Thursday, June 30, 2011

Forex Daily Briefings: Risk Appetite?


Coming Up Today (all times GMT)
  • GBP - Manufacturing PMI (08:30)
  • USD - ISM Manufacturing PMI (14:00)
Markets globally continued to rally in response to the easing tensions with regards to Greek bonds and debt. The DJIA closed 1.25% higher adding 150 points. Crude Oil recovered to $95 a barrel. Overnight Chinese PMI Manufacturing missed estimates to the downside pressuring the AUDUSD.
EURUSD
The EURUSD rose as high as 1.4535 as a global asset rally gained force. The pair has since weakened to 1.4465 as we search for direction at the key 1.4500 juncture. Social protest or the lack of it in Greece may affect the Euro in coming weeks.
Support/Resistance: 1.4400/1.4535
GBPUSD
The cable found support at the 1.60 level which has been a pivot point for a significant period of time. The GBPUSD rose to 1.6045 and then faded off as a lack of momentum was clear. The pair is poised for a directional trend after tinkering below and above the 1.60 level this week.
Support/Resistance: 1.5875/1.6150
Published: 1 July, 2011
written by: Andrew Economou , Fx Analyst , Markets.com