INTERNATIONAL CURRENCY BUZZ :
FOREX-Emerging currencies hit by growth fears after Fed minutes
FOREX- Turkish lira, Russian ruble sink to new lows against U.S. dollar
FOREX- Sterling falls to session lows after UK retail sales disappoint
GBP/USD
A 0.4% rebound in U.K. Retail Sales may heighten the appeal of the British Pound and fuel the near-term breakout in GBP/USD as it puts increased pressure on the Bank of England (BoE) to raise the benchmark interest rate off of the record-low. Positive data prints coming out of the U.K. economy may highlight a tightening race between the BoE/Fed to normalize monetary pol- icy, and GBP/USD may continue to retrace the decline from July 2014 should the fundamental developments spur a growing dissent within the Monetary Policy Committee (MPC). Stronger wage growth paired with the expansion in private-sector credit may boost household spending in the U.K., and a strong rebound in retail sales may generate fresh monthly highs in GBP/USD as market participants ramp up expectations for a BoE rate hike.
EUR/USD
EUR/USD recovered from lows reached just ahead of 1.11 barrier and posts modest gains the European morning, as the traders digest the Greece-ECB repayment headlines amid a data-light EUR docket. Focus now shifts back towards a host of US data flow due later yesterday. The EUR/USD pair trades 0.15% higher at 1.1136, clinging to 1.100 levels. The main currency pair erased losses and turned back in the green territory as the strengthening EUR/GBP cross on UK retail sales miss continues to push EUR/USD higher. Moreover, renewed optimism surrounding Greece after the nation made a EUR 3.4 billion loan repayment to the ECB, also boosted the European currency higher across the board Meanwhile, markets now await a series of US economic releases due later today for further momentum on the pair. US weekly jobless claims, existing home sales and Philly Fed manufacturing index will be on the cards.
RECOMMENDATION :
BUY GBP/USD ABOVE 1.5710 TARGET 1.5730 1.5760 SL 1.5680
SELL GBP/USD BELOW 1.5590 TARGET 1.5570 1.5540 SL 1.5620
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