Forex News | Currency News by Forexlive

EUR/USD sits at 1.4120, little changed from European opening levels around 1.4110. Risk appetite is in pretty good shape, with S&P futures up about 4 points, and this will be lending the pairing some underpinning.

There is also still talk of  month, quarter, half-year end dollar sales lined up for todays fixings.  Got to be a little wary of this. The talk has been about since yesterday, and we’ve seen a good run -up in the pairing, so some of the usd sell interest may well have been front run.

Technical support 1.4080, resistances 1.4130 and 1.4150/55.

Cable is trying to steady around 1.6600. One thing which may be lending tenuous support is the ongoing talk of USD sales lined up for todays fixings. Next up is the 10:00 GMT fix.

The wires are carrying comments made by the HSBC Chairman. He feels the bank industry is a long way from a return to normal growth. Given sterling is a proxy for the health of the financial sector, this sentiment isn’t helping cable’s cause any.  The pairing has slipped back to 1.6600 at writing.

Comments from UK Treasury official Liam Byrne are lending cable some much needed support, the pairing back up at 1.6640.

He says the GDP revisions don’t change the government forecast  that growth will resume at the end of year.  Sees tentative signs that fall in output is moderating.

Cable is down at 1.6615 at writing. The Q-1 GDP revision was worse than expected, -2.4% q/q and -4.9% y/y, compared to the median forecasts of -2.1% and -4.3% respectively.

The quarter on quarter decline is the biggest since the second quarter of 1958.

The year on year fall is the biggest ever.

Technical support now at 1.6600/05.

Cable is seeing accelerated losses with sell stops just below 1.6661 triggered. We’ve moved quickly to 1.6645. Technical supports now at 1.6640 and 1.6620.

Q-1 GDP revision up in 2 mins. Expected -2.1% q/q, -4.3% y/y.

German June adj jobless rose 31k, better than the median forecast of +45k.  That takes the adj jobless total to 3.495 mln or 8.3%.

EUR/USD is presently trying to steady around 1.4100 having given back all the earlier gains which saw a session high 1.4152 posted.

Sources report a UK clearer was a notable seller up around the highs. Funnily enough the same clearer that was seen buying aggressively down around 1.3984 yesterday. Good job.

Cable is sliding lower, presently at 1.6675.  The close proximity of the 08:30 GMT release of Q-1 revised GDP seems to be prompting a hefty bout of profit-taking by cable longs.

While the previous high at 1.6661 remains intact the GBP bulls won’t be too worried. Given it’s importance, there’s a very good chance  decent sell stops are gathered not too far below 1.6661.

EUR/USD sits at 1.4140.  Sources report buy orders lying down at 1.4100, while sell orders are said to lie up at 1.4150/60 with buy-stops gathered just above there.

Talk of month, quarter, half-year end dollar sales lined up for fixings should help underpin the pairing.

EUR/USD has been lifted by the sharp rally in cable, presently at 1.4135.  Risk sentiment is in good shape and this is lending the pairing good support. Also talk of month, quarter, year end dollar sales lined up for todays fixings is underpinning.

Next tecnhnical resistance now comes at 1.4150/55.

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