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Weekly i forex report 06 august 2018 by epic research
1. 06 Aug – 10 Aug 2018
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WEEKLY INTERNATIONAL FOREX
2. INTERNATIONAL CURRENCY BUZZ
Forex - Dollar Falls After Tepid Jobs Report
Forex - EUR/USD turns positive above 1.1600 on PBoC headlines
Forex - GBP/USD: Sterling struggles with 1.3000 post US jobs report
GBP/USD
Carney's comments prompt some fresh selling on Friday. Disappointing UK services PMI does little to ease
the bearish pressure. Today’s key focus would remain on the US monthly jobs report. The GBP/USD pair
broke down of its Asian session consolidation phase and held below the key 1.30 psychological mark post-UK
services PMI. The pair extended post-BoE slump and was further weighed down by the BoE Governor Mark
Carney's comments on Friday, highlighting Brexit risks. Speaking to BBC Radio, Carney said that the
possibility of a no deal Brexit is uncomfortably high and the UK economy has grown by a percentage point
less than we had predicted prior to Brexit vote.
EUR/USD
EUR/USD quickly regained the 1.1600 handle and above after bottoming out in the key support area in the
1.1570/60 band. Spot leapt above the 1.1600 mark, or fresh session tops, after the PBoC adjusted its reserve
requirement on FX forwards trading to 20%, according to news agency Bloomberg. The Chinese central bank aims to
keep the currency basically stable, while it will take counter-cyclical measures in order to bring in stability into the
FX markets. The pair rapidly abandoned the area of fresh mutli-week lows near 1.1560 to regain the 1.1600 and
beyond, clinching at the same time fresh daily highs. The up move, however, will be put to the test later in light of
the publication of July’s Non-farm Payrolls and the ISM Non-manufacturing. At the moment, the pair is gaining
0.15% at 1.1603 and a breakout of 1.1680 (21-day SMA) would aim for 1.1749 (high Jul.23) and finally 1.1792 (high
Jul.9). On the flip side, the next support aligns at 1.1562 (low Aug.3) followed by 1.1527 (low Jun.28) and then
1.1508 (2018 low May 29).
WEEKLY INTERNATIONAL FOREX
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WEEKLY INTERNATIONAL FOREX