Forex Trading Signal for 8th November 2013

                                                                                


Japan (Tokyo)                               United Kingdon (London)                        USA (New York)

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EUR/USD

 Up  Trend :

 (1) BUY

E/P: 1.34140

T/P: 1.34340

S/L: 1.33700

 

GBP/USD

Up Trend:

(1) BUY

E/P: 1.60756

T/P: 1.61000

S/L: 1.60400

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Dollar holds gains vs. rivals on Fed taper speculation

The dollar remained broadly higher against the other major currencies on Friday, as growing speculation the Federal Reserve could soon begin tapering its stimulus program continued to support demand for the greenback.

During U.S. morning trade, the euro was lower against the dollar, withEUR/USD retreating 0.73% at 1.3321.

In a preliminary report, the University of Michigan said its consumer sentiment index ticked down to 72.0 in November, from a reading of 73.2 the previous month, disappointing expectations for a rise to 74.5. 

The report came after the Bureau of Labor Statistics said the U.S. economy added 204,000 jobs in October, beating expectations for a 125,000 increase, after an upwardly revised 163,000 rise the previous month. 

The U.S. unemployment rate ticked up to 7.3% last month, from 7.2% in September, in line with expectations. 

The strong employment data added to expectations that the Fed could begin scaling back its asset purchase program as soon as next month. 

Meanwhile, sentiment on the euro remained vulnerable after European Central Bank President Mario Draghi confirmed on Thursday that the bank cut its benchmark interest rate to a record low 0.25% from 0.5% and signalled the possibility of further rate cuts. 

The greenback was also higher against the pound, with GBP/USD down 0.84% at 1.5960.

Official data earlier showed that the U.K. trade deficit widened to GBP9.82 billion in September, from GBP9.56 billion the previous month, which had been revised from a previously estimated deficit of GBP9.63 billion. 

Analysts had expected the trade deficit to narrow to GBP9.20 billion in September. 

The dollar was higher against the yen and the Swiss franc, with USD/JPYjumping 1.12% at 99.18, and with USD/CHF gaining 0.93% at 0.9242. 

In Switzerland, official data showed that retail sales rose 1% in September from a year earlier, less than the expected 2.5% increase, after an upwardly revised 2.5% advance in August.

The dollar was broadly higher against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.36% at 1.0496, AUD/USDdeclining 1.04% at 0.9356 and NZD/USD tumbling 1.17% at 0.8227. 

Official data showed that the Canadian economy added 13,200 jobs in October, disappointing expectations for a 14,000 increase, after a 11,900 rise the previous month. 

Canada's unemployment rate remained unchanged at 6.9% last month, confounding expectations for an uptick to 7.0%. 

The Aussie came under pressure after the Reserve Bank of Australia forecast below-trend growth and rising unemployment in 2014, signalling the possibility for further rate cuts in the future. 

The export-related currencies found some support after data earlier showed that China's exports rose 5.6% in October from a year earlier while imports increased 7.6%, resulting in a USD31.1 billion trade surplus. 

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.74% at 81.50. 

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Forex - GBP/USD hits 3-day lows as U.K. data, Fed talk weigh

The pound hit three-day lows against the U.S. dollar on Friday, as downbeat U.K. trade balance data continued to weigh on demand for sterling, while speculation the Federal Reserve could begin tapering its bond purchases next month persisted. 

GBP/USD hit 1.5973 during U.S. morning trade, the pair's lowest since November 5; the pair subsequently consolidated at 1.5988, retreating 0.67%. 

Cable was likely to find support at 1.5903, the low of November 4 and resistance at 1.6115, Thursday's high. 

The pound came under pressure earlier, after official data showed that the U.K. trade deficit widened to GBP9.82 billion in September, from GBP9.56 billion the previous month, which was revised from a previously estimated deficit of GBP9.63 billion. 

Analysts had expected the trade deficit to narrow to GBP9.20 billion in September. 

In the U.S., the University of Michigan said its preliminary consumer sentiment index ticked down to 72.0 in November, from a reading of 73.2 the previous month, disappointing expectations for a rise to 74.5. 

The report came after the Bureau of Labor Statistics said the U.S. economy added 204,000 jobs in October, beating expectations for a 125,000 increase, after an upwardly revised 163,000 rise the previous month. 

The U.S. unemployment rate ticked up to 7.3% last month, from 7.2% in September, in line with expectations. 

The strong employment data added to expectations that the Fed could begin scaling back its asset purchase program as soon as next month. 

Sterling was fractionally lower against the euro with EUR/GBP edging up 0.09%, to hit 0.8344. 

entiment on the euro remained vulnerable after European Central Bank President Mario Draghi confirmed on Thursday that the bank cut its benchmark interest rate to a record low 0.25% from 0.5% and signalled the possibility of further rate cuts. 

Earlier Friday, official data showed that Germany's trade surplus widened to EUR18.8 billion in September, from EUR15.8 billion the previous month, which was revised up from EUR15.6 billion. Analysts had expected the trade surplus to narrow to EUR15.5 billion in September. 

Separately, France’s credit rating was lowered to AA from AA+ by Standard & Poor's. The ratings company said slower growth will constrain the government’s ability to improve public finances.

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Forex - EUR/USD remains lower after disappointing UoM report

The euro remained lower against the U.S. dollar on Friday, after the release of disappointing U.S. consumer sentiment data, as expectations for the Federal Reserve to soon begin tapering its stimulus program continued to support the greenback. 

EUR/USD hit 1.3338 during U.S. morning trade, the session low; the pair subsequently consolidated at 1.3361, shedding 0.43%. 

The pair was likely to find support at 1.3298, Thursday's low and an almost two-month low and resistance at 1.3529, Thursday's high. 

In a preliminary report, the University of Michigan said its consumer sentiment index ticked down to 72.0 in November, from a reading of 73.2 the previous month, disappointing expectations for a rise to 74.5. 

The report came after the Bureau of Labor Statistics said the U.S. economy added 204,000 jobs in October, beating expectations for a 125,000 increase, after an upwardly revised 163,000 rise the previous month. 

The U.S. unemployment rate ticked up to 7.3% last month, from 7.2% in September, in line with expectations. 

The strong employment data added to expectations that the Fed could begin scaling back its asset purchase program as soon as next month. 

Meanwhile, sentiment on the euro remained vulnerable after European Central Bank President Mario Draghi confirmed on Thursday that the bank cut its benchmark interest rate to a record low 0.25% from 0.5% and signalled the possibility of further rate cuts. 

Earlier Friday, official data showed that Germany's trade surplus widened to EUR18.8 billion in September, from EUR15.8 billion the previous month, which was revised up from EUR15.6 billion. Analysts had expected the trade surplus to narrow to EUR15.5 billion in September. 

Separately, France’s credit rating was lowered to AA from AA+ by Standard & Poor's. The ratings company said slower growth will constrain the government’s ability to improve public finances. 

The euro was higher against the pound with EUR/GBP adding 0.20%, to hit 0.8354. 

Also Friday, official data showed that the U.K. trade deficit widened to GBP9.82 billion in September, from GBP9.56 billion the previous month, which was revised from a previously estimated deficit of GBP9.63 billion. 

Analysts had expected the trade deficit to narrow to GBP9.20 billion in September.

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U.S. stocks open higher after payrolls data; Dow Jones up 0.13%

U.S. stocks opened higher on Friday, supported by strong U.S. employment data, although the report added to expectations for the Federal Reserve to begin tapering its stimulus program before the year end. 

During early U.S. trade, the Dow Jones Industrial Average edged up 0.13%, the S&P 500 index added 0.18%, while the Nasdaq Composite index gained 0.36%. 

In a report, the Bureau of Labor Statistics said the U.S. economy added 204,000 jobs in October, beating expectations for a 125,000 increase, after an upwardly revised 163,000 rise the previous month. 

The U.S. unemployment rate ticked up to 7.3% last month, from 7.2% in September, in line with expectations. 

The strong data added to expectations that the Fed could begin scaling back its asset purchase program as soon as next month, after a report on Thursday showed that U.S. gross domestic product grew at a seasonally adjusted annual rate of 2.8% in the three months to September, beating expectations for growth of 2%. 

Twitter remained in the spotlight for its second day on the New York Stock Exchange, with shares rallying 1.71%. 

Adding to gains, Microsoft climbed 0.40% amid reports Stephen Elop, a candidate to replace Steve Ballmer as the company's chief executive officer, would consider refocusing the firm's strategy around making Office software programs available on a broad variety of smartphones and tablets, including those made by Apple and Google. 

On the downside, Tesla Motors plummeted 1.88% after the third fire in five weeks involving the company's Model S. 

Among earnings, late Thursday, Walt Disney reported lower income at cable networks including ESPN, the company’s biggest source of profit, sending shares down 0.33%. 

Other companies likely to be in focus included de Brookfield Asset Management and Cablevision, scheduled to report quarterly results later in the day. 

Across the Atlantic, European stock markets were lower. The EURO STOXX 50 retreated 0.89%, France’s CAC 40 tumbled 1.03%, Germany's DAX declined 0.49%, while Britain's FTSE 100 slid 0.35%. 

During the Asian trading session, Hong Kong's Hang Seng Index declined 0.60%, while Japan’s Nikkei 225 Index tumbled 1%. 

Later in the day, the University of Michigan was to release the preliminary reading of its consumer sentiment index.

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