the economy.In contrast, the Federal Reserve is expected to wind up its asset purchase program in October and to start raising interest rates sometime in mid-2015. A study by the San Francisco Fed published on Monday indicated that central bank officials see rates rising earlier than markets expect.
GBP/USD
GBP/USD hit 1.6064 earlier during European morning trade, the lowest level since November and was last down 0.06% at 1.6095. Cable was likely to find support at around 1.5852 and resistance at the 1.6225 level.Official data showed that U.K. manufacturing production rose 0.3% in July, in line with expectations, after a 0.3% gain the previous month. A separate report showed that the U.K. trade deficit widened to £10.19 billion in July, from £9.41 billion in June. Analysts had expected the trade deficit to narrow to £9.10 billion in July.Meanwhile, the dollar found further support after a study by the San Francisco Federal Reserve published on Monday indicated that Fed officials see rates rising earlier than markets expect.
GBP/USD hit 1.6064 earlier during European morning trade, the lowest level since November and was last down 0.06% at 1.6095. Cable was likely to find support at around 1.5852 and resistance at the 1.6225 level.Official data showed that U.K. manufacturing production rose 0.3% in July, in line with expectations, after a 0.3% gain the previous month. A separate report showed that the U.K. trade deficit widened to £10.19 billion in July, from £9.41 billion in June. Analysts had expected the trade deficit to narrow to £9.10 billion in July.Meanwhile, the dollar found further support after a study by the San Francisco Federal Reserve published on Monday indicated that Fed officials see rates rising earlier than markets expect.
INTRADAY
OUTLOOK
Support:
106.50
Resistance:
105.77
RECOMMENDATION:
1.
Buy USD/JPY Above 105.80-TG: 106.00/106.30 SL 105.50
2.
Sell USD/JPY Below 106.47-TG:106.27/105.97 SL 106.77
INTRADAY
OUTLOOK
Immediate
Support:1.6038
Immediate
Resistance:1.6123
RECOMMENDATION:
1.
Buy GBP/USD Above 1.6125-TG: 1.6145/1.6175 SL 1.6095
2.
Sell GBP/USD Below 1.6036-TG:1.6016/1.5986 SL 1.6066
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