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DAX defends mild gains
FXStreet (Mumbai) - Germany’s benchmark index, the DAX manages to keep gains, holding on to a minor recovery after sharp sell-off seen on Tuesday after the US dollar rallied on the back of upbeat US macro figures while Greece default concerns also dragged the index lower.
Currently, the DAX 30 trades 0.26% higher at 11656.50 levels, retreating from 11690 session highs. The DAX strives to maintain a bid tone as investors’ sentiment was hampered amid lack of progress seen on the Greece front ahead of its June 5 repayment to the IMF.
The index is seen trading with a positive market breadth, the advance-decline ratio being 18:12. Heidelberg Cement is the top gainer up 1.41% followed by Beiersdorf AG up mere 1.16%. While E.ON SE is down -0.83% on the day, followed by MRG AG which is losing -0.73%.
DAX Technical Levels
The index has an immediate resistance at 11800. Meanwhile, support is seen at 11586 levels and 11410 levels.
May 27,2015
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EUR/GBP rejected at 0.7091
FXStreet (Mumbai) - EUR/GBP extends its upbeat momentum during the mid-European session, largely on the back of broadly stronger shared currency while markets now await the UK Q1 GDP revision on Thursday amid no significant macro releases later today.
EUR/GBP awaits fresh cues
Currently, the EUR/GBP cross trades 0.23% higher at 0.7085, having previously posted fresh session highs at 0.7091 some minutes ago. The cross in EUR/GBP edged higher this session although remains subdued amid lack of fresh triggers for the both the EUR and GBP as traders now shift their focus towards the second estimate of first-quarter economic growth in the UK.
The majority of economists now expect an upward revision to 0.4%. The Bank of England (BoE) expects first-quarter growth of 0.5% in the final estimate.
Moreover, the US dollar seems to have wiped out losses and is on its way to resume its upbeat macro data-led uptrend which again may keep a check on cross.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7091 (Today’s High) and above which it could extend gains to at 0.7116 (May 24 High) levels. To the downside immediate support might be located at 0.7030 (March 12 Low) levels below that at 0.7011 (March 11 Low) levels.
May 27,2015
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ECB decides to leave Greece’s ELA limit unchanged at EUR 80.2 billion
FXStreet (Mumbai) - According to sources from the European Central Bank (ECB), the Executive Board decided on Wednesday to leave Greece’s emergency liquidity assistance (ELA) limit unchanged at its current level of EUR80.2 billion.
The ECB raised the ELA by a modest EUR200 million last week, suggesting that Greek banks had still some EUR3 billion of liquidity left even after a spike in deposit withdrawals in recent days.
According to Greek Kathimerini newspaper, in the past few days, and particularly on Tuesday, there has been a significant increase in deposit outflows from Greek banks.
Kathimerini noted, “Credit sector professionals reported that deposit outflows on Tuesday alone came to EUR300 million, against about EUR100 million per day in recent days. They said that while this amount is quite high, the situation is under control as citizens are remaining calm on the positive messages from Greek officials."
May 27,2015
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USD/JPY moves toward 124.00, makes fresh 8-year highs





FXStreet (Córdoba) - The dollar is extending gains into a fourth consecutive day versus the yen, having printed fresh 8-year highs on Wednesday following a steep rally the previous day.


USD/JPY resumed the rise after a brief dip to the 122.75 zone, and climbed to its highest level since June 25 2007 at 123.76 in recent dealings. At time of writing, the pair is trading at 123.70, recording a 0.49% gain on the day.


BOJ chief Kuroda said on Wednesday that is desirable that FX reflect economic fundamentals but refrained from making comments against weak JPY.


USD/JPY levels to watch


On the upside, next resistances are seen at 123.93 (Jun 25 2007 high) and 124.13 (Jun 22 2007 high). On the downside, supports could be found at 122.76 (daily low), 122.45 (intraday support May 26) and 122.00 (psychological level).





May 27,2015

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GBP/USD plummets to 1.5340
FXStreet (Edinburgh) - The sterling is rapidly depreciating vs. the greenback on Wednesday, dragging GBP/USD to lows around the mid-1.5300s.
GBP/USD hurt by dollar momentum
The context around the deb talks between Greece and its EU creditors continues to deteriorate today, hurting the risk sentiment. The dollar managed to revert the initial negative tone, impacting on the risk-associated universe and forcing spot to retreat to 3-week lows around 1.5340/35.
In the UK economy, the next risk event will come with the release of the GDP preliminary figures for the first quarter, due tomorrow.
GBP/USD key levels
At the moment the pair is down 0.4% at 1.5346 with the next support at 1.5338 (low May 27) ahead of 1.5300 (psychological level) and then 1.5260 (76.4% of 1.5088-1.5815). On the upside, a breakout of 1.5439 (high May 27) would open the door to 1.5475 (high May 26) and finally 1.5478 (38.2% of 1.5700-1.5340).
May 27,2015
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WTI Crude falls below USD 58/barrel on strong US dollar
FXStreet (Mumbai) - WTI crude oil front month futures fell into losses to trade well below USD 58.00/barrel as the US dollar resumed its uptrend against the basket of currencies.
Crude futures clocked a high of USD 58.92/barrel earlier today on expectations that US crude stocks fell for a fourth straight week in the last week. Crude inventories are expected to have fallen by 2 million barrels last week, a preliminary Reuters survey showed.
The American Petroleum Institute (API) data is due for release today, while the US government shall release its own set of data tomorrow.
Meanwhile, prices are also under pressure on widespread belief that the Organization of the Petroleum Exporting Countries shall keep production steady at its meeting on June 5.
WTI Crude future Technical Levels
The futures currently trade at USD 57.55/barrel. immediate support is seen at 56.62 (50-SMA), followed by another support at 56.00. On the other hand, immediate resistance is seen at 57.71 (23.6% R of 42.02-62.54), followed by another hurdle at 59.18 (200-SMA).
May 27,2015
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Jobless claims reaction: AUD/USD down to 0.7630
FXStreet (Cocoa) - The AUD/USD is extending declines following US jobless claims. After falling 85 pips from 0.7715 in the day, the AUD/USD is trading at lows since April 15 at 0.7630.
The Australian Dollar is trading lower against the US Dollar as the pair is trading under pressure amid USD strength.
US added 282K initial jobless claims in the last week, above expectations. But data remains at multi-year lows and adds reasons to believe labor market is improving. The jobless claims chart shows that initial jobless claims remain below the 300K mark for the 12th week in a row.
AUD/USD after Initial Jobless claims
Currently, AUD/USD is trading at 0.7633, down 1.27% on the day, having posted a daily high at 0.7763 and low at 0.7630. The hourly FXStreet OB/OS Index is showing oversold conditions, alongside the FXStreet Trend Index which is slightly bearish.
AUD/USD levels
If the pair extends declines beyond 0.7630, it will find supports at 0.7600 and 0.7580. To the upside, resistances are at 0.7650, 0.7670 and 0.7715.
May 28,2015
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NZDUSD after Jobless claims: Collapse extended to 4-year lows
FXStreet (Cocoa) - The New Zealand Dollar is adding losses against the US Dollar following the US initial jobless claims data. Now, the NZD/USD collects a 120 pips collapse from 0.7265 traded in the earlier European session to price at lows since May 2011 at 0.7140.
US added 282K initial jobless claims in the last week, above expectations. But data remains at multi-year lows and adds reasons to believe that the labor market is improving in the United States. The jobless claims chart shows that initial jobless claims remain below the 300K mark for the 12th week in a row.
NZD/USD after Initial Jobless claims
Currently, NZD/USD is trading at 0.7155, down 1.53% on the day, having posted a daily high at 0.7274 and low at 0.7144. NZD/USD spot is in oversold territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bearish.
NZD/USD Forecast and Levels
According to Imre Speizer, analyst at Westpac Banking Corporation, the bank expects the "NZD/USD to continue its downward trend during the next few months, targeting 0.70."
As for the short term, if the pair manages to extend losses beyond 0.7140, next supports are at 0.7100 and 0.7080. To the upside, resistances are now at 0.7170, 0.7200 and 0.7210.
May 28,2015
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Canadian GDP contracted 0.6% in the first quarter
FXStreet (Mumbai) - The data released by Statistics Canada on Friday showed the economy contracted 0.6% quarter-on-quarter, missing the expectations of a 0.3% gain. This was the first negative growth rate of real GDP since the second quarter of 2011. On a monthly basis, real GDP by industry fell 0.2% in March.
As per the official report, final domestic demand fell 0.4% after increasing 0.4% in the previous quarter, while Government final consumption expenditure was 0.2% lower. Exports of goods and services decreased 0.3%, following a 0.4% decline in the previous quarter. Exports of goods declined 0.5%, while services increased 0.8%. Imports of goods and services fell 0.4%.
May 29,2015
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GBP/USD recovers to 1.5280
FXStreet (Mumbai) - The US dollar is being sold ahead of the monthly closing, helping the GBP/USD pair recover to 1.5280 after the official data showed the US economy contracted at slower than expected rate in the first quarter.
GBP/USD sees minor correction post US GDP
The pair fell to a low of 1.5236 immediately after the release of the US GDP report, before recovering to a post GDP high of 1.5280. The second estimate revised Q1 GDP lower to -0.7%, against the expectation of -0.9%. Still, the US dollar suffered minor losses, which may have been due to unwinding of long USD positions ahead of the weekend and month end.
With US GDP out of the way, the investors now await Chicago PMI and final Michigan Confidence index for May.
GBP/USD Technical Levels
The pair now trades at 1.5270, with the immediate support seen at 1.5230, followed by support at 1.52. On the other hand, resistance is seen at 1.53 and 1.5336.
May 29,2015
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AUD/USD edges down as commodity currencies underperform
FXStreet (Córdoba) - AUD/USD inched a tad lower on Friday and trades near its monthly lows scored the previous day, on track to post its sixth daily loss in a row.
The greenback ignored US GDP downward revision from +0.2% to -0.7% in the first quarter, and continued to move higher versus commodity currencies in a relatively quiet day mostly driven by cautious sentiment.
AUD/USD is currently trading at the 0.7635 area, down 0.12% on the day, having scored a low of 0.7629 in recent dealings. On the downside, immediate support stands at 0.7617, 6-week low struck yesterday, followed by the 0.76 mark.
On the upside, immediate resistances are seen at 0.7629 (daily high), 0.7700 (psychological level) and 0.7760 (May 28 high).
The NZD and the CAD are also among the worst performers, weighed down by soft domestic data.
May 29,2015
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AUD/USD edges down as commodity currencies underperform
FXStreet (Córdoba) - AUD/USD inched a tad lower on Friday and trades near its monthly lows scored the previous day, on track to post its sixth daily loss in a row.
The greenback ignored US GDP downward revision from +0.2% to -0.7% in the first quarter, and continued to move higher versus commodity currencies in a relatively quiet day mostly driven by cautious sentiment.
AUD/USD is currently trading at the 0.7635 area, down 0.12% on the day, having scored a low of 0.7629 in recent dealings. On the downside, immediate support stands at 0.7617, 6-week low struck yesterday, followed by the 0.76 mark.
On the upside, immediate resistances are seen at 0.7629 (daily high), 0.7700 (psychological level) and 0.7760 (May 28 high).
The NZD and the CAD are also among the worst performers, weighed down by soft domestic data.
May 29,2015
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OPEC meeting could be a ‘non-event’ – TDS
FXStreet (Edinburgh) - Strategist Andrew Kelvin at TD Securities does not see major announcements in the OPEC meeting due on June 5th.
Key Quotes
“The OPEC meeting on Friday marks the first official meeting after the group broke with tradition and decided to not support the crude oil price environment by cutting production in November last year”.
“At current prices, there is little incentive for the group to cut quota, confirming global oversupply will endure”.
“We have a strong conviction (around 85%) that they leave the quota unchanged, and while that is generally the same conviction as in the market, should result in a modest bearish move as some longs get liquidated”.
“Any cut to quota would see a very bullish move in the market, while there also may be some focus on comments from Saudi Oil Minister al-Naimi or new Saudi Aramco Chairman al-Falihif they provide any forward price guidance, which we think they may try to anchor to around $70 bbl for year-end”.
“Overall, we look to sell any modest bounces in August-delivery Brent at $64 bbl with target at $59.50 bbl, stop at $65 bbl”.
May 29,2015
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EUR/JPY rises further above 136.00
FXStreet (Córdoba) - The euro kept rising against the yen and reached at 136.40 the strongest level since May 18. EUR/JPY remains above 136.00, consolidating a weekly gain of almost 300 pips.
While the euro has been among the best performers across the board, the yen dropped sharply during the last four days as USD/JPY rallied above 122.00.
EUR/JPY technical levels
Immediate resistance to the upside could be located at 136.40 (daily high) followed by 136.80 (May 15 high) and 137.00. On the opposite direction support might lie at 135.95, 135.40 (daily low) and 134.95.
May 29,2015
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DXY turns positive near 97.00
FXStreet (Edinburgh) - The US Dollar Index, which tracks the greenback vs. its main competitors is now back in the 97.00 neighbourhood after testing lows near 96.80.
DXY hurt by US data
Once again, poor results from the US calendar today have been weighing on the index, although it has quickly managed to revert the decline to daily troughs around 96.80. In fact, the second revision of the US GDP Annualized during Q1 showed a 0.7% contraction while the Reuters/Michigan index surprised to the downside, dropping to multi-month lows during May. Today’s results add to the higher than expected Initial Claims seen on Thursday.
A glance at next week’s US calendar shows the key ISM Manufacturing (Monday) and the ADP Employment Change (Wednesday) as the main events, ahead of the more significant Non-farm Payrolls on Friday.
DXY relevant levels
The index is now up just 0.03% at 96.99 and a breakout of 97.19 (high May 29) would aim for 97.77 (high May 27) and finally 98.13 (high Apr.22). On the other hand, the initial support aligns at 96.75 (low May 29) followed by 94.82 (low May 22) and finally 94.08 (low May 19).
May 29,2015
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UK Services PMI strength due a moderation - TDS
FXStreet (Guatemala) - Analysts at TD Securities explained key data events coming up in the UK Services PMI (Tues 3 June):
Key Quotes:
"We are in line with consensus in looking for the Services PMI to moderate slightly from 59.5 to 59.1. The risks around this seem balanced. The strength in the sector is generally overdue for some moderation and there were only minor reports last month of electoral uncertainty restraining activity."
"Moreover, where the clarity could be seen as making planning easier and boosting demand, the outcome itself was not a benefit for all. For example, it has raised the spectre of accelerated job cuts in the public sector."
May 29,2015
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United States ISM Prices Paid came in at 49.5, above expectations (42.5) in MayRead more in Forex News june 1,2015OctaFX.Com News Updates

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Banxico expected to keep rates unchanged – TDS
FXStreet (Edinburgh) - Strategists at TD Securities sees the Mexican central bank keeping its benchmark rates intact at this week’s meeting.
Key Quotes
“On Thursday in Mexico we expect Banxico to keep the Overnight Rate at 3.0%”.
“April CPI inflation was 3.06% Y/ Y, close to the middle of the 3%+/-1% target range, and core inflation was running at 2.31%”.
“Furthermore, USDMXN has risen by only 0.5% since the April rate meeting”.
“We expect Banxico to remain on hold until later this year when it will follow the Fed in hiking rates”.
june 1,2015
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Recent days has been really hectic for me on personal note, as I have been trading with loads of confusion, but only thanks to this broker OctaFX that I read these analysis on daily and feel much more comfortable, it always feel uncomfortable when I have to trade alone without analysis, but this covers that up.

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RBA waiting for the Fed to make the first move – MP
FXStreet (Barcelona) - Dean Popplewell, VP of Currency Analysis and Research at MarketPulse, shares the key points from RBA’s monetary policy statement and further believes that the Australian central bank might wait to cut rates further till the Fed hike begins.
Key Quotes
“It was not a market surprise that RBA Governor Glenn Stevens opted to keep the bank’s rates on hold (+2%) earlier this morning. The surprise was that the market expected more easing rhetoric. Without it, the Aussie managed to rally hard from its seven-week low.”
“What transpired is that the new RBA policy outlook favors data dependence over renewed easing bias. In other words, like most central bankers that favor a weaker domestic currency or have issues with an overvalued currency, policymakers will more than ever be relying on a Fed rate hike to do most of their domestic policy lifting. Naturally, the AUD/USD (A$0.7682) saw a fair bit of volatility among the dollar majors, as traders digested the changes in the latest RBA policy stances.”
“Stevens continued with his usual rhetoric of trying to talk the currency down by insisting, “Further depreciation seems both likely and necessary.” Analysts noted that the policy outlook component of the statement was clouded by data dependency against the expectation of an outright return to an easing bias in light of the latest soft capital expenditure figures out last week.”
“The lack of a rate cut or easing bias convinced the AUD shorts to pare back existing positions (A$0.7707).”
“The RBA is likely to wait for the May cut to final filter through to the real economy. It’s only natural for policymakers to be somewhat hesitant of cutting rates too soon again, especially with developments in Australia’s “hot” property market. That’s reason enough to wait for the Fed to make the first move.”
June 2,2015
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EUR/USD slows down, but holds above 1.1100
FXStreet (Córdoba) - EUR/USD held above the 1.1100 level, barely unaffected by the latest batch of disappointing US data, but broadly supported by hopes of a Greek deal around the corner, even after Eurogroup President Dijsselbloem said such an agreement was still far away.
EUR/USD climbed almost 300 pips throughout the day and scored its highest level since May 22 at 1.1193 in recent dealings. The pair faltered ahead of the 1.12 mark and retraced some gains with Dijsselbloem comments. At time of writing, EUR/USD is trading at 1.1120, recording a 1.79% gain on the day.
Optimism Greece could reach a deal with lenders has supported the euro on Tuesday following yesterday’s meeting between Merkel, Hollande, Juncker, Lagarde and Draghi in Berlin. There were speculations the leaders would draft a proposal for Greece, but a government official said the Hellenic country hasn’t received an agreement plan from the institutions.
On the data front, US data came in the soft side. Factory orders dropped 0.4% in April versus expectations of a flat reading, while the IBD/TIPP Economic Optimism index came in at 48.1, below the 49.8 of consensus.
June 2,2015
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OPEC Meeting Preview: Expect no change in cartel’s policy – KBC
FXStreet (Barcelona) - The KBC Bank Research Team comments on the oil market and further shares their expectations from the OPEC meeting.
Key Quotes
“After soaring by more than 4% on Friday, the oil price fell by about a percent yesterday and the front-month contract on Brent thus returned below 65 USD/bbl. The move was probably driven mainly by the strengthening US dollar but market positioning ahead of this Friday’s OPEC meeting could also have played a role.”
“Regarding possible outcomes of the meeting, our expectations are in line with those of market and we do not expect any change in the cartel’s policy.”
“Key members of the OPEC, namely Saudi Arabia and its Gulf allies, are likely to be happy with a swift reaction of US oil producers on the one hand and with relatively stronger growth of oil demand (vis-à-vis last year’s estimates) that has been spurred by low oil prices on the other. Let us recall that a combination of both factors led to about 13% increase in oil prices on a year-to-date basis.”
June 2,2015
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EUR/USD sees profit-taking ahead of US NFP – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, shares the technical outlook and key levels for EUR/USD, noting that the pair is seeing some profit taking ahead of the May US nonfarm payrolls scheduled to be released tomorrow.
Key Quotes
“The EUR/USD pair surged to a fresh 2 week high of 1.1379, erasing most of the ground lost to US up ticking inflation mid May. The pair accumulates a gain of around 360 pips from its weekly opening, despite over the last hour has retraced back below the 1.1300 level, as investors are taking profits out of the table ahead of the latest risk event of the week, US Nonfarm Payroll to be released early Friday.”
“There was no macro data in Europe, and the advance was lead by soaring German yields that have been on a wild advance this week. In the US, weekly unemployment claims resulted better than expected in the week ending May 29, down to 276K, whilst Nonfarm productivity during the Q1 shrank more than expected, down to -3.1% in line with the economic slowdown of those months.”
“Technically, the 1 hour chart shows that the price extended its decline after the US news, approaching a bullish 20 SMA, the immediate support around 1.1280. The technical indicators in the mentioned time frame have corrected overbought conditions, and now stand flat well above their mid-lines.”
“In the 4 hours chart, the technical indicators are turning lower in extreme overbought levels, although the price stands well above its moving averages, which suggest corrective downward movements will remain limited.”
“Support levels: 1.1280 1.1240 1.1200“
“Resistance levels: 1.1340 1.1385 1.1420”
June 4,2015
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AUD/USD vulnerable to the downside – Scotiabank
FXStreet (Barcelona) - Eric Theoret, CFA, CMT, Currency Strategist at Scotiabank, sees limited support for AUD/USD towards 0.7600.
Key Quotes
“AUD is weak and underperforming, its decline driven by the release of disappointing trade and retail sales. The data have forced a full retracement of Wednesday’s GDP-driven gains, with focus shifting back to the deteriorating domestic picture and its implications for the RBA, with OIS pricing in a 40% chance of a 25bpt rate cut over the next 12 months.”
“AUD is vulnerable and we see limited support ahead of Tuesday’s open near 0.7600.”
June 4,2015
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Fed should delay rate hike until H1 2016 says IMF
FXStreet (Córdoba) - International Monetary Fund is looking for the Fed to not hike rates until the first half of 2016 and has reduced their 2015 US growth outlook.
In its annual assessment of US economy, known as an Article IV report, the IMF downgrades its GDP growth forecast for 2015 from 3.1% to 2.5%, amid significant uncertainties as to the future resilience of economic growth. IMF also cut its forecast for 2016, from 3.1% to 3%.
It is unusual for the IMF to be so explicit and specific about countries’ policies.
June 4,2015
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SEB: EUR/GBP targeting 0.7130? – eFXnews





FXStreet (Barcelona) - The Technical Strategy Team at SEB, note that the possible triangle formation in EUR/GBP targets 0.7130 levels, as shared by eFXnews.


Key Quotes


“If the triangle scenario continues to play out then the pair should be running into selling in the 0.7383/92-area and then beginning a descent that primary targets the 0.7130-area (78.6% of the recent advance).”


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June 4,2015

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USD/JPY sees additional gains above 126 – FXStreet





FXStreet (Barcelona) - With strong US payrolls boosting USD/JPY above the 125 handle, the technical indicators suggest the pair sees scope for further gains, according to Valeria Bednarik, Chief Analyst at FXStreet.


Key Quotes


“The USD/JPY pair skyrocketed through the 125.00 figure, soaring to levels not seen since late 2002, at 125.85.”


“Holding on to its gains, the 1 hour chart shows that the technical indicators are losing their upward strength in extreme overbought levels, but far from suggesting a downward corrective movement under way.”


“In the 4 hours chart the technical indicators maintain their strong upward strength, supporting additional gains for the upcoming sessions, furthermore if the pair breaks above 126.00.”


“Support levels: 125.50 125.10 124.70”


“Resistance levels: 125.85 126.10 126.50”









June 05,2015

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Credit Agricole: Should we worry about the USD? – eFXnews
FXStreet (Barcelona) - According to Credit Agricole, there exists a certain risk that the Fed might adopt a cautious tone because of the stronger dollar, but the inflation outlook will keep the FOMC on track for the rate hike, which implies broad based USD strength will make its comeback soon, as noted by eFXnews.
Key Quotes
“Will the Fed adopt a more cautious tone because of the recent USD-strength? We think there is some risk given that confidence in the manufacturing sector is close to the recent lows while weak global trade continues to weigh on US exports.”
“In addition, it remains to be seen whether the US consumer will spend the windfall from lower oil and import prices (May retail sales due on June 11).”
“Last but not least the IMF has recently called on the Fed to delay any tightening until next year.”
“The above being said, one important difference from March is that inflation expectations as measured by Fed's preferred gauge - the 5y5y forward breakeven inflation - have rebounded on the back of stabilising commodity prices. In addition, core CPI as well as earnings surprised on the upside recently.”
“All that could suggest that the FOMC should be growing more confident about the inflation prospects in the economy and move closer to a hike. If that is confirmed next week, USD could extend its gains across the board.”
This content has been provided under specific arrangement with eFXnews.
June 09,2015
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USD/CAD slumps to 1.2350
FXStreet (Edinburgh) - The greenback keeps losing its shine vs. its Canadian neighbour on Tuesday, with USD/CAD now dropping to session lows near 1.2350.
USD/CAD hinges on USD dynamics
Absent relevant data in the Canadian docket this week, the pair’s price action will hinge on the publications and developments in the US economy, where May’s retail sales (1.1% exp.) are due on Thursday and the flash Reuters/Michigan index on Friday (91.5 exp.).
In the meantime, spot is retreating for the second consecutive session, extending the rejection from recent peaks above 1.2550.
USD/CAD key levels
At the moment the pair is retreating 0.45% at 1.2354 with the next support at 1.2304 (low Jun.9) followed by 1.2300 (psychological level) and finally 1.2299 (21-d MA). On the upside, a break above 1.2442 (high Jun.9) would aim for 1.2466 (Tenkan Sen) and then 1.2473 (high Jun.8).
June 09,2015
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‘Greece to stay in the euro’ – ECB’s J.Makuch
FXStreet (Edinburgh) - Jozef Makuch, Governor of the Slovakian central bank and member of the ECB Governing Council has wished Greece can remain a member of the euro area.
He has also ruled out any concern regarding the higher bond yields in the region, while he argued that the combination of the current QE programme and the TLTRO are boosting the economic growth in the euro area.
June 09,2015
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USD/RUB could find strong support around 50.0 – Rabobank
FXStreet (Edinburgh) - Strategist Piotr Matys at Rabobank reviews the prospects for the Russian currency ahead in the year.
Key Quotes
“When the ruble firmed beyond the 50-level against the US dollar, verbal interventions from the central bank and the government intensified to discourage market players from betting on an even strong ruble”.
“Throughout the second half of the year, we expect that the 50-handle will be a fairly strong barrier for USD/RUB as the CBR will continue to cut rates to deter carry traders”.
“Admittedly, the ruble is set to remain one of the highest-yielding EM currencies, but with the interest rate potentially falling below 10.00% in 15H2 from 12.50% now, the risk premium may not prove sufficient to stimulate ruble demand”.
“Especially if the fragile ceasefire in Eastern Ukraine collapses and/or Brent crude falls below USD 60/bbl”.
June 09,2015
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EUR/USD bounced off 1.1210
FXStreet (Edinburgh) - The decline of EUR/USD seems to have found decent support around the 1.1210 on Tuesday.
EUR/USD worried about Greece
Mounting concerns on the Greece-EU debt talks continue to hurt the sentiment around the single currency today, forcing spot to surrender part of Monday’s strong gains. Market participants remain vigilant on any Greek development, specially after the country submitted new proposals to the EU officials during the European morning, all in light of the key meeting between Merkel, Tsipras and Hollande to be held tomorrow.
Nothing to write home about from the data front, with the second revision of EMU’s GDP figures matching expectations during the first quarter (0.4% QoQ, 1.0% YoY).
EUR/USD levels to watch
The pair is now retreating 0.26% at 1.1261 and a breach of 1.1214 (low Jun.9) would target 1.1179 (low Jun.4) en route to 1.1084 (low Jun.8). On the flip side, the initial up barrier aligns at 1.1346 (high Jun.9) followed by 1.1383 (high May 13) and then 1.1400 (psychological level).
June 09,2015
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Saudi Arabia maintained production at three-decade high in April
FXStreet (Mumbai) - Saudi Arabia, the world’s biggest oil exporter, told OPEC that it maintained its production at a three-decade high in May.
Saudi produced 10.33 million barrels a day in May, an increase of 25,000 barrels from April. The OPEC group as a whole supplied almost 31 million barrels a day collectively, the most in almost three years.
The organization agreed last week to keep its output ceiling at 30 million barrels a day and will meet again on Dec. 4. However, it is worth noting that the group has exceeded its target for the last 12 months.
June 10,2015
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GBP/USD retraces 50% of mid-May to end-May plunge
FXStreet (Mumbai) - The GBP/USD pair extended gains over and above 1.5491, which is the 50% Fib R of 1.5813 (mid-May high) -1.5169 (May-end low).
GBP/USD stalled at high of 1.5516
The pair printed a high of 1.5516 ahead of the US session, before falling back to 1.55 levels. The Pound bulls got a second wind, which took the pair higher from 1.5430-1.5440 levels.
At the moment, the British Pound is one of the best performing currency, mainly on account of an uptick in the industrial production and a larger than expected drop in trade deficit in April. It remains to be seen if the pair manages to extend gains after having retraced 50% of the fall.
GBP/USD Technical Levels
The immediate resistance is located at 1.5519 (23.6% R of 1.4564-1.5813), above which gains could be extended to 1.5670. On the flip side, a break below 1.5490 could push the pair back to 1.5420.
June 10,2015
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EUR/USD regains 1.1300 and climbs to session highs
FXStreet (Córdoba) - EUR/USD regained the 1.1300 level and stretched to fresh session highs following a positive opening in Wall Street as German yields continue to support the euro.
EUR/USD climbed to a 3-week peak of 1.1385 but then retreated more than 100 pips before finding support at the 1.1260 area and resumed the upside. The pair has climbed back to 1.1347 and it is currently trading at 1.1329, up 0.43% on the day.
Greece talks remain unresolved
The shared currency remains on a recovery path ever since bottoming out at 1.0819 late May, despite lingering uncertainty coming from Greece bailout talks. On Wednesday, Greek PM Tsipras is expected to meet German Chancellor Merkel and French President Hollande in Brussels to continue negotiations after Athens submitted a new proposal on Tuesday.
EUR/USD levels to watch
As for technical levels, a break above 1.1385 would pave the way toward 1.1400 (psychological level) and 1.1448 (May 18 high). On the other hand, supports are seen at 1.1260 (daily low), 1.1213 (Jun 9 low) and 1.1200 (psychological level).
June 10,2015
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Canada New Housing Price Index (MoM) in line with forecasts (0.1%) in May
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June 11,2015
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US initial jobless claims stay below 300K for a 14th consecutive week
FXStreet (Mumbai) - The US labor department data released on Thursday showed the first time applications for unemployment benefits last week stayed below 300K for the 14th consecutive week, indicating the resilience in the labor market.
The initial jobless claims increased by 2,000 to 279K in the week ended June 5. The actual figure was slightly higher than the consensus estimate of 277K. The four-week average of claims, which provides a more accurate picture of the labor market strength, climbed to 278,750 last week, from 275,000.
Meanwhile, the continuing claims rose by 61,000 to 2.27 million in the week ended May 30. The sustained strength in the labor market is likely to translate into higher consumption, as indicated by the rise in the retail sales released today.
June 11,2015
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US retail sales rebound strongly after 1Q weakness - ING
FXStreet (Barcelona) - Reviewing the US retail sales data result for May, James Knightley, Senior Economist at ING, notes that details suggest the consumer psyche of saving rather than spending continued, but September looks likely for a rate hike.
Key Quotes
“US retail sales for May have rebounded after the weather depressed readings seen in recent months. They rose 1.2%MoM, in line with market expectations while April was revised up to +0.2%MoM from 0.0 and March is now reported as +1.5% versus +1.1% previously. This shows a marked improvement in consumer spending on the December-February period where we saw three consecutive contractions.”
“Motor vehicles were particularly strong, rising 2%MoM and building material saw sales rise 2.1% and gasoline station sales rose 3.7%. Nonetheless, even if we strip out these volatile components, the so called “control” group (which tends to better match the pattern in broader consumer spending), shows that spending was strong. This core measure of retail sales rose 0.7%MoM versus the 0.5% consensus and again there were upward revisions to the past couple of months’ data.”
“Consequently, this report backs up the assumption that we didn’t see a change in consumer psyche – that of saving rather than spending. Indeed, it is pretty clear that the weakness at the start of the year was weather related. This view is backed up by the rebound in housing activity and the decent payrolls number for April. As such it should give markets greater visibility on the likely path of Fed policy with September looking likely for the start of the tightening cycle.”
June 11,2015
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Chilean central bank keeps the hawkish stance – Scotiabank
FXStreet (Edinburgh) - Eduardo Suarez, Chief FX Strategist at Scotiabank, reviewed the recent statement by the Chilean central bank (BCCh) after its monetary policy meeting.
Key Quotes
“The BCCh issued a very brief statement last night after its MPC meeting, where it left most of its message intact”.
“On the external front, the central bank noted the gradual rebound in global growth, but also highlighted rising global interest rates, as well as diminishing capital flows into EM”.
“On the domestic front, the BCCh described the recent performance of the Chilean economy as “in line with the Monetary Policy Report”, including inflation, which is expected to remain high for some time”.
“However, inflation expectations are seen as anchored, which probably explains why the bias of the central bank remained a vigilant pause”.
“The BCCh noted the slowdown in wage increases, and did not mention indexation this time. We think the statement was fairly consistent with recent communication, although maybe a little less hawkish”.
June 12,2015
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EUR/GBP targets fib 22 April low
FXStreet (Guatemala) - EUR/GBP is currently trading at 0.7237 with a high of 0.7258 and a low of 0.7196.
EUR/GBP remains better offered and the weight of the ECB’s asset purchases programme has been keeping the cross capped on the upside while the past week has been kind to Sterling after the trigger point that was Carney's Mansion house speech. The cross has dropped back from the 0.74 handle and bears are, so far, held up at 0.7200 support.
EUR/GBP below key 55D MA
Technically, the slide back lower has reached the 55 day ma at 0.7241 and loer which indicates that we could be on the way to 0.7127/23 (Fibo + 22nd April low), as noted by Karen Jones, chief analyst at Commerzbank. "Resistance at 0.7391 is regarded as the last defence for the 0.7482 May peak. We will neutralise our outlook for now as the move feels somewhat directional. Above 0.7482 will introduce potential to the 0.7685/94, the 38.2% retracement of the move down from 2013 and the 55 week ma."
June 12,2015
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London Close: GBP/USD rockets to fresh June highs
FXStreet (Orlando) - The British Pound jumped 90 pips against the US Dollar from 1.5490 to fresh June's highs above 1.5580 as the London close arrived and investors are buying the GBP ahead the weekend with Greece debt, Tsipras, Juncker and Grexit on the spotline.
The GBP/USD broke out the consolidation range between 1.5480 and 1.5530 and it accelerated to break previous highs at 1.5555 too. In addition, the US Dollar index DXY went into the negative territory following softness in the US yields.
GBP/USD levels
Currently, GBP/USD is trading at 1.5567, up 0.33% on the day, having posted a daily high at 1.5584 and low at 1.5467. GBP/USD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bearish.
If the pair consolidates levels above 1.5550, it will find resistances at 1.5580, 1.5600 and 1.5620. To the downside, supports are at 1.5530, 1.5500 and 1.5460.
June 12,2015
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US Industrial Production in May expected to see the first advance in six months - TDS
FXStreet (Barcelona) - Previewing the US data releases ahead in the day, the TD Securities Team expects the industrial production data to see a 0.3%mom increase in May.
Key Quotes
“Industrial production is forecast to have increased by 0.3% m/m in May (in line with market expectations) the first advance in this series in six months, led by manufacturing. Capacity utilization is expected to increase to 78.5%.”
“The June edition of the Empire Manufacturing Index will also be released and here the market is looking for an increase to 6.0 from 3.1.”
“The NAHB Housing Market Index for June is also expected to show improving sentiment, rising to a forecasted 56 from 54. The April TICs report will round out the day’s releases.”
June 15,2015
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Key events in the US: Industrial production expected to rise to 0.2%mom – KBC
FXStreet (Barcelona) - The KBC Bank Research Team previews and shares their forecast for the US data releases ahead – Industrial Production, Empire State manufacturing survey and the NAHB housing sentiment.
Key Quotes
“In the euro area, the calendar is second-tier, but in the US, the combination of the Empire State manufacturing survey, industrial production and NAHB housing sentiment is interesting, albeit having probably not too much market moving potential. The Empire State headline index for June is expected slightly higher at 6 from 3 previously, which suggests a marginal better climate. The sector is still feeling the impact from the stronger dollar and lower oil prices, but orders are slightly higher. While the index is volatile, we don’t expect it to change dramatically and thus ahead of the FOMC, it shouldn’t move the market.”
“Industrial production is expected to be up a meagre 0.2% M/M. It would be the first positive monthly figure in six months. Manufacturing output is expected slightly and might be even stronger than the 0.3% M/M consensus figure. However, mining is probably still weighing on total production and so may be utility output.”
“For the NAHB homebuilders sentiment we expect the small decline in May to be reversed with the index climbing to 56 from 54, which would keep homebuilders’ sentiment quite positive, in line with other housing data.”
June 15,2015
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Credit Agricole: EUR risks remain tilted to the downside – eFXnews
FXStreet (Barcelona) - According to Credit Agricole, the combination of Greece exit fears and a potential optimistic tone of the June FOMC Meeting might keep the EUR vulnerable against AUD and NZD, as noted by eFXnews.
Key Quotes
“Our central case is still for a compromise to be found most likely in the form of a partial bailout extension in exchange for the implementation of some of the reforms. This should help avoid imminent default ahead of the IMF loan repayment next week. It could still leave open the prospect for a potential referendum in Greece on the full reform package in July, however, and keep the risks for EUR on the downside.”
“Market uneasiness could grow ahead of the Eurogroup meeting and keep the downside pressure on EURUSD in place for now.”
“One key question is also how the Fed will respond to the intensifying uncertainty about Greece. We suspect that while Yellen will try not to rock the boat too much, it will be hard for her to ignore the latest improvement in US data and especially various inflation gauges. Positive surprises from today's US IP could fuel more hawkish expectations some more. All that should keep USD supported broadly this week.”
“Lingering Greek fears and more constructive message from the Fed could make for a less favourable backdrop for risk correlated G10 currencies. We suspect that the likes of AUD and NZD could remain vulnerable alongside EUR.”
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June 15,2015
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