OctaFX_Farid

St. Louis Fed head Bullard worried about rising US yields FXstreet.com (Barcelona) - St. Louis Fed President James Bullard expressed his worries about the increase in the benchmark US 10-year bond yields, after they hit a two-year high on Thursday. "I think it is a concern," he admitted, speaking at the Breakfast with the Fed event sponsored by the Bank’s Louisville Branch. He added however that "the level of yields now is still quite low by historical standards." Bullard referred to the situation of the US housing market, which in his opinion is strong enough overcome the higher yields. He also suggested there were currently no major asset bubbles which could undermine financial stability in the US. As far as the Fed QE tapering prospects are concerned, Bullard reiterated that reducing asset purchases too aggressively could lead to a further drop in inflation. That is why initially QE could be scaled back only by a small amount. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Aug 15, 2013 OctaFX.Com News Updates

EUR/CHF on meteoritic rise to 10-days highs FXstreet.com (Chicago) - EUR/CHF clawed above 1.2370 zone on formidable Tuesday session upswing. Earlier in Europe, the ZEW survey was out with a 44.0 economic sentiment outperforming expectations at 37.4 and previous 32.8. Similarly, industrial production results (YoY) reached 0.3% vs. projected 0.2%, sending the euro to new levels against a timid Swissy. Technically speaking, the pair trades at 1.2373, between supports at 1.2365 (June 18th highs), 1.2356 (August 2nd highs) ahead of 1.2347 (July 31st highs) and resistances at 1.2375 (July 1st highs), 1.2384 (August 12th highs) followed by 1.2397 (July 16th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis with a MACD pointing up. Market participants await Euro-zone GDP data for the second quarter of the year to be available publicly tomorrow morning. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Aug 13, 2013 OctaFX.Com News Updates

US sells $30Bn of 3-month bills at 0.055% Read more in Forex News OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Aug 12, 2013 OctaFX.Com News Updates

USD/JPY extends the correction FXstreet.com (Edinburgh) -The USD is easing some ground on Monday after lifting the USD/JPY to fresh intraday highs around 96.90. USD/JPY hurt by data The Japanese yen managed to leave behind the disappointing data from the Annualized GDP, expanding 2.6% during the second quarter vs. 3.6% expected. Further data also showed that Machine Tool Orders contracted at an annual pace of 12.1% during July. “Moderate scale Japanese net buying of foreign bonds isn’t enough to counter nerves over Japan-China tensions and Nikkei vulnerability to fears that PM Abe’s "third arrow" of reform will never really be fired. "Obon" week should keep volume light, with scope for USD/JPY to dip as far as 94/95. This is a dip we would look to buy”, assessed analysts at Westpac Global Strategy Group. USD/JPY levels to watch The pair is now up 0.24% at 96.54 with the next resistance at 96.98 (high Aug.9) ahead of 97.50 (low Aug.6) and then 97.80 (high Aug.7). On the downside, a break below 95.92 (low Aug.12) would target 95.81 (low Aug.8) en route to 95.80 (high Jun.14). OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Aug 12, 2013 OctaFX.Com News Updates

EUR/USD momentum building for push above 1.3300? FXstreet.com (New York) - The EUR/USD foreign exchange rate has effectively bottomed out earlier at the 1.3277 level (session low), only to rebound during US trading and move back towards 1.3300. At this juncture, the EUR/USD is now navigating the region of 1.3300, still incurring a fall of -0.18% off its opening despite the recent recovery. Briefing the technicals, the EUR/USD is trading at support at 1.3304, a break of which will open up additional means at 1.3282, and 1.3239. EUR/USD strategic bias According to Karen Jones, an analyst at Commerzbank, “The EUR/USD last week rallied to and stalled at the 200-week MA and the June high at 1.3394/1.3417. There is little to suggest that the market will maintain a break beyond here. Nonetheless the market remains bid above the 1.3337 accelerated uptrend and only loss of the nearby low at 1.3188 will alleviate immediate upside pressure. Failure here will target the 1.3000 region. Loss of this zone is needed to re-target the 1.2755/40 recent low and April low.” OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Aug 12, 2013 OctaFX.Com News Updates

USD/CAD testing the 1.0300 level FXstreet.com (New York) - The USD/CAD foreign exchange rate has moved to the 1.0300 region Monday, clinging to this barrier despite earlier drops below it (1.0279 session low). USD/CAD strategic bias Technically speaking, the USD/CAD is now trading at 1.0298, presently incurring a marginal loss of -0.02% off its opening. The Mataf.net analyst team points to supportive means at 1.0297, ahead of 1.0257, and 1.0228. According to the TD Securities Team, “The USD/CAD has traded higher from Friday’s low, leaving the late-July/early-August trading range firmly intact. The pair’s failure to follow through on some of the bullish signals from early last week was a disappointment to USD/CAD bulls, and while price action is looking more neutral in the short and medium term perspective, our broader bias remains higher still as long as the 1.0250 support holds in the coming days. On the topside, there is a little more room for movement, with key resistance further away in the 1.0440/45 area.” OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Aug 12, 2013 OctaFX.Com News Updates

Flash: What will come out of EZ and UK data? – TD Securities FXstreet.com (Barcelona) - Tim Davis, Global Strategist, Rates and FX Research at TD Securities eyes the calendar packed week ahead in UK and EZ. Key Quotes: “We see upside risks to the German ZEW survey (Tues) and Q2 GDP (Wed) being released this week, though improvements have been smaller elsewhere and France is still struggling, which may limit upside for aggregate Eurozone GDP”. “UK unemployment (Tues) will be front and centre given it is the new anchor of BoE policy, though we see strong risks of a disappointment number that could see gilts rally in spite of the risk that the simultaneous release of the BoE Minutes may show some division on QE and forward guidance”. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Aug 12, 2013 OctaFX.Com News Updates

Portuguese minister assures Portugal fully committed to budget goals FXstreet.com (Barcelona) - The Minister of Regional Development in Portugal Poiares Maduro said today that the country had agreed to carry out spending cuts worth 4.7 billion euros, as required by the Troika in exchange for bailout funds. According to previous reports the country´s government was considering reducing the spending cuts to 2 billion euros. "Portugal remains fully committed to its obligations under the assistance program as agreed under the last regular review (of the economy) by the Troika," Poiares Maduro told Reuters on Monday adding that “the 2014 budget is being prepared according to those commitments and the values agreed.” Two Portuguese ministers stepped down in July, expressing their disagreement towards the amount of budget cuts required by the international lenders and triggering a political turmoil in the country. Currently Portugal is required to reduce its budget deficit to 4% of GDP in 2014 from 5.5% of GDP this year. The Troika inspectors are due to arrive in Lisbon for another review of the Portuguese bailout program at the end of August. The country´s government will present the budget for 2014 before parliament on October 15. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Aug 12, 2013 OctaFX.Com News Updates

GBP/USD cannot shake negativity, trading at support FXstreet.com (New York) - The GBP/USD foreign exchange rate earlier surrendered its grip on the 1.5500 level Monday, only to drop lower and entrench itself in negative territory during US trading. GBP/USD strategic bias According to Karen Jones, an analyst at Commerzbank, “The GBP/USD’s recent sharp gains last week took it to 1.5574 from where it has been easing back these past few days. We remain unable to rule out stabs into the 1.5605/26 May high and top of the channel, though. The Elliott wave count is suggesting we should stall here, but we have a number of conflicting signals.” GBP/USD technical levels At the time of writing, the GBP/USD is presently operating at 1.5477 Monday, now falling at a rate of -0.10% off its opening. Technically speaking, the GBP/USD is testing support at 1.5484, a break of which will open up additional means at 1.5459 and 1.5422, notes the Mataf.net analyst team. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Aug 12, 2013 OctaFX.Com News Updates

USD/CAD hits ceiling at 1.0293 FXstreet.com (Chicago) - USD/CAD soared amid speculations on commodities demand triggered by positive Chinese production data but retraced shortly thereafter below 1.0293 zone. Price action indicated the pair respected supports at 1.0297 (July 31st lows), 1.0262 (July 24th lows) ahead of 1.0249 (July 29th lows) and resistances at 1.0300 (July 27th highs), 1.0312 (July 24th highs) followed by 1.0323 (July 20th lows) as it traded at 1.0290 at closing of American markets. The FXstreet trend index reported the pair as slightly bearish on one-hour timeframe analysis with daily losses adding up to 0.44% along a CCI indicator pointing down. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Aug 9, 2013 OctaFX.Com News Updates

USD/CAD hits ceiling at 1.0293 FXstreet.com (Chicago) - USD/CAD soared amid speculations on commodities demand triggered by positive Chinese production data but retraced shortly thereafter below 1.0293 zone. Price action indicated the pair respected supports at 1.0297 (July 31st lows), 1.0262 (July 24th lows) ahead of 1.0249 (July 29th lows) and resistances at 1.0300 (July 27th highs), 1.0312 (July 24th highs) followed by 1.0323 (July 20th lows) as it traded at 1.0290 at closing of American markets. The FXstreet trend index reported the pair as slightly bearish on one-hour timeframe analysis with daily losses adding up to 0.44% along a CCI indicator pointing down. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Aug 9, 2013 OctaFX.Com News Updates

Flash: EUR/USD scope for 1.3417 – UBS FXstreet.com (New York) - UBS Strategists, Gareth Berry and Geoffrey Yu take a technical perspective at today's EUR crosses. Key quotes “With the EUR/USD bull trend intact, as reflected by the MACD above its zero line potential is for the pair to move above 1.3345 to test the key resistance at 1.3417. Support is at 1.3233 ahead of the critical 1.3120, suggesting a bullish outlook.” In terms of the EUR/CHF, “With the trending and momentum pointing lower potential remains for further downside. Support is at 1.2268 ahead of 1.2219. Upside should be limited with a strong resistance is at 1.2348.” Moving to the EUR/GBP, “Following the test of critical support at 0.8628, the cross advanced. Potential is for a move above 0.8694 to test the critical resistance at 0.8815.” Finally, concerning the EUR/JPY, “With the MACD still above the zero line, the risk is for further upside. Resistance is at 133.80. Any downside will again be held by strong support at 128.86.” OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Aug 7, 2013 OctaFX.Com News Updates

Flash: EUR/USD scope for 1.3417 – UBS FXstreet.com (New York) - UBS Strategists, Gareth Berry and Geoffrey Yu take a technical perspective at today's EUR crosses. Key quotes “With the EUR/USD bull trend intact, as reflected by the MACD above its zero line potential is for the pair to move above 1.3345 to test the key resistance at 1.3417. Support is at 1.3233 ahead of the critical 1.3120, suggesting a bullish outlook.” In terms of the EUR/CHF, “With the trending and momentum pointing lower potential remains for further downside. Support is at 1.2268 ahead of 1.2219. Upside should be limited with a strong resistance is at 1.2348.” Moving to the EUR/GBP, “Following the test of critical support at 0.8628, the cross advanced. Potential is for a move above 0.8694 to test the critical resistance at 0.8815.” Finally, concerning the EUR/JPY, “With the MACD still above the zero line, the risk is for further upside. Resistance is at 133.80. Any downside will again be held by strong support at 128.86.” OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Aug 7, 2013 OctaFX.Com News Updates

Precious metals consolidating, gold still held below 1300.00 FXstreet.com (New York) - Precious metals have been trading higher Wednesday, refusing to break lower below pre-established supports. Gold consolidates Gold prices have been consolidating within a tight range below 1288.00 resistance level, where the latest bearish wave continues to be intact, and thus the suggested bearish scenario. The price is approaching a pivotal support at 1268.00 which if broken will confirm further downside. At the time of writing, gold prices are trading at USD $1287.15 per oz. Wednesday. Silver support is intact Silver spot prices were pushing lower, attempting to break below 19.25 support level, so far the support is still intact – a sustained break below shall confirm further downside. The price of silver has now moved to USD $19.55 per oz. during US trading. WTI maintains neutrality WTI crude oil continues to fluctuate above the ascending support for the bullish wave, and below 105.85 resistance level, and thus the bias remains neutral, unless we see a break below or above the aforementioned levels. In these moments, WTI crude oil is negotiating a price of USD $104.93/bbl Wednesday. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Aug 7, 2013 OctaFX.Com News Updates

EUR/USD keeps pushing higher FXstreet.com (Edinburgh) - The bloc currency is inching higher on Tuesday, lifting the EUR/USD to another test of weekly highs around 1.3330. EUR/USD consolidating above 1.3300 The EUR rally is picking up pace in the European afternoon, bolstered by investors’ preference for riskier assets in detriment of the greenback, dragged to session lows – in terms of the Dollar index. According to weekly charts, Tim Riddell, Head of Global Markets Research at ANZ suggested, “Despite pockets of apparent impulsive price action, the broader profile remains that of a likely protracted consolidation pattern into year end. The near term show of strength could trigger an early push towards the upper bounds of the range, but the favoured profile is for failure in front of 1.35 and for an interim flush to define range support – beware bull-traps”. EUR/USD levels to watch At the moment the pair is up 0.0314 at 1.3324 and a breakout of 1.3345 (high Jul.31) would target 1.3417 (high Jun.19) en route to 1.3456 (high Feb.14). On the downside, the immediate support aligns at 1.3246 (low Aug.6) followed by 1.32233 (low Aug.5) and then 1.5200 (psychological level).FXstreet.com (Edinburgh) - The bloc currency is inching higher on Tuesday, lifting the EUR/USD to another test of weekly highs around 1.3330. EUR/USD consolidating above 1.3300 The EUR rally is picking up pace in the European afternoon, bolstered by investors’ preference for riskier assets in detriment of the greenback, dragged to session lows – in terms of the Dollar index. According to weekly charts, Tim Riddell, Head of Global Markets Research at ANZ suggested, “Despite pockets of apparent impulsive price action, the broader profile remains that of a likely protracted consolidation pattern into year end. The near term show of strength could trigger an early push towards the upper bounds of the range, but the favoured profile is for failure in front of 1.35 and for an interim flush to define range support – beware bull-traps”. EUR/USD levels to watch At the moment the pair is up 0.0314 at 1.3324 and a breakout of 1.3345 (high Jul.31) would target 1.3417 (high Jun.19) en route to 1.3456 (high Feb.14). On the downside, the immediate support aligns at 1.3246 (low Aug.6) followed by 1.32233 (low Aug.5) and then 1.5200 (psychological level). OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Aug 7, 2013 OctaFX.Com News Updates

Precious metals consolidating, gold still held below 1300.00 FXstreet.com (New York) - Precious metals have been trading higher Wednesday, refusing to break lower below pre-established supports. Gold consolidates Gold prices have been consolidating within a tight range below 1288.00 resistance level, where the latest bearish wave continues to be intact, and thus the suggested bearish scenario. The price is approaching a pivotal support at 1268.00 which if broken will confirm further downside. At the time of writing, gold prices are trading at USD $1287.15 per oz. Wednesday. Silver support is intact Silver spot prices were pushing lower, attempting to break below 19.25 support level, so far the support is still intact – a sustained break below shall confirm further downside. The price of silver has now moved to USD $19.55 per oz. during US trading. WTI maintains neutrality WTI crude oil continues to fluctuate above the ascending support for the bullish wave, and below 105.85 resistance level, and thus the bias remains neutral, unless we see a break below or above the aforementioned levels. In these moments, WTI crude oil is negotiating a price of USD $104.93/bbl Wednesday. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Aug 7, 2013 OctaFX.Com News Updates

Flash: CAD Technical Outlook –TD Securities FXstreet.com (Barcelona) - Research teams at TD Securities offer their analyses on CAD. Key Quotes: “USD/CAD recovery stalls in the mid 1.04 area today but broader signals are very constructive and we look for the USD bull trend to get back on track quickly”. “Modest USD/CAD dips are a buy”. “EUR/CAD pushes through 1.38”. “AUD/CAD stabilizes but weak trend shows no sign of reversing”. “GBP/CAD spikes towards the upper end of the broader trading range”. “CAD/JPY downtrend pick up momentum again”. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Aug 7, 2013 OctaFX.Com News Updates

EUR/USD keeps pushing higher FXstreet.com (Edinburgh) - The bloc currency is inching higher on Tuesday, lifting the EUR/USD to another test of weekly highs around 1.3330. EUR/USD consolidating above 1.3300 The EUR rally is picking up pace in the European afternoon, bolstered by investors’ preference for riskier assets in detriment of the greenback, dragged to session lows – in terms of the Dollar index. According to weekly charts, Tim Riddell, Head of Global Markets Research at ANZ suggested, “Despite pockets of apparent impulsive price action, the broader profile remains that of a likely protracted consolidation pattern into year end. The near term show of strength could trigger an early push towards the upper bounds of the range, but the favoured profile is for failure in front of 1.35 and for an interim flush to define range support – beware bull-traps”. EUR/USD levels to watch At the moment the pair is up 0.0314 at 1.3324 and a breakout of 1.3345 (high Jul.31) would target 1.3417 (high Jun.19) en route to 1.3456 (high Feb.14). On the downside, the immediate support aligns at 1.3246 (low Aug.6) followed by 1.32233 (low Aug.5) and then 1.5200 (psychological level).FXstreet.com (Edinburgh) - The bloc currency is inching higher on Tuesday, lifting the EUR/USD to another test of weekly highs around 1.3330. EUR/USD consolidating above 1.3300 The EUR rally is picking up pace in the European afternoon, bolstered by investors’ preference for riskier assets in detriment of the greenback, dragged to session lows – in terms of the Dollar index. According to weekly charts, Tim Riddell, Head of Global Markets Research at ANZ suggested, “Despite pockets of apparent impulsive price action, the broader profile remains that of a likely protracted consolidation pattern into year end. The near term show of strength could trigger an early push towards the upper bounds of the range, but the favoured profile is for failure in front of 1.35 and for an interim flush to define range support – beware bull-traps”. EUR/USD levels to watch At the moment the pair is up 0.0314 at 1.3324 and a breakout of 1.3345 (high Jul.31) would target 1.3417 (high Jun.19) en route to 1.3456 (high Feb.14). On the downside, the immediate support aligns at 1.3246 (low Aug.6) followed by 1.32233 (low Aug.5) and then 1.5200 (psychological level). OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Aug 7, 2013 OctaFX.Com News Updates

Flash: CAD Technical Outlook –TD Securities FXstreet.com (Barcelona) - Research teams at TD Securities offer their analyses on CAD. Key Quotes: “USD/CAD recovery stalls in the mid 1.04 area today but broader signals are very constructive and we look for the USD bull trend to get back on track quickly”. “Modest USD/CAD dips are a buy”. “EUR/CAD pushes through 1.38”. “AUD/CAD stabilizes but weak trend shows no sign of reversing”. “GBP/CAD spikes towards the upper end of the broader trading range”. “CAD/JPY downtrend pick up momentum again”. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Aug 7, 2013 OctaFX.Com News Updates

FGBP/USD rally capped at 1.5530 region FXstreet.com (New York) - The GBP/USD foreign exchange rate surged higher throughout US trading, having jumped on the BoE, though the rally seems to have cooled recently. Presently, the GBP/USD is operating off its highs at 1.5532, now testing 1.5500 in these moments. Technically speaking, resistances will trigger for the pair at 1.5500, onto 1.5550, and 1.5570, notes the Technical Analyst Team at ICN.com. GBP/USD strategic bias The BoE Inflation Report was the Bank’s official start of forward guidance, and it’s hard to interpret the document as anything but dovish. In addition to clearly talking down rates—as they did in their July meeting – the Bank also upheld the potential for further QE if conditions warrant. According to the TD Securities Team, “Despite the clearly dovish implications of the report, it seems to have some credibility issues with the market, with the moves in GBP interest rate futures running counter to what would be expected. The GBP/USD reaction was initially negative, but has quickly turned and the currency is now at a fresh cycle high in the July/August bull run. The reaction may not be complete however, and today could remain a volatile day for the GBP.” OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Aug 7, 2013 OctaFX.Com News Updates

FGBP/USD rally capped at 1.5530 region FXstreet.com (New York) - The GBP/USD foreign exchange rate surged higher throughout US trading, having jumped on the BoE, though the rally seems to have cooled recently. Presently, the GBP/USD is operating off its highs at 1.5532, now testing 1.5500 in these moments. Technically speaking, resistances will trigger for the pair at 1.5500, onto 1.5550, and 1.5570, notes the Technical Analyst Team at ICN.com. GBP/USD strategic bias The BoE Inflation Report was the Bank’s official start of forward guidance, and it’s hard to interpret the document as anything but dovish. In addition to clearly talking down rates—as they did in their July meeting – the Bank also upheld the potential for further QE if conditions warrant. According to the TD Securities Team, “Despite the clearly dovish implications of the report, it seems to have some credibility issues with the market, with the moves in GBP interest rate futures running counter to what would be expected. The GBP/USD reaction was initially negative, but has quickly turned and the currency is now at a fresh cycle high in the July/August bull run. The reaction may not be complete however, and today could remain a volatile day for the GBP.” OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Aug 7, 2013 OctaFX.Com News Updates

Flash: Yen Bid Ahead of BOJ Decision - BBH FXstreet.com (London) - Marc Chandler, Global Head of Currency Strategy at BBH highlights the BoJ. Key Quotes: “The BOJ's 2-day meeting concludes tomorrow. Although surveys show not expectations for new initiatives, a Bloomberg poll found that the vast majority of those queried expect the BOJ to increase the amount of its asset purchases in the coming months. Five see the action coming in the fourth quarter this year, 15 in H1 14, and 5 in H2 14 or later”. “The BOJ has revised up its assessment of the economy for seven consecutive months, but recent data has been disappointing and growth next year is anticipated to slow, partly under the weight of the controversial retail sales tax that is to be implemented in April 2014 and another hike in Oct 2015”. “The BOJ has successfully managed to stabilize the JGB market after a rise in both yields and volatility followed the announcement of very aggressive asset purchase program in about four months ago. The BOJ is buying JPY7 trillion (~$72 bln) a month of securities, mostly JGBs”. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Aug 7, 2013 OctaFX.Com News Updates

Flash: Yen Bid Ahead of BOJ Decision - BBH FXstreet.com (London) - Marc Chandler, Global Head of Currency Strategy at BBH highlights the BoJ. Key Quotes: “The BOJ's 2-day meeting concludes tomorrow. Although surveys show not expectations for new initiatives, a Bloomberg poll found that the vast majority of those queried expect the BOJ to increase the amount of its asset purchases in the coming months. Five see the action coming in the fourth quarter this year, 15 in H1 14, and 5 in H2 14 or later”. “The BOJ has revised up its assessment of the economy for seven consecutive months, but recent data has been disappointing and growth next year is anticipated to slow, partly under the weight of the controversial retail sales tax that is to be implemented in April 2014 and another hike in Oct 2015”. “The BOJ has successfully managed to stabilize the JGB market after a rise in both yields and volatility followed the announcement of very aggressive asset purchase program in about four months ago. The BOJ is buying JPY7 trillion (~$72 bln) a month of securities, mostly JGBs”. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Aug 7, 2013 OctaFX.Com News Updates

Flash: Is GBP/USD undervalued heading into BoE? – BMO Capital Markets FXstreet.com (New York) - The current net short positioning in the GBP based on CFTC data alone appears to be a remnant of two things, primarily: the early 2013 GBP sell-off and the embedded GBP weakness inspired by the July BoE statement alongside the concurrent slump in UK rates, suggests Greg Anderson, Global Head of FX Strategy at BMO Capital Markets. Key quotes “With this in mind, the most likely avenue for shock in FX over tomorrow’s BoE event risk would appear to the upside in GBP/USD.” “Should the BoE formally adopt Fed/ECB-style forward guidance on rates and leave market participants on a purely data-dependent path, we think its unlikely that the GBP will remain below $1.5450, given the extent of upside surprises in the recent dataflow.” OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Aug 6, 2013 OctaFX.Com News Updates

USD/JPY back to the edge of the abyss FXstreet.com (Chicago) - USD/JPY accumulated -3.43% monthly losses, -1.20% weekly losses and 0.61% daily losses as the pair was unable to maintain its position above 98.00 key psychological support. Price action indicated the greenback weakened against a stronger yen up 0.62% in terms of relative performance. After navigating above the 98.5 regions, the price cracked down back to 6-weeks low levels. On outlook for the BoJ’s monetary policy statement later this week, market participants seemed to feel bearish against the dollar. Trading at 97.71, the pair oscillated between supports at 97.57 (June 5th highs), 97.41 (June 27 lows), 97.21 (June 21st lows) and resistances at 97.75 (June 11 lows), 97.83 (June 26 lows) ahead of 97.95 (June 24 lows). The ICN technical analysis team confirmed bearish sentiment based on the following statements: “After touching levels around 98.60, the pair dropped proving its bearish bias. Stochastic is becoming more negative reflecting the negative bias, as RSI is moving to the downside below line 50. The pair is also stable below Linear Regression Indicators, therefore we hold on to our negative expectations.” OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Aug 6, 2013 OctaFX.Com News Updates