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Weekly i forex market news update report by epicresearch 06 th october 2014
1. EPIC RESEARCH REPORT
WEEKLY INTERNATIONAL FOREX
06-10 OCT 2014
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2. INTERNATIONAL CURRENCY BUZZ
Forex -Pound pushes sharply lower vs. stronger dollar .
Forex -EUR/USD tumbles over 1% to fresh 2-year lows.
Forex -U.S. stocks shoot up on robust U.S. jobs report; Dow rises 1.24%.
EUR/USD
EUR/USD hit 1.2511 during U.S. morning trade, the pair's lowest since August 2012; the pair subsequently
consolidated at 1.2515, tumbling 1.21%.The Institute of Supply Management said its non-manufacturing
purchasing managers' index slipped to 58.6 in September from a reading of 59.6 in August. Analysts had expected
the index to fall to 58.5 last month.A separate report showed that the U.S. trade deficit narrowed to $40.10 billion
in August from $40.30 billion in July, whose figure was revised from a previously estimated deficit of $40.60
billion.Analysts had expected the trade deficit to widen to $40.90 billion in August.
GBP/USD
GBP/USD was down 1.14% at 1.5932, up from a session low of 1.5953 and off a high of 1.6159.the U.S.
unemployment rate ticked down to 5.9% last month from 6.1% in August.Analysts had expected the rate to
remain unchanged, and the numbers boosted the dollar by cementing expectations for the Federal Reserve to close
its monthly bond-buying program later this month and begin hiking interest rates in 2015 sooner than once
anticipated.Soft data out of the U.K. weakened the pound as well.Markit Economics reported earlier that its U.K.
services PMI slipped to 58.7 in September from 60.5 in August. Analysts had expected the index to tick down to
59.1 last month.A robust U.S. jobs report coupled with a soft U.K. service-sector gauge sent the pound dropping to
near 11-month lows against the dollar on Friday.
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4. EPIC'S ANALYST SPEAK
EUR/USD DAILY CHART
INTRADAY OUTLOOK
Support: 1.2453
Resistance:1.2545
EUR/USD DAILY CHART
RECOMMENDATION:
1. Buy EUR/USD Above -1.2547 TG: 1.2587/1.2637 SL 1.2497
2. Sell EUR/USD Below -1.2450 TG:1.2410/1.2360 SL 1.2500
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5. INTRADAY OUTLOOK
Immediate Support: 1.5905
Immediate Resistance: 1.5976
EPIC'S ANALYST SPEAK
GBP/USD DAILY CHART
RECOMMENDATION:
1. Buy GBP/USD Above 1.5978-TG: 1.6018/1.6068 SL 1.5928
2. Sell GBP/USD Below 1.5903-TG: 1.5863/1.5813 SL 1.5953
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