This document provides a daily market insight report covering international currencies and the economic calendar. It includes analysis of the GBP/USD and EUR/USD currency pairs, noting that GBP remains under pressure due to the upcoming EU membership referendum. The economic calendar lists numerous upcoming data releases, including US housing starts, industrial production, and inflation numbers. Charts of the GBP/USD and EUR/USD pairs are also included with buy and sell signals.
2. www.epicresearch.sgIforex Market Insight Report By Epic Research Singa-
Iforex Market Insight
Date – 17– May
INTERNATIONAL CURRENCY BUZZ
EUR/USD
GBP/USD
The GBP / USD currency pair came back to the downward channel. On the daily chart the RSI
shows the trend line breakdown, which signalizes harder declination. The GBP / USD forecast for
the week 16 May 2016 — 20 May 2016 considers a reduction towards the area 1.42, where the
growth of quotations may be expected. However, fixing prices below 1.42 will confirm a resump-
tion of the downtrend.The attention of investors on the current week was focused on the meet-
ing of Bank of England. As expected, no change in monetary policy was not made. However, the
GDP forecast, which downgraded it for the coming years. turned out negatively for the
pound.Pound remains under pressure, the referendum on Britain’s membership in the EU is ap-
proaching. Recent public opinion polls showed that the outcomes of the June referendum are
difficult to predict.
The EUR/USD is trading better at the mid-session. The range is tight and volume is relatively low
after Friday’s sharp break. Prices could consolidate this week until Wednesday, May 18 with the
release of the Euro Zone’s Final CPI report. It is expected to show year-over-year consumer infla-
tion declined 0.2%. On Thursday, the European Central Bank is scheduled to release its monetary
policy meeting accounts. The G-7 meetings will be held on Thursday and Friday.Technically, the
main trend is up according to the daily swing chart. However, momentum has been to the down-
side since the 1.1616 main top on May 3.The main range is 1.0821 to 1.1616. Its retracement
zone at 1.1218 to 1.1125 is the primary downside target.Based on Friday’s close at 1.1303, the
direction of the market today is likely to be determined by trader reaction to the long-term up-
trending angle at 1.1291.Holding above 1.1291 will indicate the presence of buyers.
Forex -Aussie rises, kiwi edges lower in late trade
Forex -Yen off early highs after China data disappointment
Forex-Dollar little changed, Empire State report ahead
3. Iforex Market Insight
Date - 17– May
www.epicresearch.sgIforex Market Insight Report By Epic Research Singapore
ECONOMIC CALENDAR
Time Cur. Event Forecast Previous
Tuesday, May 17, 2016
01:30 USD TIC Net Long-Term Transactions (Mar) 36.5B 72.0B
04:30 USD FOMC Member Kashkari Speaks
07:00 AUD RBA Meeting Minutes
08:30 NZD Inflation Expectations (QoQ) 1.6%
10:00 JPY Industrial Production (MoM) (Mar) 3.6% 3.6%
12:45 CHF PPI (MoM) (Apr) 0.1% 0.0%
14:00 GBP CPI (MoM) (Apr) 0.3% 0.4%
14:00 GBP CPI (YoY) (Apr) 0.5% 0.5%
14:00 GBP PPI Input (MoM) (Apr) 1.1% 2.0%
14:30 EUR Trade Balance (Mar) 22.5B 19.0B
18:00 USD Building Permits (Apr) 1.130M 1.086M
18:00 USD Building Permits (MoM) (Apr) 4.3% -7.7%
18:00 USD Core CPI (MoM) (Apr) 0.2% 0.1%
18:00 USD Core CPI (YoY) (Apr) 2.1% 2.2%
18:00 USD CPI (MoM) (Apr) 0.3% 0.1%
18:00 USD Housing Starts (Apr) 1.125M 1.089M
18:00 USD Housing Starts (MoM) (Apr) 2.9% -8.8%
18:45 USD Industrial Production (MoM) (Apr) 0.3% -0.6%
Tentative NZD GlobalDairyTrade Price Index -1.4%
21:30 USD FOMC Member Lockhart Speaks
21:30 USD FOMC Member Williams Speaks
22:45 USD FOMC Member Kaplan Speaks
4. Iforex Market Insight
www.epicresearch.sgIforex Market Insight Report By Epic Research Singa-
EUR/USD HOURLY CHART
BUY GBPUSD ABOVE 1.4440 TARGET 1.4460 1.4490 SL 1.4410
SELL GBPUSD AROUND 1.4445-1.442 TARGET 1.4422 1.4392 SL 1.4475
GBP/USD HOURLY CHART
BUY EURUSD AROUND 1.1315-1.1317 TARGET 1.1335 1.1390 SL 1.1285
SELL EURUSD BELOW 1.1280 TARGET 1.1260 1.1230 SL 1.1310
Date - 17– May
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