Sunday, 17 August 2014

GBP/USD little changed, near 4-month lows

The pound was little changed against the U.S. dollar on Friday, still hovering close to four-month lows after the release of mixed U.S. economic reports as recent comments from the Bank of England continued to dampen demand for sterling.
Forex - GBP/USD little changed, near 4-month lowsPound holds steady against dollar after U.S. data
GBP/USD hit 1.6701 during U.S. morning trade, the session high; the pair subsequently consolidated at 1.6696, inching up 0.06%.
Cable was likely to find support at 1.6658, Thursday's low and resistance at 1.6778, the high of May 30.
In a preliminary report, the University of Michigan said that its consumer sentiment index ticked down to a nine-month low of 79.2 in August, from a reading of 81.8 the previous month. Analysts had expected the index to rise to 82.5 this month.
A separate report showed that U.S. industrial production rose 0.4% in July, beating expectations for a 0.3% gain, after an increase of 0.4% in June whose figure was revised from a previously estimated 0.2% rise.

EUR/USD gains on soft U.S. data, Ukraine events

The euro firmed against the dollar on Friday after consumer sentiment numbers disappointed investors, while news of escalating tensions in Ukraine spooked markets, which also came at the greenback's expense.
Forex - EUR/USD gains on soft U.S. data, Ukraine eventsDollar slumps on soft consumer sentiment data, escalating Ukraine tensions
In U.S. trading, EUR/USD was up 0.18% at 1.3389, up from a session low of 1.3359 and off a high of 1.3412.
The pair was likely to find support at 1.3336, Tuesday's low, and resistance at 1.3415, Wednesday's high.
The preliminary Thomson Reuters/University of Michigan consumer sentiment index ticked down to a nine-month low of 79.2 in August from 81.8 in July. Analysts had expected the index to rise to 82.5 this month, and the disappointing figure weakened the dollar.
Separately, the New York Federal Reserve said that its Empire State manufacturing index fell to a four-month low of 14.69 this month, from a reading of 25.60 in July, worse than expectations for a decline to 20.0.

Forex - USD/JPY drops on U.S. data, escalating Ukraine conflict

The dollar dropped against the yen on Friday after U.S. consumer sentiment data missed expectations, while escalating tensions in Ukraine weakened the greenback as well.
Forex - USD/JPY drops on U.S. data, escalating Ukraine conflictDollar moves lower against yen on U.S. data, Ukraine conflict
In U.S. trading, USD/JPY was down 0.13% and trading at 102.32, up from a session low of 102.14 and off a high of 102.71.
The pair was expected to test support at 101.51, the low from Aug. 8, and resistance at 102.71, the session high.
The preliminary Thomson Reuters/University of Michigan consumer sentiment index ticked down to a nine-month low of 79.2 in August from 81.8 in July. Analysts had expected the index to rise to 82.5 this month, and the disappointing figure weakened the dollar.
Separately, the New York Federal Reserve said that its Empire State manufacturing index fell to a four-month low of 14.69 this month from 25.60 in July, worse than expectations for a decline to 20.0.

Dollar falls on U.S. data, escalating Ukraine conflict

The dollar traded largely lower against most major currencies on Friday, as a mixed bag of data coupled with a fresh flare up in the Russia-Ukraine conflict stoked concerns the U.S. economy still faces headwinds as it recovers.
Dollar falls on U.S. data, escalating Ukraine conflictDollar slides on soft U.S. data, mounting Ukraine tensions
In U.S. trading on Friday, EUR/USD was up 0.24% at 1.3398.
A double-shot of mixed data and geopolitical concerns took its toll on the dollar on Friday.
The preliminary Thomson Reuters/University of Michigan consumer sentiment index ticked down to a nine-month low of 79.2 in August from 81.8 in July. Analysts had expected the index to rise to 82.5 this month, and the disappointing figure weakened the U.S. currency.
Separately, the New York Federal Reserve said that its Empire State manufacturing index fell to a four-month low of 14.69 this month from 25.60 in July, worse than expectations for a decline to 20.0.
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