Daily Market Analysis by FxGrow - page 4
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Daily Market Analysis – 14th July, 2015
By FxGrow Research & Analysis Team
US Dollar Gains on expectations of Fed Rate Hike this year
US Dollar rose against its major counterparts after global tensions eased on the news that Eurozone leaders have reached an agreement for a new bailout package for Greece.
Following the Greek deal investor sentiment has improved as they are now looking at the growth divergences between the US and Europe. Safe heaven currencies such as the Japanese Yen and the Swiss Franc are also weak reflecting the investor sentiment.
Globally investors have shifted their focus to the US Federal Reserve as it is expected to hike interest rates later this year.
Fed Chairwoman Janet Yellen will provide more cues of the timing of the rate hike at her semiannual testimony to Congress on Wednesday and Thursday.
Fed Chairwoman Janet Yellen said in her statement last week "It will be appropriate at some point later this year to take the first step to raise the federal funds rate and thus begin normalizing monetary policy."
The US Dollar remains steady against the Japanese Yen as it touched a high of 123.74 today after the risks of a Greek exit from the Eurozone were avoided.
EURUSD touched a low of 1.0968 as trader’s reverted back to dollar buying after the easing of concerns over Greece and China.
Greek's 10 year sovereign yields fell to 12.01 per cent, German 10 year yields to 0.85 percent, while the 10-year US Treasury yield rose to 2.44 per cent.
Wall Street rallied on Greek deal with the DJIA and the S&P 500 indices rising +1.22% and +1.11% respectively. The Stoxx600 jumped a further +2%.
Chinese stocks rose with the Shanghai Composite rising 2.4 per cent and the Shenzhen Composite ending 4.2 per cent higher.
In UK CPI Inflation dropped to zero for the month of June, following the significant drop in oil prices at the beginning of this year.
In Germany investor confidence dropped as the ZEW index dropped to 29.7 for the month of June. ZEW economic sentiment for the Eurozone came in at 42.7 amid uncertain conditions in Europe.
China's Exports increased by 2.8% for the month of June as compared from the previous year. China's customs department said that the country's trade performance will improve in the second half of 2015.
Japan industrial production declined 3.9% in May as the world's third biggest economy faces pressure to sustain a healthy growth in the second half of 2015.
Crude oil is trading lower at $51.18 after Iran reached a nuclear deal which is expected to increase the supply of Iranian crude on world markets.
Gold is trading lower in the Europe at 1153.98, while Silver is weak at 15.35
14th July 2015 – 10:34hrs GMT
For more in depth Research & Analysis please visit FxGrow.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
Daily Market Analysis – 15th July, 2015
By FxGrow Research & Analysis Team
US retail sales drop in June, weighing on Fed's interest rate decision
The U.S. Census Bureau announced today that advance estimates of U.S. retail and food services sales for June, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $442.0 billion, a decrease of 0.3 percent from the previous month.
“Unexpectedly weak retail sales data adds to signs that the US economy is slowing again after pulling out of the soft patch earlier in the year” - MarkIt economist Chris Williamson.
“The weakness of the sales data in June, alongside disappointing PMI survey data and a smaller than hoped-for rise in non-farm payrolls, all points to the economy having moved down a gear after this rebound, settling into a far weaker underlying pace of growth than was seen throughout much of last year” - MarkIt economist Chris Williamson.
"The numbers add to a growing body of evidence which suggests that the US economy is slowing again as we head into the second half of the year. Such a slowing will most likely persuade policymakers to hold off on raising rates until next year unless there is a swift revival of demand in coming months" - MarkIt economist Chris Williamson.
Chinese Stock markets fell further, with the Shanghai Composite down by -3.74% while the Shenzhen Composite lost -4.21%.
China's Economy Grew 7% in the second quarter of the 2015, being supported by the government's stimulus measures.
Bank of Japan kept its monetary policy unchanged, and downgraded its economic growth outlook for the year 2015. The Bank reduced its growth forecast to 1.7% from 2% for 2015.
In UK Interest rate hike is getting closer due to consistent UK economy's growth above the trend.
“The point at which interest rates may begin to rise is moving closer with the performance of the economy, consistent growth above trend, a firming in domestic costs, counterbalanced somewhat by disinflation imported from abroad" - Mark Carney, BoE Governor.
Today Greek parliament is to vote on the bailout plan and pass the proposed reforms needed to secure the loans and avoid the default from the Eurozone. If the vote passes in the Greek parliament today it will require the support of the opposition parties.
Greek needs to pass the bailout plan to avoid a total Banking collapse and get assistance from the European Central Bank thru Emergency Liquidity Assistance.
Crude oil prices have jumped to $52.62 after Iran nuclear deal.
Gold is trading flat in the Europe at 1154.88, while Silver is weak at 15.29
15th July 2015 – 10:28hrs GMT
For more in depth Research & Analysis please visit FxGrow.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
Daily Technical Analysis – 16th July, 2015
By FxGrow Research & Analysis Team
EURUSD
EURUSD had a bearish trend yesterday as it touched a low of 1.0929 and remained weak towards the end of the trading session. Now the pair is trading below its 20day moving average of 1.0944 in the European trading session. The near term bias remains Bearish with targets of 1.0850
RSI (14), STOCH (9, 6), MACD (12, 26), CCI (14), Ultimate Oscillator, ROC, MA100, MA200 indicate a SELL; ADX (14) is Neutral; while Average True Range (14) indicates Less Volatility.
Support is at 1.0916 while Resistance is at 1.0969
16th July 2015 – 07:23hrs GMT
GBPUSD
GBPUSD was indecisive as it touched a high of 1.5673 and a low of 1.5577 but recovered towards the end of the trading session. Now the pair is trading above its 20day moving average of 1.5627 in the European trading session. The near term bias remains Bullish with targets of 1.5710
RSI (14), STOCH (9, 6), MACD (12, 26), CCI (14), Ultimate Oscillator, MA100, MA200 indicate a BUY; STOCHRSI (14) is Oversold; while Average True Range (14) indicates Less Volatility.
Support is at 1.5602 while Resistance is at 1.5675
16th July 2015 – 07:27hrs GMT
For more in depth Research & Analysis please visit FxGrow.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
Daily Technical Analysis – 16th July, 2015
By FxGrow Research & Analysis Team
AUDUSD
AUDUSD was bearish yesterday as it touched a low of 0.7353 and remained weak towards the end of the trading session. Now the pair is trading just above its 20day moving average of 0.7380 in the European trading session. The near term bias remains Neutral to Bullish with targets of 0.7450
RSI (14), STOCH (9, 6) are Neutral; ADX (14), CCI (14), Ultimate Oscillator, ROC indicate a BUY; STOCHRSI (14) is Overbought; while Average True Range (14) indicates Less Volatility.
Support is at 0.7326 while Resistance is at 0.7434
16th July 2015 – 07:32hrs GMT
USDJPY
USDJPY was bullish yesterday as it touched a high of 123.94 and remained strong towards the end of the trading session. Now the pair is trading just above its 20day moving average of 123.84 in the European trading session. The near term bias remains Neutral to Bullish with targets of 124.20
STOCH (9, 6), ADX (14), CCI (14) are Neutral; RSI (14), MACD (12, 26), Ultimate Oscillator, ROC, MA100, MA200 indicate a BUY; STOCHRSI (14) is Overbought; while Average True Range (14) indicates Less Volatility.
Support is at 123.64 while Resistance is at 123.97
16th July2015 – 07:36hrs GMT
For more in depth Research & Analysis please visit FxGrow.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
Daily Market Analysis – 16th July, 2015
By FxGrow Research & Analysis Team
Greek Parliament approves Bailout package
Greek parliament has approved the €86 billion bailout package in a tense voting session with 229 members voting Yes, 64 voting No and 6 members refrained from voting.
The new bailout package demands tough economic reforms imposing sweeping sales tax hikes, reforms in pensions and a series of austerity measures as imposed by the European Union.
"I had specific choices before me: one was to accept a deal I disagree with on many points, another was a disorderly default. We will not back down from our pledge to fight to the end for the right of the working people. There is no other option but for all of us to share the weight of this responsibility" - Greek PM Alexis Tsipras.
The new third bailout package for Greece needs to be passed by the domestic parliaments of the other 19 members of the Eurozone before Greece can receive the Funds. Germany is expected to vote on the new bailout package on Friday.
Eurozone finance ministers will hold a conference call on Thursday to discuss the next steps in finalizing Greece’s third bailout of 86 billion euros and prevent the Greek Bank's from collapsing.
“We support the government but we disagree with this new memorandum, with these measures. We are the heart and soul of Syriza" - Greek Energy minister.
The European Central Bank is expected to hold a meeting of its governing council to extend financial support to Greek banks, which have remained closed for the last ten days.
"In the absence of a better solution, the European Commission has proposed to the Council to grant short-term emergency assistance to Greece from the EFSM" - European Commission VP, Valdis Dombrovskis.
Yesterday, Fed Chairwoman Janet Yellen said before the House of Representatives that a rate hike in 2015 is still on the table if economy evolves as expected.
"If the economy evolves as we expect, economic conditions likely would make it appropriate at some point this year to raise the federal funds rate target" -Janet Yellen, Fed Chair.
Following the comments US Dollar was higher against its major counterparts with the EURUSD trading at 1.0903 and AUDUSD at 0.7391 in the European trading session.
In US Wholesale prices rose to 0.4% for the month of June according to the Labor department. Meanwhile, core prices increased by 0.3% for the same period. A pickup in the prices would reinforce Fed's view of raising the interest rates this year.
In UK unemployment rate climbed to 5.6% for the month of June, the first time in more than two years. With good growth prospects the Bank of England has signaled that it is moving closer to hike interest rate this year.
The Bank of Canada has cut its interest rate by 25 basis points to 0.50%, and downgraded GDP forecast to 1% in 2015.
"Additional monetary stimulus is required at this time to help return the economy to full capacity and inflation sustainably to target" -Bank of Canada.
Crude oil prices have moved higher to $51.77 after Greek bailout vote.
Gold is trading lower in the Europe at 1144.79, while Silver is weak at 14.98
16th July 2015 – 10:42hrs GMT
For more in depth Research & Analysis please visit FxGrow.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
Daily Market Analysis – 17th July, 2015
By FxGrow Research & Analysis Team
ECB Raises ELA to Greek Banks by 900 Million Euros
European Central Bank President Mario Draghi raised Emergency Liquidity Assistance to Greek Banks providing an additional 900 million euros that would allow Greek banks to reopen.
The ECB has hiked its ELA to Greek banks after the Greek parliament voted in favor of the austerity reforms and the third bailout program for Greece.
"If things continue to proceed in a positive way as they have done in the last two days we will have a phase during the Bank of Greece and the ECB, which are working very actively in monitoring the situation, will look at exactly the needs of the Greek economy" - Mario Draghi, ECB President.
The European Central Bank has kept its interest rates unchanged in an effort to counter deflation as per analyst expectations.
"Recent developments in financial markets, which partly reflect greater uncertainty, have not changed the Governing Council's assessment of a broadening of the euro area's economic recovery and a gradual increase in inflation rates over the coming years" - Mario Draghi, ECB President.
"As explained on previous occasions, our monthly asset purchases of EUR60 billion are intended to run until the end of September 2016 and in any case until we see a sustained adjustment in the path of inflation that is consistent with our aim of achieving inflation rates below but close to 2 percent over the medium term" - Mario Draghi, ECB President.
"Several positive things have happened that could justify us to increase the ELA we approved today. Incidentally I didn't say how much. We substantially accommodated the request put forward by the bank of Greece recalibrated over one week. The increase would be €900m over one week" - Mario Draghi, ECB President.
Greek banks will reopen on Monday after being closed for nearly three weeks. Greek Deputy Finance Minister Madras said that withdrawal restrictions will remain in place.
Bank of England Governor Mark Carney said that the UK interest rates could rise around the end of this year.
"In my view, the decision as to when to start such a process of adjustment will likely come into sharper relief around the turn of this year" - Mark Carney, BoE Governor.
In US Jobless Claims declined to 281K last week indicating improving labour market conditions.
"If the economy evolves as we expect, economic conditions likely would make it appropriate at some point this year to raise the federal funds rate target" -Janet Yellen, Fed Chair.
In New Zealand Inflation Rose to 0.4% in the second quarter of the 2015, but remained well below the target range of 1% to 3% putting pressure on the Reserve Bank of New Zealand to cut interest rates.
Crude oil prices have moved lower to $50.83 as investors await weekly US Oil rig count.
Gold is trading lower in the Europe at 1143.85, while Silver is weak at 14.98
17th July 2015 – 09:26hrs GMT
For more in depth Research & Analysis please visit FxGrow.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
Daily Market Analysis – 20th July, 2015
By FxGrow Research & Analysis Team
Gold plunges to Five-Year Low as US Interest Rate Rise looms
Gold plunged to its lowest level in more than five years in the early Asian trading session as investor sentiments were hit on the backdrop of a strong US dollar amid prospects for higher US interest rates in the coming months.
The precious metal fell to drop as much as 5.5 percent touching a low of $1072, its weakest level since March 2010 when Shanghai Gold exchange opened trading early this morning.
Gold is considered as a safe haven investment in times of financial uncertainty, but is seen as a less attractive option in the times of rising interest rates. The prices of Gold tumbled on speculation that Fed is moving closer to raising interest rates after eight years.
“In the physical market this would not be possible because that would consume a whole lot of physical gold. But in the futures market, because it's all digital, as long as you find a buyer to bid for it then that would be possible” - Luke Chua, Bullion Star Singapore.
"Gold market looks very technically weak and the biggest buyer of all, China, is now selling gold as opposed to buying it on price dips. That's a recipe for weaker prices" - Victor Thianpiriya, ANZ Bank Singapore.
"I think there's further downside on the price once the dust settles and the focus shifts back to US dollar strength and the interest rate outlook. The risk of it hitting $1,050 is clearly elevated." - Victor Thianpiriya, ANZ Bank Singapore.
Greek Banks opened today after being closed for three weeks to restore normalcy with withdrawal limits remaining in place of €420 in a week.
“Capital controls and restrictions on withdrawals will remain in place but we are entering a new stage which we all hope will be one of normality” - Louka Katseli, Greek bank association.
Canada's annual inflation rose 1.0% in the month of June, while core inflation climbed 2.3% more than analyst expectations.
"Expectations are more biased for another rate cut. Core CPI is less meaningful to the bank than non-energy exports and gross domestic product at this stage of the game" - Jack Spitz, National Bank of Canada.
The New Zealand Dollar is under selling pressure on speculations that the Reserve Bank of New Zealand (RBNZ) is set to cut interest rates on Wednesday.
NZDUSD is trading at 0.6580 in the European trading session after it opened the week lower at 0.6505 today.
Crude oil prices have moved lower to $50.98 as Saudi Arabian exports fell to the lowest in five months.
Gold is trading lower in the Europe at 1111.47, while Silver is weak at 14.73
20th July 2015 – 10:31hrs GMT
For more in depth Research & Analysis please visit FxGrow.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
Daily Market Analysis – 21st July, 2015
By FxGrow Research & Analysis Team
Reserve Bank of Australia minutes see steady Interest rates
Reserve Bank of Australia released its minutes from the July 7 meeting and the Board decided to leave the cash rate unchanged at 2.0 per cent.
Members noted that the exchange rate had thus far offered less assistance than would normally be expected in achieving balanced growth in the economy and that further depreciation seemed both likely and necessary - RBA minutes.
Members noted that global economic conditions remained consistent with growth in Australia's major trading partners being around average over the period ahead. Global financial conditions were very accommodative and would remain so even in the event that the Federal Reserve started to raise its policy interest rate later in the year - RBA minutes.
Expectations about the timing of the US Federal Reserve's first increase in the federal funds rate were little changed over the past month. Market pricing continued to suggest that the first increase would occur around the end of 2015. Although commentary by Federal Reserve officials suggested that it could be a little sooner than that, they continued to emphasize that the exact timing of the first increase would be less important than the pace of subsequent increases, which were expected to be gradual - RBA minutes.
In light of current and prospective economic circumstances and financial conditions, the Board judged that leaving the cash rate unchanged was appropriate - RBA minutes.
Greece received emergency bridging loan of €7.2bn from the European Union which was used to repay its debts. The Greek government made payments of €4.2bn to the European Central Bank, which consisted of €3.5bn loan plus €0.7bn interest.
Greece cleared its overdue debt repayments of 2.05 billion euros to the International Monetary Fund.
"The fund stands ready to continue assisting Greece in its efforts to return to financial stability and growth" - IMF.
Meanwhile heavy rush was seen in Greek Banks as queues formed outside bank branches as restrictions remain in place.
“Capital controls and restrictions on withdrawals will remain in place, but we are entering a new stage which we all hope will be one of normality” Louka Katseli, head of the Greek banking association.
Canada's Wholesale Trade fell for the month of May to C$54.5 billion led by a decrease in motor vehicle sales, according to Statistics Canada.
"Expectations are more biased for another rate cut" - Jack Spitz, National Bank of Canada.
UK public sector net borrowing rose to £8.58 billion for the month of June according to the Office for National Statistics.
Gold prices have consolidated near the $1100 level as investors shift their focus on prospects of higher interest rates in the US.
Crude oil prices have moved lower to $50.44 on supply concerns.
Gold is trading lower in the Europe at 1106.80, while Silver is weak at 14.82
21st July 2015 – 11:12hrs GMT
For more in depth Research & Analysis please visit FxGrow.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
Daily Market Analysis – 22nd July, 2015
By FxGrow Research & Analysis Team
Bank of England policymakers edge towards Rate hike
Bank of England released minutes from its July policy meeting which showed that all the nine monetary policy committee members voted unanimously to holding both interest rate at its record low of 0.50 percent and the amount of asset purchases at 375 billion pounds.
In light of recent developments, all members thought it appropriate to leave the stance of monetary policy unchanged at this meeting. For a number of members, the balance of risks to medium-term inflation relative to the 2% target was becoming more skewed to the upside at the current level of Bank Rate - Bank of England.
The sterling effective exchange rate had risen by close to 3% over the month. The actual path that Bank Rate would follow over the next few years was uncertain, and would depend on the economic circumstances - Bank of England.
UK forward short-term interest rates had fallen following the Greek referendum and over the month. Absent that uncertainty, the decision between holding Bank rate at its current level versus a small increase was becoming more finely balanced - Bank of England.
For a number of members, the balance of risks to medium-term inflation relative to the 2 percent target was becoming more skewed to the upside at the current level of bank rate - Bank of England.
After the release of the BoE minutes the pound appreciated 0.4 percent versus the US dollar and is currently trading at $1.5627 in the European trading session.
Investors are expecting the interest rates in UK to increase in the May 2016, as indicated by the BOE Governor Mark Carney.
Greece's PM Alexis Tsipras seeks support of the Syriza party ahead of the crucial vote on reforms. The vote is expected to be passed with the support of opposition parties to start talks on a new €86bn bailout package for Greece.
EURUSD has recovered from a low of 1.0813 to trade at 1.0930 in the European trading session ahead of the crucial Greek vote.
"We have agreed to lighten the interest burden, lengthen the maturity of the Greek debt. It's something that can be done when the time comes, after the negotiation of a good program of development and assistance" - Pierre Moscovici, European Union Commissioner.
Reserve Bank of Australia Governor Glenn Stevens said an interest-rate cut is possible as the central bank prefers a weaker Australian dollar to support business and industry.
"That is why we have felt that, on balance, a somewhat lower exchange rate was likely to be a part of the necessary adjustment. That adjustment seems to be occurring, with relatively little disruption, and is having an expansionary effect" -Glenn Stevens, RBA Governor.
In UK public sector borrowing declined to 9.4 billion pounds for the month of June according to the office for National Statistics.
Swiss trade surplus rose to 3.578 billion francs for the month of June according to the Federal Statistics Office.
"The economic outlook for Switzerland has dimmed again, and while analysts expect to see the strongest economic momentum in the Eurozone over the next six months, the present state of the Eurozone economy is still rated as poor" - Credit Suisse
Crude oil prices have moved lower to $50.20 after industry data showed rise in US crude stocks.
Gold is trading lower in the Europe at 1089.54, while Silver is weak at 14.70
22nd July 2015 – 11:56hrs GMT
For more in depth Research & Analysis please visit FxGrow.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
Daily Market Analysis – 23rd July, 2015
By FxGrow Research & Analysis Team
Reserve Bank of New Zealand Cuts Rates a Second Time
The Reserve Bank today reduced the Official Cash Rate (OCR) by 25 basis points to 3.0 percent.
Global economic growth remains moderate, with only a gradual pickup in activity forecast. Recent developments in China and Europe led to heightened uncertainty and increased financial market volatility. Particular uncertainty remains around the impact of the expected tightening in US monetary policy - Reserve Bank of New Zealand.
New Zealand’s economy is currently growing at an annual rate of around 2.5 percent, supported by low interest rates, construction activity, and high net immigration - Reserve Bank of New Zealand.
The New Zealand dollar has declined significantly since April and, along with lower interest rates, has led to an easing in monetary conditions. While the currency depreciation will provide support to the export and import competing sectors, further depreciation is necessary given the weakness in export commodity prices - - Reserve Bank of New Zealand.
A reduction in the OCR is warranted by the softening in the economic outlook and low inflation. At this point, some further easing seems likely - Reserve Bank of New Zealand.
Following the rate cut by the RBNZ New Zealand Dollar climbed to a one week high as NZDUSD touched a high of 0.6691 in the European trading session today.
Australian Dollar has declined over the week mainly led by a weakness in the commodity prices and as US economic data boosts expectations for higher interest rates by the Federal Reserve.
Greek parliament has approved the second package of reform measures required for getting the third bailout package of €86bn from the European Union.
The crucial vote saw 230 members voting in the favor, 63 members against it and 5 members abstained from the voting.
Following the vote EURUSD rose from a low of 1.0923 to trade at 1.0991 in the European trading session.
The Standard & Poor's rating agency has upgraded the credit rating of Greece from CCC- to CCC + with a stable outlook after Greece repaid the IMF and ECB.
"The upgrade reflects Greece's improved liquidity perspective following last week's consent, in principle, from the Euro group to the three-year loan program for Greece via the ESM, alongside the provision of €7.16 billion in three-month bridge financing to the Greek government, which it used on July 20 to clear its arrears with the IMF and the Bank of Greece and to repay the ECB” - Standard & Poor's rating agency.
In UK Retail Sales fell 0.2% in June according to the Office for National Statistics, London.
GBPUSD declined from a peak of 1.5665 to touch a low of 1.5589 due to unexpected drop in the Retail sales.
US Home Resales climbed to their highest level in 8 years in the month of June. Existing Home sales rose 3.2% to an annual rate of 5.49 million.
Crude oil prices have moved lower to $49.19 after US crude oil stocks rose 2.5 million barrels according to the EIA weekly report.
Gold has recovered its losses and is currently trading at 1101.80, while Silver is flat at 14.87
23rd July 2015 – 10:20hrs GMT
For more in depth Research & Analysis please visit FxGrow.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.