Forex Insights 22-July-2019
Forex Insights by Equidious Research
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.
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.
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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