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[HFblogNews]

Date : 22nd July 2015.

CURRENCY MOVERS OF 21nd July 2015.



EURUSD, Daily

EURUSD price, now having touched the lower end of my initial 1.0970’s corrective bounce target, should open up the way for a 1.1030’s lower top on any clean break of the 1.0970’s. Daily chart price action is still well contained within my downward sloping bear channel; Stochastic Oscillator analysis supports a further corrective bounce before any resumption of the daily chart downtrend. Traders may look to open new short positions within the 1.1030’s for a measured move (March lows – May highs) that may extend price lower towards a retest of the 1.0840’s.

Standard & Poor’s on Tuesday upgraded Greece’s sovereign credit rating by two notches and revised its outlook to stable from negative, citing euro zone countries initial agreement to start negotiations with the country on a third bailout. The probability of Greece leaving the Eurozone is less than 50% , however the country may still face shrinking GDP.

U.S. Fed’s annual industrial production revisions showed production knocked down to 0.2% in June, versus the prior 0.3% print, while May was left at -0.2%, with April revised up to a -0.3% pace from -0.5% previously. Capacity utilization for June was revised down sharply to 77.8% from 78.4%, while May was nudged to 77.7% from 78.2%, with April at 78.0% versus 78.5%. At the margin, the data add to the argument for the FOMC to delay a September rate hike.



Currency Pairs, Grouped Performance (% change)

The new Currency Movers Charts show the percentage change from previous day’s close to the current moment against the other major currencies.

This morning EUR is trading lower against the GBP and the JPY. The GBP is stronger across the board against most pairs.

Significant daily support and resistance levels for these pairs are:



Main Macro Events Today

• GBP MPC Official Bank Rate Votes: The Bank of England (BoE) will begin to tighten monetary policy as late as in the third quarter of 2016, EY ITEM Clubsaid in its latest forecast for the UK economy.

• USD Existing Home Sales: Existing home sales for June are forecasted at 5.330M , median 5.400M both lower from last 5.3550M



Please note that times displayed based on local time zone and are from time of writing this report.


Click HERE! to access the full HotForex Economic calendar.

John Knobel
Senior Currency Strategist
HotForex

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

[HFblogNews]

Date : 22nd July 2015 (Second Analysis).

UPDATE: S&P 500 TURNED LOWER AS EXPECTED.



S&P 500 e-mini future (ES) turned lower soon after hitting my projection level at 2122 and is currently trading at 2102.75. This move lower was triggered by substantial overnight losses in Apple and Microsoft shares after IBM had lost ground significantly in the earlier trading session.

Apple posted record quarterly profit but was strongly sold off. Apple shares tanked nearly 9% in after-hours at one stage trade iPhone shipments missed forecasts and forecast revenues shy of the $51.1 bln targeted, wiping of some $50 bln in market cap. Apple shares cut those losses back to -6%. The absorption of Nokia also tarnished Microsoft’s results to the tune of a $7.5 bln write-off and 5.1% revenue decline for a $3.2 bln net loss, knocking its shares over 4% lower after-hours. Yahoo also missed and sank 2.2%.

I have been suggesting in the last two reports on ES that this market will rally the above resistance and will hit significant supply between 2111.25 and 2134. This has now taken place and for the benefit of those that have shorted the index in the resistance or will be selling the rallies we need to focus on the likely moves from here. In the July 16th report I said that the supply inside the resistance area should bring the ES down to 2073 – 2080 range and there is no need to deviate from this view.

Stochastics is rolling over from the overbought zone indicating further move down. This is likely as the next support can be found at 2078 level. The 50% Fibonacci level coincides with this area at 2080, therefore I expect market to find support in 2073 – 2080 range. There is some intraday resistance at 2009 to 2010 that might provide a short selling opportunity for those not engaged at the short side yet.

Janne Muta
Chief Market Analyst
HotForex

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

[HFblogNews]

Date : 23rd July 2015.

CURRENCY MOVERS OF 23rd July 2015.



EURUSD, Daily

EURUSD price, having cleared the 1.0970’s at the time of this writing, is now on its way to print a new lower top (below the July 10th high of 1.1216), ideally around the 1.1030’s in order to keep the daily chart downtrend channel intact. The stochastic momentum indicator indicates that the current corrective bounce is picking up steam. A further move beyond the 1.1030’s should not be ruled out as price may extend towards the 1.1140’s before breaking down to continue towards my medium term downtrend price target near the 1.0750’s.

Markets are scaling back on any Grexit premiums since Greece has now paved the way for the start of official bailout talks by pushing through a number of reform measures last night. Another positive EUR development was that Spanish unemployment fell during Q2; however, at 22.37% it is still high.

The USD had some support as a strong existing home sales report helped USD sentiment. U.S. existing home sales rose 3.2% to a 5.49mm in June, which was better than expected.



Currency Pairs, Grouped Performance (% change)

The new Currency Movers Charts show the percentage change from previous day’s close to the current moment against the other major currencies.

This morning EUR is trading higher against the majors. The GBP is weaker across the board against most pairs, while the NZD has strength across the board.

Significant daily support and resistance levels for these pairs are:



Main Macro Events Today

• GBP Retail Sales: Unexpectedly fell by 0.2% m/m. The median forecast had been for a 0.3% m/m rise, which would have been unchanged from May. The y/y figure worked out at +4.0%, down from May’s +4.7%. The weakness stemmed from a 0.3% drop in food sales and a 0.9% fall in household goods, which probably reflects month-to-month volatility as there doesn’t appear to be a rationale for the declines.

• EUR Spanish unemployment fell in Q2: Still very high 22.37% from 23.78% in the previous quarter. The government estimates growth at 1.0% q/q in Q2, and the Spanish economy continues to outperform the other big Eurozone countries as the reform measures take hold. Still, unemployment is slow to adjust down and the high youth unemployment rate also reflects remaining structural issues and is fuelling popular resistance to the reform path. With Spain heading for elections in autumn a repeat of the Greek debacle is not unlikely and the risk that reforms are being reversed is not negligible. It is expected that retail sales will expand 0.5% m/m in May (median +0.6%) after the 0.1% drop in April.

• NZD Reserve Bank of New Zealand : Cut rates 25 bps to 3.00%, matching expectations.



Please note that times displayed based on local time zone and are from time of writing this report.

Click HERE to access the full HotForex Economic calendar.

Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!

John Knobel
Senior Currency Strategist
HotForex

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

[HFblogNews]

Date : 24th July 2015.

CURRENCY MOVERS OF 24th July 2015.



EURUSD, Daily

EURUSD price, continues to bounce from the May lows near 1.0820. This corrective bounce has attempted, but so far failed, to print a new lower top from the previous 1.1216 high. Yesterday’s high of near 1.1018 was a good attempt at the 1.1030’s, my previous article forecasted lower top. Traders should expect for the market to range between the 1.1030’s and 1.0870’s, now that the previous resistance turned support 1.0970’s area has been deemed invalid, as price has tested the 1.0970’s area both from below and above. Relevant support levels are now observed at 1.0920, 1.0870 and 1.0820, while resistance levels are spotted at 1.1030, 1.1087 and 1.1216. Given that the EURUSD price action is still firmly within the downward slopping price channel, as well as the fact that bullish momentum is observed within the Stochastic Oscillator analysis, I continue to be on alert for sellers to emerge around the 1.1020’s-30’s for a re-test of the 1.0820’s; any breach of the 1.0820’s will open up the way towards the 1.0750’s.

Eurozone Jul PMIs disappointed today, with readings falling slightly from June. The manufacturing PMI dipped to 52.2 from 52.5 and the services to 53.8 from 54.4. However, data continues to show ongoing expansion across the Eurozone manufacturing sectors, which supports the ECB’s view that the recovery remains intact and is broadening if not accelerating.

As for next week’s U.S. Fed policy statement, it should support Fed Chair Yellen’s testimony where she said that the “FOMC is likely to begin liftoff this year, provided the economy continues to improve as forecast.” Traders should prepare for a relatively positive assessment of the U.S. economy.



Currency Pairs, Grouped Performance (% change)

The new Currency Movers Charts show the percentage change from previous day’s close to the current moment against the other major currencies.

This afternoon the EUR is trading higher against the AUD. The AUD is weaker across the board against most pairs, while the JPY is stronger against the EUR.

Significant daily support and resistance levels for these pairs are:



Main Macro Events Today

• EUR PMIs : French PMI readings were much weaker than expected, with the manufacturing PMI falling back below the 50 point no change mark to 49.6 from 50.7 in June. The services reading slumped to 52.0 from 54.1. German corrections were not quite as pronounced and the dips to 51.5 in the manufacturing PMI and 53.7 in the services reading from 51.9 and 53.8 point to a stabilisation, rather than a marked correction. Still, the weak French numbers, highlight that risks to the Eurozone recovery remain and that France continues to underperform.

• JPY Japan flash manufacturing PMI : rose to 51.4 in July compared to 50.1 in June as both domestic orders and output rose — the fastest clip in 5-months. New orders rose to 51.3 from 49.6, output gained to 52.3 from 50.9.

• U.S. New Home Sales : June data on new home sales is out today and should reveal a 1.1% decline to a 540k (median 549k) pace from the 546k pace in May which set a new recent high.



Please note that times displayed based on local time zone and are from time of writing this report.

Click HERE to access the full HotForex Economic calendar.

Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!

John Knobel
Senior Currency Strategist
HotForex

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

[HFblogNews]

Date : 27th July 2015.

CURRENCY MOVERS OF 27th July 2015.



EURUSD, Daily

EURUSD price, at the time of writing, price has penetrated the higher channel line within the above daily chart to clear the higher end of the 1.1080’s resistance levels. When a market has a breakout, we look for it to make an initial move beyond nearby support and resistance. Those traders that have been following my daily analysis of the EURUSD, would not be surprised by the recent surge in price, as I have been writing about the possibility of the pair printing out a new lower top below the 1.1220’s within the above chart downward price channel. I now remain on the watch for a breach above the 1.1210’s – 1.1220’s area for clues of a daily chart trend reversal, otherwise I would expect for price to halt its three month corrective bounce and resume its move lower towards a retest of the 1.0870’s with the possibility of reaching my 1.0750’s target area.

The EUR received a boost in early European market trading as the German July Ifo Business Climate unexpectedly bounced back with the overall reading rising to 108.0 from 107.5 in the previous month. The expectations reading rose for the first time since March and it seems the Greek bailout deal has boosted future optimism. The retail trade index meanwhile fell back slightly, as did the construction index. All in all, a positive number, which together with the effective stabilization in German ZEW and PMI readings confirms that the German economy remains on track.

Traders should expect further EURUSD price action later today as the U.S. June Durable Goods Orders are due. June durable goods orders are expected to grow by 2.0%., Shipments and Inventories are expected to remain unchanged.



Currency Pairs, Grouped Performance (% change)

The new Currency Movers Charts show the percentage change from previous day’s close to the current moment against the other major currencies.

Over the last five trading day’s the EUR is trading higher across the board. The AUD remains weaker across the board against most pairs, while the JPY is stronger against the AUD.

Significant daily support and resistance levels for these pairs are:



Main Macro Events Today

• EUR Eurozone M3 money supply: growth steady at 5.0%, against expectations for a marginal acceleration in the annual number. The three months moving average, the ECB’s preferred target, moved up to 5.1%, clearly above the reference value of 4.5%, although with the ECB focused on loan growth and headline inflation, M3 data has effectively been degraded in its importance for monetary policy decision.

• U.S. Core Durable Goods Orders: Forecast risk: upward, as there was an increase in Boeing orders in June. Market risk: downward, as weaker data could impact rate hike timelines.



Please note that times displayed based on local time zone and are from time of writing this report.

Click HERE to access the full HotForex Economic calendar.

Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!

John Knobel
Senior Currency Strategist
HotForex

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

[HFblogNews]

Date : 28th July 2015.

CURRENCY MOVERS OF 28th July 2015.



EURUSD, Daily

EURUSD price, after breaking out of the six week downward sloping price channel, looks set to continue to bounce off of May’s low at 1.0820. Price action during Monday’s trading sessions was supported by the German Ifo report; the market viewed the results as strong enough to allow the pair to confirm a new short term resistance level at 1.1129. Technically, I now seek a return move towards the previous day’s low near the 1.0970’s, before we see a retest of the 1.1120’s.

The euro outperformed as more Grexit risk premium was unwound. Further, the July German Ifo survey beat expectations and boosted EUR longs. Market participants, as it seems, are adjusting expectations on the performance of the Chinese economy as the Chinese stock market closed down 8.5% on Monday. It is yet to remain seen, if the Chinese slowdown is a domestic issue or if it will spread into the global economy.

The dollar shrugged off the better durables report, which was beefed up by Boeing orders. The U.S. Dallas Fed’s manufacturing index improved to -4.6 in July versus -7.0 in June. It’s been in negative territory for 7 straight months given the region’s exposure to the oil recession.



Currency Pairs, Grouped Performance (% change)

The new Currency Movers Charts show the percentage change from previous day’s close to the current moment against the other major currencies.

The GBP is trading firmer against the EUR and the JPY ahead of the GBP GDP data.

The JPY trades lower against most pairs, as the USDJPY recovered most of the losses from yesterday’s decline.

Significant daily support and resistance levels for these pairs are:



Main Macro Events Today

• GBP Prelim GDP: Preliminary Q2 GDP data is expecting a 0.7% q/q rise, up from 0.6% in Q1, With robust growth the BoE can afford to lay the ground for rate hikes ahead and a recent Bloomberg poll suggests that most economists expect the first MPC members to start voting for a hike next month.

• USD CB Consumer Confidence: The July consumer confidence is out later today and should reveal a decline to 100.0 (median 100.0) from 101.4 in June. This would come along side a decline in Michigan Sentiment to 93.3 in the first July release from 96.1 in June. The IBD/TIPP poll for the month managed to hold steady at 48.1 for a second month.



Please note that times displayed based on local time zone and are from time of writing this report.

Click HERE to access the full HotForex Economic calendar.

Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!

John Knobel
Senior Currency Strategist
HotForex

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

[HFblogNews]

Date : 29th July 2015.

CURRENCY MOVERS OF 29th July 2015.



EURUSD, Daily

EURUSD, Since the recent advance through the upper daily chart channel line was penetrated, and the fact that price remains within a 12 month decline, a further corrective bounce for medium term traders towards the 1.1220’s should not be ruled out. We will likely witness a potential breakdown back towards the 1.0870’s, ahead of my longer term price projection near the 1.0750’s. Swing traders with a short term view may look for price to return towards the 1.0970’s before flipping to the long side for a retest of the 1.1120’s.

The EUR has been trading off of the back of positive data this week, as German business and consumer confidence data came in firmer than expected; earlier today the German July Gfk held unchanged from June at 10.1. The consensus had been for a slight dip, to 10.0. High employment and expectations for higher pay underpinned the report. The EURUSD price advanced from Monday’s solid German Ifo results may consolidate ahead of today’s U.S. FOMC Statement.

Traders are waiting on the FOMC in the U.S., which concludes its two-day meeting today. No surprises are likely, and while the overall tone is expected to be more upbeat than the previous FOMC in June, the Fed is not likely to commit to a September rate lift-off. This is due to key data releases, concerns about China’s financial markets and Greece, and given recent oil price declines.



Currency Pairs, Grouped Performance (% change)

The new Currency Movers Charts show the percentage change from previous day’s close to the current moment against the other major currencies.

The GBP is trading firmer against the AUD, CAD and the NZD after better than forecast GBP Net Lending to Individuals’ data were released today.

The AUD and the CAD trade lower against most pairs, as commodity prices continue to seek a bottom.

Significant daily support and resistance levels for these pairs are:



Main Macro Events Today

• EUR Gfk German Consumer Climate : The July Gfk consumer confidence came in firmer than expected, holding unchanged from June at 10.1,though concerns about Greece’s potential impact on the German economy remained a negative, according to Gfk.

• USD FOMC Statement: No surprises are likely, and while the overall tone is likely to be more upbeat than the previous FOMC in June, it’s widely anticipated that the FOMC will be moderately net bullish for the dollar.



Please note that times displayed based on local time zone and are from time of writing this report.

Click HERE to access the full HotForex Economic calendar.

Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!

John Knobel
Senior Currency Strategist
HotForex

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

[HFblogNews]

Date : 3rd August 2015.

CURRENCY MOVERS OF 3rd August 2015.



EURUSD, Daily

EURUSD, continues to seek support from buyers as price remains above the downward channel line. The EUR found support around the 1.0920’s, as the USD dropped on Friday following weaker than expected U.S. Q2 ECI data. In my July 29th analysis, I reported that EURUSD price “may return towards the 1.0970’s, before flipping to the long side for a re-test of the 1.1120’s.” The fact that recent price action has exceeded the 1.0970’s to test and establish a higher low at 1.0920 from the July 20th low of 1.0808, opens up a renewed recovery towards the July 27th 1.1120’s resistance area. Price may now attempt to extend the recovery to the 1.1220’s before resumption of the multi-week decline.

Friday saw better EU inflation data as inflation remained stable at 0.2%, although, it was weaker than U.S. employment data, which sent the EURUSD sharply lower. The move was seen by the market as overdone and the EURUSD quickly made it back to test the 1.10’s.

The U.S. Fed funds median still shows a 25 bp rate hike in September, Key reports are on tap this week, including payrolls, PMIs, income, and spending.



Currency Pairs, Grouped Performance (% change)

The Currency Movers Charts show the percentage change from previous five day close to the current moment against the other major currencies.

The GBP is trading firmer against the majors on the back of accelerating UK GDP data.

The CAD trades lower against most pairs, as Canada missed GDP expectations.

Significant daily support and resistance levels for these pairs are:



Main Macro Events Today

• UK Manufacturing PMI: There is downside risk after last week’s July CBI industrial trends survey unexpectedly declined to a -10 in the realized sales reading, which was the weakest since July 2013, reflecting the UK manufacturing sector’s sensitivity to the prevailing trade-weighted strength of the pound.

• USD Manufacturing PMI: July ISM will be released today and it’s expected that the headline to remain steady at 53.5 (median 53. for a second month.



Please note that times displayed based on local time zone and are from time of writing this report.

Click HERE to access the full HotForex Economic calendar.

Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!

John Knobel
Senior Currency Strategist
HotForex

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

[HFblogNews]

Date : 4th August 2015.

CURRENCY MOVERS OF 4th August 2015.



EURUSD, Daily

EURUSD, continues to trade within a multi-week downtrend; this is confirmed by the fact of lower tops and bottoms on price. The failed attack on the 31st of July to break above the 1.1120’s also supports the view that the bears are in control of the medium term EURUSD market. However, for the moment, price seems to be consolidating between a tight range within the 1.0920’s and 1.0970’s with traders seeking direction from the U.S. NFP release, due out on Friday. Technically, I would like to see price hold above the 1.0810’s – 1.0920’s after the upcoming NFP release for a potential short term price recovery to re-visit the 1.1220’s, before resuming the multi-week downtrend to reach my target price near the 1.0750’s.

The EU Outlook was revised down to negative from stable by S&P. The ratings agency is worried about the EU’s continual use of the balance sheet to provide higher risk financing to members without the members paying in capital.

The U.S. Market ISM manufacturing index inched up to 53.8 in July, from a 20-month low of 53.8 in June. This is the first pick up in manufacturing activity since March, but is the slowest pace of purchasing activity in 18 months. U.S. personal income rose 0.4% in June with spending up 0.2%, a little better than forecast; however, May’s 0.5% income gain was revised down to 0.4%.



Currency Pairs, Grouped Performance (% change)

The new Currency Movers Charts show the percentage change from previous day’s close to the current moment against the other major currencies.

The AUD is trading firmer against the majors on the back of a RBA statement that droped the call for more depreciation.

Significant daily support and resistance levels for these pairs are:



Main Macro Events Today

• GBP PMI Construction: Unexpectedly declined to 57.1 in July from June’s 58.1. The median forecast had been for an improvement to 58.5. At 57.1, the survey still points to continuing robust expansion in the sector, while incoming mortgage and house price data suggest that underlying conditions remain solid.

• USD Factory Orders: The forecast calls for a 0.8% increase from the previous -1.0%.



Please note that times displayed based on local time zone and are from time of writing this report.

Click HERE to access the full HotForex Economic calendar.

Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!

John Knobel
Senior Currency Strategist
HotForex

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

[HFblogNews]

Date : 5th August 2015.

CURRENCY MOVERS OF 5th August 2015.



EURUSD, Daily

EURUSD, closed sharply lower on Tuesday in the wake of fresh comments from the U.S. Fed’s Lockhart who suggested that “upcoming U.S. economic data would have to disappoint significantly to get the FOMC to delay a tightening in September.” The market reacted to the hawkish comments with the fresh buying of U.S. dollars, accelerating the downward pressure on the EURUSD pair. Now that the EURUSD has broken through the support turned resistance area of the 1.0920’s, and the fact that price has failed to hold a new higher low above the 1.1120.s, as well as, bearish momentum oscillator analysis, this leads me to hold firm my view that EURUSD prices will continue to trade firmly lower within the multi-week downward price channel towards my target area near the 1.0750’s over the coming days.

As the interest rate spread between the USD and the GBP against the EUR widens, and the expectation that the U.S. and the U.K will begin to raise rates, further supports the buying interest in the U.S. dollar and the British pound in the near term. Traders should also take note of the recent hawkish comments from the BoE and the Fed board members who have been dropping clues of pending rate hikes.

The AUD made a large move on Tuesday following better than expected trade and retail sales data, and then a change in language in the RBA statement following the anticipated decision to leave the cast rate at 2.0%. The Board said in its statement that “the Australian dollar is adjusting to the significant declines in key commodity prices.” The AUDUSD rallied nearly 165 pips on the statement.



Currency Pairs, Grouped Performance (% change)

The new Currency Movers Charts show the percentage change from previous day’s close to the current moment against the other major currencies.

The GBP is trading higher against the majors as the latest PMI data continued to show solid growth. The AUD is retracing lower after yesterday’s strong advance.

Significant daily support and resistance levels for these pairs are:



Main Macro Events Today

• EUR Services PMI: The services reading was revised to 53.9 from 53.8 and the composite to 53.9 from 53.7. Overall, the Eurozone economy is so far showing resilience and data is consistent with the ECB’s assessment that economic activity continues to broaden.

• USD ISM Non-Manufacturing: July service sector producer sentiment is out on later today and should reveal a 56.0 (median 56.2) headline for the month, steady from June. Other measures of producer sentiment for the month have been mixed but should allow the ISM-adjusted average for July to maintain the increase to 53 that we saw in June.



Please note that times displayed based on local time zone and are from time of writing this report.

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John Knobel
Senior Currency Strategist
HotForex

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