This document provides a market insight report on the currency markets and includes the following key points:
- The GBP/USD hit highs against the dollar after UK industrial output data came in stronger than expected, though manufacturing output declined.
- The EUR/USD rose to a one-week high against the dollar as German bond yields increased, but uncertainty over Greece's debt negotiations weighed on sentiment.
- The economic calendar lists upcoming major economic data releases and events, including UK RICS house price data, US retail sales, jobless claims, and business inventories reports.
- Charts are provided showing hourly price action and technical analysis signals for GBP/USD and EUR/USD currency
2. www.epicresearch.sgIforex Market Insight Report By Epic Research Singa-
Iforex Market Insight
Date– 11-June
INTERNATIONAL CURRENCY BUZZ
GBP/USD
EUR/USD
GBP/USD hit highs of 1.5471, the most since May 26, up from around 1.5442 ahead of the
data. The pound rose to session highs against the softer dollar on Wednesday after data
showed that U.K. industrial output was stronger than expected in April, but manufacturing
output declined unexpectedly. The Office for National Statistics said industrial output rose by
0.4%, ahead of forecasts for a 0.1% increase, following an upwardly revised increase of 0.6%
in March. The data added to hopes that the economy is regaining momentum in the current
quarter after a lackluster first quarter. But the report showed that manufacturing production
fell 0.4%, reversing the previous month’s gains. The decline in manufacturing production was
largely due to a 6% fall in pharmaceuticals output
EUR/USD was up 0.7% to 1.1360, the most since June 4.The euro rose to one-week highs
against the dollar on Wednesday as a selloff in European government bonds continued, but
uncertainty over Greece continued to weigh. The euro moved higher as German 10-year bund
yields rose to the highest levels since September 2014.German bund yields act as benchmarks
for European financial markets and higher yields push the euro higher against the dollar.
Yields rise as prices fall. Sentiment on the euro remained fragile as concerns over Greece’s
deadlocked debt negotiations weighed. On Tuesday European officials dismissed economic
reforms put forward by Athens, saying they did not do enough to meet creditors’ demands.
Forex- Dollar index drops to 3-week lows in quiet trade.
Forex- Sterling hits session highs after mixed UK data.
Forex- Euro rises to 1-week highs as bond selloff continues.
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