Daily i forex report 19 jul 2018 by epic research

1. 19-July-2018
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International Forex

2. International Forex
INTERNATIONAL CURRENCY BUZZ
Forex - Flows, sentiment lift dollar towards one-year highs
Forex - Sterling Hits 10-Month Lows on Weak UK Inflation Data
Forex - EUR/USD stays bearish near term
GBP/USD
The pound fell to the lowest levels in 10 months against the broadly stronger dollar on Wednesday, as unexpectedly
weak UK inflation data diminished chances for an August rate hike by the Bank of England. GBP/USD hit a low of
1.3011, the weakest since Sept. 5, 2017 and was at 1.3039 by 05:06 AM ET (09:06 AM GMT), off 0.54% for the day.
Sterling slid to the day’s lows after data showing that inflation in the UK rose at a slower than expected rate in June,
adding to the Bank of England's dilemma as it considers whether to raise interest rates next month. The Office for
National Statistics reported that the annual rate of inflation rose by 2.4% in June, matching May's figure which was a
one-year low and falling short of expectations for an increase of 2.6%. Underlying inflation rose by 1.9% on a year-
over-year basis, slowing from 2.1% in the previous month and missing forecasts of 2.2%.
EUR/USD
“Eurozone final headline CPI for Jun was left unrevised at 2.0% Y/Y but the core figure was trimmed a tenth from
the preliminary report to +0.9% Y/Y – and down from 1.1% Y/Y in May. Energy prices helped support headline price
gains but services sector prices – a measure of domestically generated inflation rose 1.3% Y/Y, down from 1.6% in
May. We continue to believe that the ECB is preparing to wind down and end its asset purchases this year but
stubbornly soft inflation trends in the Eurozone undermine confidence in the scope for eventual rate rises.
Eurozone-US 2-Y spreads remain wide at 324bps. The USD’s positive carry will protect it from depreciation
pressures for the moment”. “EURUSD slumped sharply yesterday, forming a bearish outside range session on the
daily chart.

3. International Forex
DAILY ECONOMIC DATA

4. International Forex
EPIC'S ANALYST SPEAKS
GBP/USD Daily Chart
INTRADAY OUTLOOK
Support: 1.2954
Resistance: 1.3352
RECOMMENDATION:
BUY GBPUSD ABOVE 1.3100 TGT 1.3120 1.3150 SL 1.3070
SELL GBPUSD BELOW 1.3000 TGT 1.2980 1.2950 SL 1.3030

5. International Forex
EPIC'S ANALYST SPEAKS
EUR/USD Daily Chart
INTRADAY OUTLOOK
Support: 1.1590
Resistance: 1.1782
RECOMMENDATION:
BUY EURUSD ABOVE 1.1650 TGT 1.1670 1.1800 SL 1.1620
SELL EURUSD BELOW 1.1600 TGT 1.1580 1.1550 SL 1.1630

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