OctaFX_Farid Posted July 7, 2014 Author Report Share Posted July 7, 2014 Austria Wholesale Prices n.s.a (MoM) unchanged at 0.1% in June Read more in Forex News OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 07, 2014 OctaFX.Com News Updates BoC's balance of opinion on future sales to rise to 32 in Q2 - TD Securities Annette Beacher, Head of Asia-Pacific Research at TD Securities believes that Bank of Canada's, due out later today, will offer a forecast on future sales suggesting a rise to +32 from +27. Key quotes "We expect the balance of opinion on future sales to rise to +32 from +27although the focus will be on the evolution of inflation expectations and the potential implications for the July 16 BoC Fixed Announcement Date." "Inflation expectations are poised to move higher due to the acceleration in core CPI through the second quarter." "June Ivey PMI (TDS: +53, market: +52.0) and building permits (market: +2.0% m/m) will take a backseat to the BOS." OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 07, 2014 OctaFX.Com News Updates EUR/USD regains 1.3600 FXStreet (Edinburgh) - The single currency managed to bounce off session lows in sub-1.3580 levels and is now pushing the EUR/USD to retake the key 1.3600 handle. EUR/USD propped up by EMU data Spot found much needed oxygen after the investor’s confidence tracked by the Sentix index in the euro area surprised markets to the upside for the month of July, advancing to 10.1 vs. 7.5 expected and up from June’s 8.5. At the moment the pair is partially trimming losses from recent peaks near 1.3700 the figure, intensified after the better Payrolls numbers. “EUR is unwinding from oversold conditions and further sustained down-move is unlikely. Allow for a test of 1.3570 before a recovery towards 1.3600 can be expected”, observed Quek Ser Leang, Market Strategist at UOB Group. EUR/USD levels to watch As of writing the pair is up 0.02% at 1.3598 with the next resistance at 1.3611 (high Jul.4) followed by 1.3664 (high Jul.3) and finally 1.3677 (200-d MA). On the flip side, a breakdown of 1.3576 (low Jun.26) would open the door to 1.3574 (low Jun.23) and then 1.3565 (low Jun.20). OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 07, 2014 OctaFX.Com News Updates Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted July 7, 2014 Author Report Share Posted July 7, 2014 BoE in the limelight this week - Investec FXStreet (Barcelona) - Jonathan Pryor, Corporate Treasury Analyst at Investec, underlines the relevance of the MPC meeting ahead in the week. Key Quotes "Very little out on the data front today so it’s likely the market will continue to be driven by the result of Thursday’s impressive payroll figures. However, the main event of the week will be when the Monetary Policy Committee makes its July announcement at midday on Thursday." "This will be the first MPC meeting since Mark Carney’s Mansion House speech, when the BoE Governor warned that interest rates could rise sooner than markets were expecting. However the motivation behind the statement is likely to have been to warn markets of a general trend, not an imminent event". "Accordingly policy looks set to be held steady again for now, with the Bank rate on hold at 0.5% and the stock of asset purchases at £375bn." OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 07, 2014 OctaFX.Com News Updates No additional easing expected from the BoJ this week - RBS FXStreet (Łódź) - The RBS team of analysts believe that the results of the June BoJ Tankan Survey, released last week, point to no action from the BoJ at its monetary policy meeting on Thursday. Key quotes "While large manufacturer sentiment D.I., the headline value, fell by more than our expectation to +12 points in the June BoJ Tankan Survey (+17 points in the previous survey), the value for the outlook improved in line with our estimate and the content was reasonable, in our view." "The BoJ expressed considerable confidence in achieving the price target by the middle of the outlook period through FY16." "The latest Tankan Survey confirms that the overall economy continues to run at a robust pace considering the absence of a sharp drop in employment and production and operational equipment D.I. values, despite encountering a demand setback from the consumption tax hike." "We expect the BoJ to sustain its assessment that 'the economy’s macro supply-demand balance continues to tighten' in light of the Tankan Survey results because it directly estimates and assesses a supply-demand balance for the utilisation of employment and economic capital." "We hence think that the BoJ will retain its bullish price outlook even without relying on a more complicated trend of an 'upward shift' by or 'steepening' of the Phillips curve presenting the average relationship between the macro supply-demand balance and inflation rate." OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 07, 2014 OctaFX.Com News Updates Dijsselbloem urges Greece to step up work on its bailout program FXStreet (Łódź) - Eurogroup head Jeroen Dijsselbloem urged Greece today at the monthly meeting of Eurozone Finance Ministers in Brussels to make more efforts to meet the bailout program requirements. Dijsselbloem stressed that Eurozone Member States should continue implementing structural reforms, not only promising to do that. The European Commission would assess the reforms' effectiveness, he added. Furthermore, the Eurogroup chief expressed his optimism about the outcome of EU bank stress tests. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 07, 2014 OctaFX.Com News Updates EUR/USD treading water near 1.3600 FXStreet (Edinburgh) - The single currency is looking to consolidate the recent bounce off session lows, taking the EUR/USD back to the vicinity of 1.3600 the figure as markets enter the US session. EUR/USD poised to remain sidelined? With the recent Payrolls numbers still hovering over markets and no relevant releases in both the euro area and the US until Wednesday, where the FOMC minutes are due, expectations for volatility in the pair remain pretty flat. In the view of analysts at Westpac Global Strategy Group, “Multi-month, EUR weakness should be driven by: 1) less supportive flow dynamics as signalled by the region’s shrinking basic balance surplus; and 2) near certain prospects for relatively faster growth in the ECB’s balance sheet vs the Fed, especially later this year as TLRTO comes into play. Draghi’s reference to EUR1 trillion in the latter prevented a break of 1.37 so the sell zone may now be the mid-1.36s”. EUR/USD levels to watch As of writing the pair is retreating 0.01% at 1.3592 and a breakdown of 1.3576 (low Jun.26) would open the door to 1.3574 (low Jun.23) and then 1.3565 (low Jun.20). On the upside, the initial hurdle lines up at 1.3611 (high Jul.4) followed by 1.3664 (high Jul.3) and finally 1.3677 (200-d MA). OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 07, 2014 OctaFX.Com News Updates Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted July 7, 2014 Author Report Share Posted July 7, 2014 EUR/USD mixed signals – Scotiabank FXStreet (Guatemala) - Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank noted that the EUR comes with mixed signals. Key Quotes: "EUR/USD short‐term technicals: mixed—EUR buy signals have faded and sell signals are beginning to form”. “We expect EUR to trade within a broad range, loosely defined as 1.35 to 1.37 for the near‐term." OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 07, 2014 OctaFX.Com News Updates EUR/GBP heading for 0.78 region - Rabobank FXStreet (Guatemala) - Analysts at Rabobank explained that even though recent comments from ECB hawk Weidmann warned about risks to financial stability from keeping monetary policy too loose, he made clear that he was fully on board with the measures announced by the committee last month. “He remarked that “the point is to prevent a phase of inflation that is too low for too long, as this could cripple the economy in the Eurozone””. “Although to date, the dovish sentiments from ECB officials have had limited effect on undermining the value of the EUR, as the market becomes increasingly confident in its assessment of the divergence of the policy outlooks between the ECB and other central banks, a reaction is likely to be played out in the EUR crosses”. “We see scope for EUR/GBP to end the year in the 0.78 region and to continue heading lower into 2015 towards the 0.77 level on a 12 mth view”. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 07, 2014 OctaFX.Com News Updates US stocks decline after holiday FXStreet (Córdoba) - Stocks finished lower in Europe and are falling in Wall Street at the beginning of the week. A decline in german industrial output weight on European stocks. The FTSE 100 lost 0.62% while the Dax fell 1.03%. The worst among European indexed was France’s Cac 40 that dropped 1.41%. Trading resumed in Wall Street after Friday’s holiday. Main indexes are falling as speculation about when the Federal Reserve will move rates increases, particularly ahead of the release of the FOMC minutes. The Dow Jones is losing 0.35%, holding slightly above the 17,000 mark while the Nasdaq losses 0.73% and the S&P 500 drop 0.48%. As US stocks are pulling back from record highs, gold and crude oil are also falling. The yellow metal trades at $1,317/oz, down 0.25% while the barrel is losing 0.60% at $103.40. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 07, 2014 OctaFX.Com News Updates Impervious to better US data? - WIB FXStreet (Guatemala) - Analysts at Westpac Banking Corporation ABN put the question out there of, “Delayed reaction or are financial markets simply impervious to better US data?” Key Quote: “Last week's strong NFP outcome makes it five in a row of 200k+ outcomes, yet US yields and the US$ remain in well rehearsed ranges”. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 07, 2014 OctaFX.Com News Updates BoE and rate outlook for Q2 2015 - Rabobank FXStreet (Guatemala) - Jane Foley, Senior Currency Strategist at Rabobank noted that there is already a lot of good news priced into the pound. Key Quotes: “UK data releases from the third quarter of last year have revealed far more momentum behind the UK economic recovery than almost anyone had expected. This has culminated in widespread expectations that the BoE will be the second developed world central bank to hike rates this cycle, after the RBNZ. The latest survey from Reuters reveals that half of respondents now expect the first hike in the initial quarter of next year, with a decent minority looking for a move late this year”. “Only a few weeks ago, the market consensus for the first BoE rate hike stood at Q2 2015, but confidence in this view was rattled by the remarks of BoE Governor Carney at the Mansion House on June 12. Carney commented that he was surprised by the relatively low probability that the market was attaching to the likelihood of a hike in the bank rate this year; the market consensus duly shifted”. “The outlook for BoE rates, however, is not clear cut. As Carney remarked later in June, wage inflation in the UK remains surprising low. This would appear to suggest that there is more spare capacity in the labour market than the aggressive fall in the unemployment rate would suggest”. “Not only is wage inflation still subdued but UK CPI inflation at 1.5% y/y is well below the BoE’s 2.0% target. Disinflation is a common theme across Europe currently and sterling strength will be contributing to downward pressure on UK import prices. For this reason we have left our forecast for the first BoE rate hike of the cycle at Q2 2015, at least for the time being. Not so many months ago, we were more hawkish than the market consensus, now we find ourselves in the dovish camp”. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 07, 2014 OctaFX.Com News Updates Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted July 8, 2014 Author Report Share Posted July 8, 2014 AUD/USD clinches to 0.9400 FXStreet (Edinburgh) - The bid tone around the Aussie dollar remains intact at the beginning of the week, now lifting the AUD/USD back above the 0.9400 key barrier. AUD/USD extend the correction higher Renewed buying interest is helping the AUD retrace part of last week’s deep sell-off to sub-0.9330 levels, pushing spot to advance for the second consecutive session so far. In the same direction, positive confidence gauges in Oz are also collaborating with the bullish sentiment. “While the recent softening in fears about the pace of growth in the Chinese economy is supportive for the AUD, we expect these concerns to resume in the months ahead and anticipate a weaker outlook for the AUD/USD medium-term. We see risk that AUD/USD could start pushing down towards the 0.80 level by the end of this year, dependent on the news from China”, assessed Jane Foley, Senior Currency Strategist at Rabobank. AUD/USD key levels As of writing the pair is advancing 0.37% at 0.9407 with the next resistance at 0.9443 (high Jul.3) followed by 0.9499 (high Jul.2) and finally 0.9505 (high Jul.1). On the flip side, a breakdown of 0.9344 (low Jul.4) would expose 0.9341 (50-d MA) and then 0.9327 (low Jul.3). OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 08, 2014 OctaFX.Com News Updates Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted July 8, 2014 Author Report Share Posted July 8, 2014 GBP/USD steady above 1.7100 after GDP estimate FXStreet (Buenos Aires) - The GBP/USD holds steady near its session highs of 1.7125 after the release of the UK NIESR GDP Estimate in line with expectations at 0.9%. Having suffered from an early kneejerk down to 1.7084 early Europe as UK output data disappointed, Pound has proved once again it won’t give up easily to latest macroeconomic data: one swallow does not make a summer, and indeed one bad reading can’t take a good trend down. Most analyst still agree latest slide from the year high of 1.7179 post last week seems for now corrective, and that further downward pressure is required to confirm at least a decent correction: the 23.6% retracement of the 1.6698/1.7179 rally stands now at 1.7060 offering immediate short term support, followed then by the 38.2% retracement at 1.6996. To the upside, recent intraday highs offer resistance around 1.7145 followed then by the mentioned year high. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 08, 2014 OctaFX.Com News Updates Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted July 9, 2014 Author Report Share Posted July 9, 2014 GBP/USD relaxing back onto support 1.7130 FXStreet (Guatemala) - GBP/USD is trading at 1.7130, down -0.01% on the day, having posted a daily high at 1.7148 and low at 1.7094. GBP/USD is relaxing back onto the support here ahead of the FOMC minutes. Then, tomorrow, we will get the BoE. However, this may not be much of an event and Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained,"We do not expect any surprises at tomorrow’s BoE meeting, with both interest rates and the asset purchase program on hold at 0.5% and £375bn respectively. Next week’s CPI release and slew of data is the next hurdle for GBP. We expect near‐term upside but an easing into year‐end; holding a Q414 target of 1.70." GBP/USD Levels Current price is 1.7131, with resistance ahead at 1.7134 (Daily Open), 1.7138 (Hourly 100 SMA), 1.7148 (Daily High), 1.7150 (Yesterday's High) and 1.7160 (Daily Classic R1). Next support to the downside can be found at 1.7127 (Weekly Low), 1.7122 (Hourly 20 EMA), (Daily Classic PP), 1.7120 (Hourly 200 SMA) and 1.7116 (Weekly Classic PP). OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 09, 2014 OctaFX.Com News Updates USD/JPY gaining on yesterday’s business FXStreet (Guatemala) - USD/JPY> is trading at 101.71, up 0.14% on the day, having posted a daily high at 101.75 and low at 101.45. USD/JPY is still trading within a multi‐month range and we now await the FOMC minutes. Analysts at TD Securities said, “We know the Fed and Yellen are nevertheless gaining confidence in moving toward both inflation and employment objectives. This will be reflected in the tone of these minutes. If past is prologue then the recent price action since Friday suggests Treasuries are vulnerable today. In each of the past 6 FOMC Minute releases the 10yr yield has moved higher, by an average of 4bps. 5yr yields have outperformed over these same dates, rising by an average of 2 bps”. USD/JPY Levels Current price is 101.71, with resistance ahead at 101.75 (Daily High), 101.82 (Daily 200 SMA), 101.83 (Daily Classic R1), 101.86 (Daily 20 SMA) and 101.87 (Weekly Classic PP). Next support to the downside can be found at 101.71 (Hourly 200 SMA), 101.66 (Hourly 20 EMA), (Daily Classic PP), 101.58 (Daily Open) and 101.58 (Weekly Low). OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 09, 2014 OctaFX.Com News Updates United States 10-Year Note Auction fell from previous 2.64% to 2.597% Read more in Forex News OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 09, 2014 OctaFX.Com News Updates USD/JPY starting to become neutral looking - UOB Group FXStreet (Guatemala) - The Market Strategy Team at UOB Group are changing their view on USD/JPY. Key Quotes: "The break below 101.50 earlier this morning means our recent view for a move towards 102.45 is wrong. The outlook for USD appears to be neutral from here, expect 101.20/102.25 range for the next 1 to 1.5 weeks." OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 09, 2014 OctaFX.Com News Updates EUR/USD offered post FOMC minutes FXStreet (Guatemala) - EUR/USD is trading at 1.3615, up 0.02% on the day, having posted a daily high at 1.3644 and low at 1.3602. EUR/USD is however slightly offered here post the release of the FOMC minutes. The minutes essentially confirmed the markets expectations that the Fed will be leaning towards October as and end for their QE programme. EUR/USD Levels Spot is presently trading at 1.3615, and next resistance can be seen at 1.3617 (Hourly 20 EMA), 1.3619 (Yesterday's High), 1.3622 (Daily 20 SMA), 1.3626 (Daily Classic R1) and 1.3627 (Weekly Classic PP). Next support to the downside can be found at 1.3613 (Daily Open), 1.3606 (Daily Classic PP), 1.3604 (Hourly 100 SMA), 1.3602 (Daily Low) and 1.3595 (Weekly Low). OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 09, 2014 OctaFX.Com News Updates Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted July 10, 2014 Author Report Share Posted July 10, 2014 EUR/JPY sees strong selling pressure on the market - ForexTrading.TV FXStreet (Łódź) - Petar Jacimovic, currency analyst at ForexTrading.TV, observes that the EUR/JPY experiences strong selling pressure on the market. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 10, 2014 OctaFX.Com News Updates United States EIA Natural Gas Storage change came in at 93B, above forecasts (92B) in July 4 Read more in Forex News OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 10, 2014 OctaFX.Com News Updates GBP/USD resists above 1.7100 FXStreet (Córdoba) - The rejection of the GBP/USD from the 1.7165 area has contained at the beginning of the New York session just a few pips before hitting the 1.7100 psychological mark. The GBP/USD failed to sustain gains as investors seemed unwilling to buy the GBP before the BoE decision and the pair continued to fall after the bank offered no surprises. The Cable bottomed out at 1.7103 and with the subsequent bounce capped by the 1.7130, it was confined to a phase of consolidation. At time of writing, the GBP/USD is trading at 1.7110, 0.26% below its opening price. GBP/USD technical outlook “In the 4 hours chart the technical picture is mild bearish, with risk to the downside limited by 1.7060, 23.6% retracement of the latest bullish run”, said Valeria Bednarik, chief analyst at FXStreet. Bednarik locates next supports at 1.7095, 1.7060 and 1.7020, while she sees resistances at 1.7150, 1.7180 and 1.7220. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 10, 2014 OctaFX.Com News Updates Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted July 10, 2014 Author Report Share Posted July 10, 2014 EUR/GBP turns to the downside from 1-week highs FXStreet (Córdoba) - The EUR/GBP hit a fresh daily low during the American session at 0.7935, extending the decline from 1-week highs. Before the Bank of England’s decision the pair climbed to 0.7968, the strongest level since July 3. Afterward the Euro lost momentum across the board and pushed the EUR/GBP to the downside. The pair lost more than 30 pips in a few hours and bottomed hitting 2-day lows. Currently trades at 0.7944, down 0.08% for the day. EUR/GBP still positive for the week Despite pulling back on Thursday the Euro is still headed toward a modest weekly gains, recovering from 22-month lows. The dominant trend on a wider perspective remains bearish. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 10, 2014 OctaFX.Com News Updates AUD/USD bounces off lows and trades back at 0.9285 FXStreet (San Francisco) - After falling around 100 pips from yesterday's highs of 0.9455, the AUD/USD finally found support at 0.9360 in the European morning and it started to trade sideways around the 0.9375 area. However, the gold at highs is supporting the AUD/USD and now the pair jumped 15 pips to break above recent range and to trade at 0.9350. Currently, AUD/USD is trading at 0.9384, down 0.29% on the day, having posted a daily high at 0.9459 and low at 0.9361. AUD/USD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bearish. AUD/USD sentiment "AUD/USD holds around critical 0.9370, supported by gold momentum, trading at $1342/oz, levels not seen since past March," comments Valeria Bednarik from FXStreet. "Nevertheless, the hourly chart presents a mild bearish tone, with price below moving averages and indicators in negative territory, showing no actual momentum at the time being." OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 10, 2014 OctaFX.Com News Updates Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted July 10, 2014 Author Report Share Posted July 10, 2014 EUR/USD coming with a bearish bias - BTMU FXStreet (Guatemala) - FX Strategists at the Bank of Tokyo Mitsubishi UFJ notes the conditions surrounding the EUR/USD and key events that are to take place. Key Quotes "We had a bearish bias last week in respect to the strong US employment report and a low of 1.3576 was recorded before EUR/USD rebounded to today’s high of 1.3651. We are inclined to stick with the bearish bias again for the week ahead given spot today is already lower from today’s high in response to the news that an entity in Portugal’s Espirito Santo Financial Group missed some short-term debt repayments. The 10-year Portuguese government bond yield spread over Germany is 47bps higher this week and this could have further to play out as we move through the week ahead given the bank within this financial group is Portugal’s largest lender." "The key event outside of Europe next week will of course be the semi-annual testimony to Congress by Chair Yellen, starting in the House on 15th July at 1500. We are wary of claiming that next week is the week when Yellen turns hawkish – that’s unlikely, but at the same time it seems reasonable to assume that Yellen will be more forthcoming over labour market improvement and inflation starting to move higher. There are no major economic data releases from the euro-zone over the coming week but ECB President Draghi will give testimony to the Committee of Economic and Monetary Affairs of the European Parliament at 1800 BST on Monday." OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 10, 2014 OctaFX.Com News Updates Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted July 12, 2014 Author Report Share Posted July 12, 2014 Session Recap: Quiet day but the wild Canadian FXStreet (San Francisco) - Majors traded inside small ranges on Friday as investors were quiet in a summer Friday session. However, the Canadian Dollar fell strongly as unemployment rate in Canada rose to 7.1%. Germany and Netherlands ratings were affirmed including an upgrading in the Outlook of Holland. The USD/CAD jumped 100 pips from 1.0630 to peak to 1.0735, highest since June 25. The pair finally close at 1.0725. "A medium-term bottom has been established with today's close above 1.07," comments Jamie Coleman from FXBeat. "Jawboning from Stevens sent AUD to 0.9377 from 0.9400 before we stabilized near 0.9388 at the close." Main headlines in the American session Canada: Unemployment rate (Jun) up to 7.1% S&P affirms Germany’s sovereign rating with a stable outlook Fitch revises Netherlands outlook to stable; ratings affirmed at AAA US stocks closed Friday with gains but lower in the week OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 12, 2014 OctaFX.Com News Updates EUR/JPY finishing on a bearish note FXStreet (Guatemala) - EUR/JPY is trading at 137.81, down -0.02% on the day, having posted a daily high at 138.08 and low at 137.68. EUR/JPY spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bearish into the close. We now await the BoJ next week and a speech from Draghi on Monday. Looking to a daily chart, we see that RSI is neutral at 37.53 with some room to the downside to go if traders be so inclined. EUR/JPY Levels With spot trading at 137.85, we can see next resistance ahead at 137.91 (Weekly Low), 137.91 (Daily Open), 138.04 (Daily Classic PP), 138.08 (Daily High) and 138.13 (Weekly Classic S1). Support below can be found at 137.84 (Hourly 20 EMA), 137.83 (Month OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 12, 2014 OctaFX.Com News Updates Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted July 14, 2014 Author Report Share Posted July 14, 2014 European Monetary Union Industrial Production s.a. (MoM) above expectations (-1.2%) in May: Actual (-1.1%) Read more in Forex News OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 14, 2014 OctaFX.Com News Updates Sharp drop in EMU May IP doesn't bode well for the sector’s performance in Q2 - ING Martin van Vliet from ING comments on the considerable decline in Eurozone Industrial Production numbers for May, suggesting that it highlights the lacklustre and bumpy nature of the Eurozone recovery. Key quotes "Industrial output in the 18-country region fell by 1.1% MoM, more than reversing the revised 0.7% increase seen in April." "If industrial production were to remain unchanged in June, it would have contracted by -0.3% QoQ in Q2. However, there are two reasons why we think output will bounce back sharply in June." "First, May’s decline in output may have been exacerbated by the timing of public holidays, as this may have prompted people to take extra days off work (which is not adequately captured in the seasonal and working day adjustment). " "Second, the recent weakness in industrial output is more pronounced than suggested by the PMI manufacturing survey." "We would need to see further PMI weakness before we become concerned about a stalling industrial (and wider) recovery." "That being said, with industrial output still more than 12% below its pre-crisis peak, there remains a long way to go before the slack in the industrial sector is fully eroded." OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 14, 2014 OctaFX.Com News Updates Poland M3 Money Supply (YoY) declined to 5.2% in June from previous 5.3% Read more in Forex News OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 14, 2014 OctaFX.Com News Updates Chinese Premier confident growth to remain in reasonable range FXStreet (Łódź) - Ahead of the release of Chinese Q2 GDP numbers on Wednesday, Premier Li Keqiang expressed confidence that the result would show that the economy continued growing at a reasonable pace. Speaking on Chinese state TV on Monday Li Keqiang assured that mid to high level of GDP growth should be maintained. He added however that the economy could experience downward pressure for some more time and stressed that the authorities must take targeted measures to reduce companies' financing costs. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 14, 2014 OctaFX.Com News Updates Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted July 14, 2014 Author Report Share Posted July 14, 2014 EZ industrial outputs disappoint - BBH FXStreet (Guatemala) - Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman noted the disappointments from the EZ industrial outputs. Key Quotes "Four euro area countries reported industrial output figures and they all disappointed with some declines in excess of 1% in May. This prepared the market for today's news a 1.1% decline on the aggregate level. It more than offsets the 0.7% (was 0.8% before the revision) gain in April and is the second decline in three months." OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 14, 2014 OctaFX.Com News Updates EUR/USD ranges, bear are nervous - Scotiabank FXStreet (Guatemala) - Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained they expect EUR to be comfortable range trading between 1.35 and 1.37 until there is a catalyst to force it lower. Key Quotes: “This week, inflation, trade and ECB commentary by President Draghi, Coeure and Noyer will prove the highlights. The CFTC EUR position stabilized this week at a net short of ‐$10bn, the failure for it to build further is a warning signal that bears are once again growing nervous." "EUR/USD short‐term technicals: mixed—with most signals and spot suggesting EUR is range bound, likely between 1.35 and 1.37. Near term support lies at the recent 1.3576 low; while resistance comes in at the 200‐day MA at 1.3678." “We hold a year‐end forecast of 1.30." OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 14, 2014 OctaFX.Com News Updates EUR/USD steady on same old, same old Draghi FXStreet (Guatemala) - EUR/USD is trading at 1.3611, up 0.03% on the day, having posted a daily high at 1.3641 and low at 1.3598. EUR/USD has been consolidating the downside from 1.3641 and markets have been keeping an ear on Draghi who has been speaking. Much of what he has said has already been priced in from previous commentary at previous ECB press conferences, such as rates to stay at present or lower levels for extended period of time. The EUR/USD has thus remained steady throughout the speech. EUR/USD Levels Spot is presently trading at 1.3611, and next resistance can be seen at 1.3612 (Weekly Classic PP), 1.3615 (Hourly 100 SMA), 1.3616 (Hourly 20 EMA), 1.3617 (Hourly 200 SMA) and 1.3621 (Daily 20 SMA). Next support to the downside can be found at 1.3608 (Daily Classic PP), 1.3605 (Weekly Low), 1.3599 (Daily Open), 1.3598 (Daily Low) and 1.3592 (Yesterday's Low). OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 14, 2014 OctaFX.Com News Updates Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted July 15, 2014 Author Report Share Posted July 15, 2014 Fed's Yellen: Rate hikes may start earlier if labor market recovery quickens FXStreet (Łódź) - Janet Yellen suggests that the Fed could start raising rates more quickly than currently expected if the US labor market improves more quickly than projected. • Slack in the labor market still lingers. • Yellen signals that rates should stay low for a long period post- QE, the end of which is planned for October. • Equity and real-estate appears to be normally valued, while high yield markets appear stretched. • FOMC's growth, unemployment and inflation forecasts are surrounded by "considerable uncertainty," Yellen says. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 15, 2014 OctaFX.Com News Updates Yellen defends current Fed policy Fed head Janet Yellen, who testified on Tuesday before the US Senate Banking Committee, suggested that the US economic recovery was not complete yet, despite recent improvements, therefore a "high degree" of accommodation remained appropriate. Yellen pointed to the considerable slack still evident on the US labor market. "Too many Americans remain unemployed," she stressed adding that in the meantime inflation remained below the 2% target. She signaled that if the employment situation improved at a quicker pace than currently estimated, rate hikes could come earlier than projected by the FOMC at the moment, but still she saw rates remaining at low levels long after the withdrawal of QE. The Fed chief also expressed concern about the recovery on the US housing market, which had shown little progress this year. FOMC's growth, unemployment and inflation forecasts are surrounded by "considerable uncertainty," Yellen said. In the Q&A part of the testimony the Fed chief admitted that the recovery on the labor market, although slow, was evident and that many economic indicators were improving substantially. The decline in Q1 GDP was most probably due to transitory factors, she suggested. Nevertheless, she wouldn't be more specific about the timing of the first rate hike, as it depended on further progress. The US economy has to be seen on a solid trajectory before rates start rising, Yellen stressed. Jamie Coleman from FXBeat believes that this sums up Yellen's stance: "She would rather see the economy overheat a little than derail a rebound prematurely as the Fed has done twice since the financial crisis." The EUR/USD began to move lower amid jitters minutes before the testimony of Fed Chair Yellen before the US Congress, but bounced before hitting daily lows as the testimony gets underway. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 15, 2014 OctaFX.Com News Updates USD/CAD manic conditions with BoC approaching - TD Securities FXStreet (Guatemala) - Despite the rally we have seen in funds on the back of Yellen today, it is still worth noting that Shaun Osbourne, Chief FX Strategist at TD Securities explained that Wednesday’s BoC policy announcement looms quite large over the market, there is even less incentive to push the CAD around independently of the big dollar's broader lead today. Key Quotes: “Note that the crude is one of the stronger drivers of the CAD potentially, according to our correlation matrix; weakness in WTI below USD100 may add incremental pressure on the CAD." "We expect no change in BoC policy but there is clearly some anticipation building up in the market that Governor Poloz can tilt the policy outlook a little more dovishly as the recent pick-up in inflation is likely to abate and last week’s Canadian employment data clearly highlighted the fact that the Canadian jobs market is under-performing." "We think the extended drop in funds since March essentially reflects a positioning overhang that had to be corrected after the CAD sell-off that developed through the early part of the year failed to extend. IMM data suggest that the CAD short-covering among speculative accounts is now largely complete." "Market positioning is more neutral now and we do not think there are strong incentives to build CAD long positions aggressively considering the domestic backdrop. The bounce in USD/CAD since Friday’s weak jobs report may signal the resumption of a broadly softer CAD trend." "Technically, there are strong signals in USD/CAD (and supporting evidence on some of the major CAD crosses) that the stronger CAD trend that has prevailed in the past few months is at a turning point finally. USD/CAD has turned at an important technical juncture—major trend and retracement support in the low/mid 1.06 area." "Price signals on the short and medium-term charts are bullish. We expect firm support on modest dips —high 1.06s— from here and for USD/CAD to push back to the low 1.08 area soon. Gains through here (40-day MA at 1.0825 currently) would be more obviously positive for the USD/CAD outlook." OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 15, 2014 OctaFX.Com News Updates EUR/USD consolidates below 1.3580 FXStreet (Córdoba) - The EUR/USD is having on Tuesday the worst day in week and is headed toward the lowest daily close since June 18. A stronger US dollar pushed the pair to the downside. On American hours bottomed at 1.3560 then rebounded but the recovery was capped by 1.3580. Currently, near Wall Street closing bell the EUR/USD trades at 1.3565, 50 pips below the price it had at the beginning of the day. EUR/USD breaking range After moving during several days in a small trading range the EUR/USD broke a short term support around 1.3580 and lost momentum. Downside pressure is still seen in the pair. “In the 4 hours chart the pair presents a strong downward momentum which support some continued slide towards immediate short term support at 1.3535”, says Valeria Bednarik, Chief Analyst at FXStreet. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 15, 2014 OctaFX.Com News Updates Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted July 16, 2014 Author Report Share Posted July 16, 2014 United States Industrial Production (MoM) came in at 0.2%, below expectations (0.4%) in June Read more in Forex News OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 16, 2014 OctaFX.Com News Updates AUD/USD extiende rebote desde el importante 0.9320/25 FXStreet (San Francisco) - Jamie Coleman de FXBeat afirmó recientemente que el 0.9320/25 es un enorme nivel fundamental para el AUD/USD. Y eso, el par lo probó durante la noche con el consiguiente rebote al 0.9360 actual. "Ese es el 61,8% del último rally de 0.9210/0.9505 y por debajo de ese nivel la multitud de complacientes 'carry traders' comenzarán a ponerse nerviosos", afirma Coleman. Actualmente, el AUD/USD se cotiza a 0.9359, baja 0.11% en el día, después de haber publicado un máximo diario en 0.9377 y mínimo a 0.9329. AUD/USD sentimiento Si par cae por debajo de 0.9320, el mercado vería una liquidación en el par. Los próximos soportes serían 0.9300, 0.9250 y 0.9210. Por el lado positivo, 0.9375, 0.9400 y 0.9420 son resistencias. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 16, 2014 OctaFX.Com News Updates Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted July 17, 2014 Author Report Share Posted July 17, 2014 EMU: Annual CPI up 0.5% in June, as expected FXStreet (Łódź) - According to data released today by Eurostat, Eurozone annual inflation rose 0.5% in June, following 0.5% growth registered the previous month. This result is in line with analysts' forecasts. On a monthly basis Eurozone CPI edged up 0.1%, after sliding 0.1%, as expected. Year-over-year Core CPI rose 0.8% in June, up from 0.7%, in line with projections. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 17, 2014 OctaFX.Com News Updates Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted July 17, 2014 Author Report Share Posted July 17, 2014 ECB's Constancio: Strictness of stress tests not only about results FXStreet (Łódź) - Vice-President of the ECB Vítor Constâncio commented on the details of Eurozone bank stress tests, released by the central bank on Thursday, saying that their strictness was not only about the results, as they have already prompted many lenders to raise new capital. “Banks know what we expect and have advance notice to prepare for the outcome of the comprehensive assessment,” the ECB policymaker said in a statement. “Much work has already been undertaken to repair banks’ balance sheets and, encouragingly, this work is continuing.” Constâncio admitted that some of the financial institutions would fail the stress tests but that there shouldn't be too many of them. He also added that the current strength of the euro reflected the improvement in market sentiment. "The upcoming stress tests have the potential to create some large volatility," Ryan Littlestone speculates on ForexLive. "Bad news and the euro plummets, good news and it rockets." OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 17, 2014 OctaFX.Com News Updates EUR/USD finds support at 1.3520 FXStreet (San Francisco) - The EUR/USD reacted to the upside following the better than expected jobless claims in US as the pair is trading slightly bullish at 1.3530 after supporting the 1.3520. Earlier in the day, the EUR/USD peaked to 1.3540 where the pair found selling interest and it was launched down to test the 1.3520. Currently, EUR/USD is trading at 1.3531, up 0.04% on the day, having posted a daily high at 1.3541 and low at 1.3521. EUR/USD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is strongly bearish. EUR/USD sentiment "EUR/USD is seeing some light short-covering, now at 1.3530. A sustained move through 1.3540 is needed to make the weak shorts sweat," comments Jamie Coleman from FXBeat. "A move above 1.3580 is needed to make them puke." To the upside, resistances are seen at 1.3540, 1.3560 and 1.3570. Supports are at 1.3520, 1.3500 and 1.3510. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 17, 2014 OctaFX.Com News Updates GBP/USD struggling around 1.7100 FXStreet (Córdoba) - The GBP/USD has extended its decline below the 1.7100 psychological level at the beginning of the American session as the USD benefits from decline in risk appetite. The GBP/USD dipped to a low of 1.7093 but bears lacked determination to take the GBP lower. A series of mixed US data barely affected the pair that continued to hover around 1.7100. At time of writing, the GBP/USD is trading at 1.7105, 0.17% below its opening price. US housing starts fell 9.3% in June, while consensus was looking for a small uptick. Meanwhile, initial jobless claims dropped to 302K last week, beating the 310K expected. GBP/USD levels to watch In terms of technical levels,on the downside next supports could be found at 1.7073 (23.6% Fibo of 1.6692-1.7190) and 1.7058 (Jul 15 low). On the flip side, resistances are seen at 1.7190 (2014 high Jul 15) and 1.7200 (psychological level). OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 17, 2014 OctaFX.Com News Updates United States Philadelphia Fed Manufacturing Survey came in at 23.9, above expectations (16) in June Read more in Forex News OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 17, 2014 OctaFX.Com News Updates United States EIA Natural Gas Storage change came in at 107B, above forecasts (99B) in July 11 Read more in Forex News OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 17, 2014 OctaFX.Com News Updates Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted July 18, 2014 Author Report Share Posted July 18, 2014 Risk aversion increasing in the global markets - BTMU FXStreet (Barcelona) - Derek Halpenny, European Head of Currency Strategy at the Bank of Tokyo Mitsubishi UFJ, remarks sentiment around safe havens are building up. Key Quotes "Financial markets have been unsettled by the upturn in geopolitical risks after the downing of a civilian airplane over Eastern Ukraine and after Israel began a ground-offensive operation in Gaza. The VIX index jumped a huge 32% to close at 14.54, crude oil was up 2% while the price of gold increased 1.5%." "With the EU and US sanctions being digested by the markets yesterday, USD/RUB jumped 2.2%. However, outside of the rouble move, the foreign exchange market remains remarkably stable." "One-month USD/JPY implied volatility is currently at 4.89%, up from 4.45% on Wednesday, which was another record low. Volatility in EUR/USD and other major currency pairs remains subdued as well." "In part we think this is explained by the latest downturn in UST bond yields in the US – the 10-year yield fell to 2.44% yesterday, matching the low from May, a level not seen since May last year. The 10-year yield is down 20bps since early July." "Higher yields in the US is going to be the key catalyst for increased volatility in the foreign exchange market as investors eye greater divergence with other major economies and general risk appetite conditions become less favourable. These latest developments, it is believed, make it more likely that all central banks will remain on the same page for longer, thus limiting the risk of any major change in financial market developments." OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 18, 2014 OctaFX.Com News Updates Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted July 18, 2014 Author Report Share Posted July 18, 2014 United States CB Leading Indicator (MoM) came in at 0.3%, below expectations (0.5%) in June Read more in Forex News OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 18, 2014 OctaFX.Com News Updates EUR/USD at levels not seen since last February - FXStreet FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik observes that EUR/USD is moving close to levels handful only several pips away from the critical 1.3476 year low. Key quotes "The EUR/USD finally moved away from the 30 pips range that contained price for most of the week, with the hourly chart showing an increased bearish potential as per price accelerating below its 20 SMA and the 4 hours chart showing indicators resuming the downside after repeated failure around 1.3535 static resistance." "Immediate support comes at 1.3476, this year low, and a large amount of stops should stand below so if trigger, the slide may quickly extend. " OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 18, 2014 OctaFX.Com News Updates More USD/CAD range trading expected - TD Securities FXStreet (Łódź) - The TD Securities Rates, FX and Commodities Research team note that USD/CAD continues to struggle to push above short-term resistance in the upper 1.07 range. Key quotes "We had been looking for a push to 1.0766 as a consequence of the move above 1.0695 resistance zone earlier this week and while the USD is lacking the incentive—and momentum—to extend the rally at the moment." "We think neutral directional momentum at this point suggests more range trading, rather than a renewed turn lower, in USD/CAD from here." "The daily chart for USD/CAD reflects the strong overhead resistance in funds in the upper 1.07 zone, with trend line resistance off the major cycle high above 1.12 capping gains." "After five waves down and last week’s strong rejection on the daily and weekly charts of the 1.0600/50 area, however, we still rather think risks are geared towards a push higher." "Gains should pick up above 1.0810/15 where the 200-day MA and the May/June lows converge." "We think a rebound to the 1.10 area (at least) is achievable still (1.1027 equals a 61.8% retracement of the 1.1277/1.0622 drop). We remain bullish above 1.06." OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 18, 2014 OctaFX.Com News Updates Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted July 19, 2014 Author Report Share Posted July 19, 2014 GBP/USD closing before the pivot on 1.70 handle FXStreet (Barcelona) - GBP/USD is trading at 1.7084, down -0.09% on the day, having posted a daily high at 1.7119 and low at 1.7036. GBP/USD has fallen shy of the trophy 1.71 handle at the end of this week after a valiant effort to withhold its champion status. Rumours that Carney had given a dovish interview to the press was eventually gathered as being untrue. We are closing here below the pivot by the looks of it. GBP/USD Levels Spot is presently trading at 1.7086, and next resistance can be seen at 1.7101 (Daily Open), 1.7110 1.7114 (Hourly 100 SMA) and 1.7119 (Daily High). Support below can be found at 1.7085 (Yesterday's Low), 1.7082 (Daily 20 SMA) and 1.7075 (Weekly Classic S1). OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 18, 2014 OctaFX.Com News Updates Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted July 21, 2014 Author Report Share Posted July 21, 2014 Geopolitical tensions boosting the JPY - BTMU FXStreet (Barcelona) - Lee Hardman, FX Analyst at the Bank of Tokyo Mitsubishi UFJ, observed the strength around the Japanese currency following geopolitical jitters. Key Quotes "The yen has continued to strengthen modestly in the Asian trading as global investor risk sentiment has been soured in the near-term by heightened geopolitical tensions". "The leaders of Britain, France, and Germany on Sunday called on Russian President Putin to ensure that pro-Russia separatists in eastern Ukraine allow the recovery of bodies from the Malaysia Airlines Flight MH17." "They also agreed that the EU must be ready to impose further sanctions on Russia when foreign ministers meet on Tuesday according to a spokesperson from the UK prime minister. Britain will reportedly push as early as today for a UN Security Council resolution to ensure that the Ukraine-led crash enquiry can proceed without delay". "German Chancellor Merkel reportedly spoke by telephone with Russian President Putin and her spokesperson confirmed that they had agreed that an independent investigatory commission led by the International Civil Aviation Organisation should get quick access to the crash site. Australian prime minister Abbott has also threatened to block Russian President Putin from attending the G20 summit in November if Russia does not help to facilitate an independent investigation." OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 21, 2014 OctaFX.Com News Updates EU ready to impose further sanctions on Russia FXStreet (Łódź) - In the recent developments regarding the shooting down of Malaysia Airlines plane in Ukraine, UK PM David Cameron declared that the EU was prepared to impose further sanctions on Russia, which on Sunday he accused of contributing to the tragedy through its support for the separatists militants. The sanctions could include an export ban on defense equipment and also focus on advanced industrial goods which might have dual use for defense purposes, Cameron said. He also called for halting the flow of troops and weapons from Russia into Ukraine and for Moscow to withdraw all its support for the separatists. EU foreign ministers will meet in Brussels on Tuesday to discuss the situation. Meanwhile, the Kremlin said that Russian president Vladimir Putin would hold a meeting with the Security Council on “safeguarding of sovereignty and territorial integrity” later today. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 21, 2014 OctaFX.Com News Updates USD/CAD consolidates in the mid-1.0700 area FXStreet (Córdoba) - The USD/CAD has barely moved Monday and has spent most of the day consolidating within a narrow range, following price swings seen Friday. With no much ahead in terms of economic data, the pair might extend its consolidation phase during the American hours as investors refrain from taking big positions. At time of writing, the USD/CAD is trading at 1.0745, 0.14% above its opening price. USD/CAD technical outlook "For today, we see minor resistance developing in the mid 1.07 area as our session gets underway, which may mean another look at support in the low 1.07 area but we think scope for CAD gains is limited at this point", said the TD Securities team. "We look for firm support on minor weakness to the 1.0710/15 area… USD/CAD trading above 1.0750 should see 1.0800/15 retested". OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 21, 2014 OctaFX.Com News Updates AUD/USD finds support at 0.9370 FXStreet (San Francisco) - The Aussie's decline from the 0.9400 area against the US Dollar was supported at 0.9370 where the AUD/USD found buying interest as it bounced back to 0.9380. Currently, AUD/USD is trading at 0.9379, down 0.17% on the day, having posted a daily high at 0.9402 and low at 0.9371. AUD/USD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is strongly bearish. AUD/USD sentiment "Range 0.9400-0.9370 Struggled to crack 0.9400 in Asia and gave up the ghost as Europe stepped up and sold it back to 0.9370," comments Matt Bacon-Hall from FXBeat. "RBA Governor Stevens and his willing deputy Debelle speak tomorrow. Lets hope they give the market something." If the pair breaks below the 0.9370, next supports are at 0.9355 and 0.9330. On the upside, resistances re at 0.9380, 0.9400 and 0.9410. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 21, 2014 OctaFX.Com News Updates IMF hikes German growth forecast FXStreet (Łódź) - In its annual assessment of the German economy the International Monetary Fund raised the country's 2014 and 2015 GDP forecasts to 1.9% from 1.7% and to 1.7% from 1.6%, respectively. Inflation was seen accelerating to 1.1% next year and to 1.4% in 2015. The IMF stressed however that the growth outlook remained subdued, in the face of weak global growth, uncertain energy costs and demographic changes . It urged GErmany to step up efforts to reduce the current account surplus. It advised a cautious implementation of the national minimum wage and added that investing another 0.5% of GDP wouldn't be a violation of fiscal rules. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 21, 2014 OctaFX.Com News Updates Link to comment Share on other sites More sharing options...
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