Forex Insights 22-July-2019

July 22, 2019

 

 

 

Forex Insights by Equidious Research

EURUSD

  • The Euro this week could see recent trading ranges broken as the ECB primes itself to boost the ailing Euro-Zone economy.

  • PMI data on Wednesday is expected to show that the economy remains in a parlous state, especially the manufacturing sector.

  • The Euro-Zone manufacturing PMI is expected to remain unchanged at 47.6 in July.

  • EURUSD has been trading in a triangular set-up since mid-June and the price is now heading towards a breakout as trendlines converge.

USDJPY

  • USD/JPY is the forex ticker used to represent the US Dollar and Japanese Yen exchange rate on currency markets.

  • The Japanese Yen had seen the second largest weekly change with speculators raising their net short positioning in the safe-haven currency to $1.485bln following a $895mln increase.

GBPUSD

  • GBP continues to succumb to Brexit risks and political uncertainty surrounding the UK Prime Minister election.

  • GBP weakness was once again reflected by another week of downside in spot GBPUSD and upside in spot EURGBP.

  • Yet, the prospect of GBPUSD rising off year-to-date lows is still in play from a technical perspective with key support showing signs of helping keep the Sterling bid.

 

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