Currency movers for August 06, 2015

6 August, 2015

EURUSD, Daily

EURUSD has a short term support level near the 1.0850’s and resistance levels around 1.0990’s – 1.1020’s. The short term trend is now negative, and trading in line with the ECB’s dovish position to increase the supply of EURs on the market. Short term EURUSD traders may look to re-sell into strength if prices extend past the 1.0990’s – 1.1020’s resistance levels, ideally between the 1.10’s – 1.1050’s for a 1.0750’s price target.

Today’s Currency Movers

Further negativity on the EUR comes from the much weaker than expected Eurozone retail sales, which fell 0.6% m/m, keeping the euro under pressure, offsetting an upward revision in final Eurozone services and composite PMI survey data for July. The fact that both the U.S. and the U.K. are seeking to raise their rates is giving traders enough reasons to support both the US dollar and the British pound, adding to EUR selling pressures.

On Wednesday, the U.S. ADP employment report missed expectations; however, the July services ISM posted a 10-year high. The EURUSD rallied to session highs around 1.0930 after the employment data, and then fell to session lows near 1.0850 following the ISM outcome.

AUG 6 TB 2015-08-06 10:57:03

Currency Pairs, Grouped Performance (% change)

The new Currency Movers Charts show the percentage change from previous day’s close to the current moment against the other major currencies.

The AUD is trading lower against the majors as commodity prices have been weakening. CFTC data also reports that net speculative short positions have increased for the AUD. The USD, EUR, GBP and JPY are all trading mixed as traders await GBP data.

Significant daily support and resistance levels for these pairs are:

CM aug 6  2015-08-06 11:13:29

Main Macro Events Today

• GBP BoE Interest Rate Decision: The central bank is widely expected to leave the repo rate at 25 bp. Today is the inaugural BoE “Super Thursdays”‘, which will include the instant-release of the MPC minutes and the latest Quarterly Inflation Report. Governor Carney will also lead a one-hour press conference. The minutes will likely reveal a hawkish shift at the BoE, with MPC members Weale and McCafferty seen resuming their vote in favour of a 25 bp rate hike (having voted for this between August and December last year), though still be outvoted by 7 to 2. Carney will likely maintain that the next move will be a hike, but still present a relatively balanced view in line with market expectations for tightening to start in February next year. The BoE is also likely to trim near-term inflation forecasts given sterling’s trade-weighted strength, the recent decline in oil prices, and signs that productivity is improving, though at the same time is likely to flag upside risk further down the track.

AUG 6 EC 2015-08-06 10:06:40


Source link  
Stock markets were underpinned

Asian Market Wrap: Core yields moved higher and stock markets were underpinned as Trump tweeted enthusiastically about the summit with North Korea's leader...

Gold spikes to near two-week tops

Last week’s recovery move supported by persistent USD weakness. Reviving safe-haven demand/subdued US bond yields provides an...

Gold falls at Friday close to 1275

The key commodity was pivoting around $1285 with support at $1282 and resistance around 1286. The London close, put pay to that as a raft of futures...


Stock market recovery continued

Still, U.K. and U.S. futures are also moving higher, indicating that abating fears over North Korea are keeping markets underpinned, while earnings optimism...

NZDJPY beneficiary of Asian session

With a the NZD is overvalued on one side and Sabre rattling between North Korea and the US continuing overnight there was really only...

Euro above 1.18 against the dollar

Asian stock markets moved higher, with a rally in banks underpinned by earnings reports and helping to offset pressure on exporters and automakers...


Gold support at 1258 but rolled over 15m

Gold remains bullish having posted at high over 1265 yesterday. My bias remains long and I entered again at 1258 last night. However, the intraday...

FOMC held rates steady

The Fed’s reluctance to commit to a time for QT beyond “relatively soon” and the fact that the Fed appeared to be moderately more concerned...

FOMC decision to outline its balance

U.S. markets will have a lot on their plates this week as they continue to assess the June jobs data, global developments in the aftermath of the G20 meeting...


In the past 24 hours Bitcoin has gained 0.46% and reached $7354.63. Open your trading account with the best cryptocurrency brokers on special terms today.

In the past 7 days the EUR/USD pair has lost -0.1166% and is now at $1.1665. Start trading and making money on Forex today.

In the past 7 days Ethereum has gained 8.61% and is now at $480.515. Have the most popular cryptocurrencies compared online 24/7.


Top Brokers offering Forex Market Analysis



Forex Currencies Forecasts



Top 10 Forex Brokers 2018

# Broker Review
1easyMarketseasyMarkets90%
2FXTMFXTM88%
3HYCMHYCM86%
4FIBO GroupFIBO Group79%
5FxProFxPro78%
6FXCMFXCM73%
7AvaTradeAvaTrade69%
8HotForexHotForex68%
9XMXM68%
10Alfa-ForexAlfa-Forex66%
  


Share: