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Daily EURUSD & GBPUSD Market Analysis


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EURUSD dropped after France got downgraded by Fitch. US Retail Sales data on tap.

 

 

 

EURUSD dropped on Friday and closed at 1.3065. The ratings agency Fitch lowered its credit rating for France to AA+ from AAA following the poor economic outlook of the nation. The Finance Ministry of Portugal indicated that the Troika has agreed to delay its quarterly evaluation of a 78.0 billion Euro bailout program to late August this year. On the other side of the ocean the Producer Price Index month over month in the United States rose 0.8 percent in June. The President of the Federal Reserve Bank of Philadelphia Charles Plosser stated that the US central bank should begin tapering its monthly bond buying in September and end the monetary stimulus program by the end of this year. On the other side the President of the St. Louis FED James Bullard opposed the tapering of QE until inflation accelerates toward its 2 percent target. Investors are now awaiting the retails sales data due from the United States later today. Support for the EURUSD is seen at 1.3014 and resistance is seen at 1.3177. The HotForex Traders Board shows that 55 percent of the traders are long on the EURUSD.

 

http://blog.hotforex.com/wp-content/uploads/2013/07/EURUSD-15-July-2013.jpg

 

GBPUSD

 

The Cable dropped on Friday and closed at 1.5107. The Construction Output year over year in the United Kingdom dropped 3.4 percent in May. Looking ahead in the week there are series of high impact economic releases due from the United Kingdom. Support for the GBPUSD is seen at 1.5033 and resistance is seen at 1.5182. The HotForex Traders Board shows that 70 percent of the traders are long on the GBPUSD.

 

 

http://blog.hotforex.com/wp-content/uploads/2013/07/GBPUSD-15-July-2013.jpg

 

 

- See more at: http://blog.hotforex.com/eurusd-dropped-after-france-got-downgraded-by-fitch-us-retail-sales-data-on-tap/#sthash.rf3gLpSJ.dpuf

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EURUSD trading higher ahead of the G20 Meetings

 

 

EURUSD dropped yesterday and closed at 1.3108. Joerg Asmussen a member of the European Central Bank Executive Board stated yesterday that the monetary policy will remain expansionary for as long as needed. Yesterday the Greek government pushed delayed reforms through Parliament, approving a new batch of austerity measures to unlock next 6.8 billion Euro tranche of EU-IMF loan. On the other side of the ocean the Unemployment Claims in the United States fell to a two month low last week coming at a reading of 334K. The Philly Fed Manufacturing Index rose a two year high in July reaching 19.8. The Chairman of the United States Federal Reserve Ben Bernanke stated that it was too early to make conclusion on whether the Fed will slow down asset purchases at its September meeting. Investors are now focused on the G20 Meetings taking place today. Support for the EURUSD is seen at 1.3014 and resistance is seen at 1.3177. The HotForex Traders Board shows that 58 percent of the traders are short on the EURUSD.

 

http://blog.hotforex.com/wp-content/uploads/2013/07/EURUSD-19-July-2013.jpg

 

- See more at: http://blog.hotforex.com/eurusd-trading-higher-ahead-of-the-g20-meetings/

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