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Monday, 3 February 2014

Dollar near recent highs vs. euro, edges up vs. yen

The dollar was trading close to 10-week highs against the euro on Monday and notched up small gains against the yen as unease over turmoil in emerging markets continued to underpin safe haven demand.

EUR/USD inched up 0.07% to 1.3497, after falling to lows of 1.3478 on Friday, the weakest since November 22.
The euro found some support after revised data on Monday showed that the euro zone’s manufacturing purchasing managers’ index rose to a 32-month high of 54.0 in January, slightly higher than the preliminary estimate of 53.9.
The common currency remained under pressure after data last week showing that inflation in the euro zone slowed in January fuelled fears that the European Central Bank may tighten policy to stave off the risk of deflation.
Elsewhere, USD/JPY edged up 0.09% to 102.10. The dollar’s gains looked likely to remain limited as fears over a crisis in emerging markets and concerns over a possible slowdown in China fuelled risk aversion.
Official data released over the weekend showed that China’s manufacturing PMI ticked down to a five month low of 50.5 in January from 51.0 the previous month, in line with market expectations.
A separate report on Monday showed that China’s official services PMI slowed to 53.4 month, from 54.6 in December.
Emerging markets have been hard hit in recent sessions by concerns over the impact of reductions in Federal Reserve stimulus and fears over slowing growth China.
The pound was lower against the dollar, with GBP/USD falling 0.25% to 1.6394 ahead of U.K. data on manufacturing activity due for release later in the session.
The dollar slipped against the Swiss franc, with USD/CHF losing 0.14% to 0.9050.
The New Zealand dollar pushed higher, with NZD/USD up 0.28% to 0.8110.
The Australian dollar also moved higher, with AUD/USD up 0.29% to 0.8776 ahead of the Reserve Bank of Australia’s rate review on Tuesday, amid expectations that it would keep interest rates on hold.
The RBA was expected to shift its stance away from lower rates after recent economic data indicated a pickup in consumer spending and business conditions and continued strengthening in the housing market.
The Canadian dollar pulled away from last week’s four-and-a-half-year lows against the U.S. dollar, with USD/CAD down 0.40% to 1.1081.
The U.S. dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, dipped 0.08% to 81.30.

European stocks open lower on China slowdown concerns

European stock market were lower after the open on Monday, amid concerns over a slowdown in China and as emerging markets remained in focus, dampening demand for riskier assets.
Europe was given a negative lead from Asia, where Japan’s Nikkei 225 index tumbled 2% to hit a three-month low. The Nikkei is down over 10% since hitting a six-year peak of 16,320 on December 30, placing the index in technical correction territory.During European morning trade, the EURO STOXX 50 fell 0.35%, France’s CAC 40 shed 0.1%, while Germany’s DAX 30 declined 0.3%. Elsewhere, Spain’s IBEX 35 dipped 0.15% Italy’s FTSE MIB index inched down 0.2%, while in London, the FTSE 100 edged down 0.05%.
Data released earlier showed that China's official non-manufacturing PMI slipped to its lowest level since December 2008 in January, falling to 53.4 from 54.6 in December.
The deterioration in the services sector adds to declining manufacturing PMIs. Data released over the weekend showed that China’s official manufacturing PMI fell to a six-month low of 50.5 in January from 51.0 in December.
Meanwhile, market players continued to monitor liquidity conditions in emerging markets, such as Turkey and South Africa. Emerging markets economies have been hard hit in recent sessions by worries over the impact of cuts in Federal Reserve stimulus and concerns over a slowdown in China.
Financial stocks were broadly lower, as French lenders BNP Paribas and Societe Generale fell 0.8% and 1%, Deutsche Bank slumped 0.7%, while Italy’s Unicredit and Spain’s Banco Santander lost 1% and 1.5%.
In London, Lloyds Banking Group shares dropped 2.5% after the lender said it set aside GBP1.8 billion in the fourth quarter to cover the cost of compensating customers for mis-sold payment protection insurance.
Across the Atlantic, U.S. equity markets pointed to a steady open as investors looked ahead to key U.S. economic data later in the day for further indications on the future course of monetary policy.
The Dow Jones Industrial Average futures pointed to a flat open, S&P 500 futures signaled a 0.02% loss, while the Nasdaq 100 futures indicated a rise of 0.05%.
The U.S. Institute of Supply Management is to produce data on manufacturing activity for January later in the session, a leading economic indicator.

USD/JPY Outlook Feb. 3-7

The Japanese yen weakened early in the week, but recovered, as USD/JPY closed the week almost unchanged. The upcoming week has only five releases. Here is an outlook on the major market-movers and an updated technical analysis for USD/JPY.
In Japan, last week’s inflation numbers point to slow improvement but are well below the government’s target of 2.0%.  In the US, Unemployment Claims and Pending House Sales were weak, but Advance GDP showed a strong gain.
Click to enlarge: USD_JPY Forecast Feb. 3-7
  1. Monetary Base: Monday, 23:50. Monetary Base dropped in December to 46.6%, short of the estimate of 55.2%. No significant change is expected in the upcoming reading, as the Bank of Japan maintains its aggressive monetary policy. The estimate for the January release stands at 47.2%.
  2. 10-year Bond Auction: Tuesday, 3:45. The average yield on 10-year bonds continues to creep upwards, with the previous yield rising to 0.72%. No change is expected in the January release.
  3. Average Cash Earnings: Wednesday, 1:30. This indicator is an important gauge of consumer spending. The indicator jumped to 0.5% last month, its biggest gain in almost a year. The markets are expecting the upward trend to continue, with the January estimate standing at 0.7%.
  4. 30-year Bond Auction: Thursday, 3:45.  The average yield on 30-year bonds has been quite steady, with a yield of 1.67% in December. No change is expected in the upcoming release.
  5. Leading Indicators: Friday, 5:00. Leading indicators is based on 11 economic indicators. Still, it is considered a minor event since most of the data has been previously released. The indicator has been steadily improving and reached 110.8% last month. Further improvement is expected in the January reading, with the estimate standing at 111.9%.
* All times are GMT.
USD/JPY Technical Analysis
USD/JPY started the week at 102.10. The pair climbed to a high of 103.44 but then dropped all the way to 101.84, as support at 101.44 (discussed last week) remains intact. USD/JPY closed the week at 101.94.
Live chart of USD/JPY:

Technical lines from top to bottom
We begin with resistance at 108.38. This line has remained intact since September 2008. At that time, USD/JPY was in a downward spiral which saw it drop below the 0.90 level.
106.66 has held firm since November 2008.  This is followed by resistance at 105.70 which continues to provide strong resistance.
104.65 has seen a lot of activity since late December, but didn’t see any activity last week.
The round number of 104 follows. This was a key line back in May 2008 and continues in an unfamiliar resistance role.
102.50 was briefly breached as the dollar shot higher before retracting sharply. It starts the week as a weak resistance line and could face pressure early in the week.
101.44 was the post-crisis high seen in April 2009, and is the first line of support.
100.85 saw activity in July as the dollar showed strength against the yen. It is protecting the key level of 100.
The round number of 100 is a key psychological level. It is providing USD/JPY with steady support.
98.80 has remained firm since early November, when the dollar began a rally which saw it climb above the 105 line.
The final support level for now is 97.75. This line marked the start of a dollar rally in October, which saw the pair break above the 105 line.
I am bullish on USD/JPY
Last week, the Federal Reserve tapered QE for a second time and this cut was an important vote of confidence in the US economy. The Bank of Japan is moving full steam ahead with its current aggressive monetary program, which cost the yen close to 20% of its value in 2013. If US releases enjoy a strong week, the dollar could climb to higher ground.

EUR/USD Forecast February 3-7

EUR/USD had a negative week, losing nearly 200 pips and uptrend support. The ECB rate decision is the main event of the week. Will the ECB give the euro another push down?Also German industrial production and PMIs will have an impact, among other events. These are the main highlights for this week. Here is an outlook on the major events and an updated technical analysis for EUR/USD.
The annual inflation rate in Germany dropped to 1.3% in January, Also the euro-zone inflation rate dropped again to the bottom of 0.7%. With the threat of deflation, will the ECB act now, or wait for March? On the upside, German employment market surprised with a sharp drop of 28,000 in the number of unemployed, beating forecast for a 5,000 fall. In the US, the Fed announced a second tapering and growth came out at a solid 3.2%, even though not all is rosy. What direction will we see now? Let’s start:
Updates:
EUR/USD daily chart with support and resistance lines on it. Click to enlarge:
EURUSD Technical Chart February 3 7 2014 fundamental outlook and sentiment forex trading currencies
  1. Manufacturing PMIs: Monday. The Eurozone Manufacturing sector improved considerable from November, confirming the euro-area is on the right track to recovery. The headline reading reached 52.7 in line with market forecast compared to 51.6 achieved in November. This was the highest reading in 2.5 years. Italian manufacturing edged up 1.5 points to 53.3, beating expectations for a 51.3 reading, raising optimism about positive growth in 2014. Spanish manufacturing rebounded in December posting 50.8 compared to 48.6 in November indicating expansion. Manufacturing activity is expected to improve further with Spain reaching 51.3, Italy climbing to 54.2 and the Eurozone is expected to reach 53.9.
  2. Spanish Unemployment Change: Tuesday, 8:00. Spanish jobless claims declined sharply in December amid a boost in hiring for shops and other service sector preparing for the holiday season. Jobless claims edged down by 107,570, the biggest December drop on record, and the second biggest of any month on record, offering hope for a recovery process in 2014. However, Spain continues to have the second-highest unemployment rate in Europe. Over the last 12 months, the number has fallen by 147,385. Another decline of 21,300 is expected in the number of unemployed.
  3. Italian CPI: Tuesday, 10:00. Italy’s consumer prices increased by 0.2% in December, following a 0.4% decline in November. Prices were decelerating across the board, indicating weak economic activity. Prices for transport services rose 1.2% over the year against a 6.5% rise in 2012, housing and utilities prices rose 2 percent against a 7.1 percent rise in the previous year and food prices rose 2.2% against 2.6% the previous year. Another rise of 0.3% is forecast this time. Italian CPI will have an impact on the final euro-zone CPI for January.
  4. Services PMIs: Wednesday. Eurozone services advanced at the slowest pace in four months. Ongoing domestic sluggishness in some member-states continued to weigh on recovery toward the end of 2013. Eurozone services declined from 51.2 to 51.0 in December still signaling expansion. Spain registered the biggest leap in six years, reaching 54.2 compared to 51.5 in the previous month, but Italy continued to contract posting 57.9 in December following 57.2 in November. Nevertheless the PMI’s suggest that Eurozone recovery has gathered momentum at the end of 2014. Services sectors in Spain and Italy are expected to improve further with Spain reaching 55.3 and Italy advancing to 48.2 though still in contraction and the Eurozone is expected to reach 51.9.
  5. Retail Sales: Wednesday, 10:00. Euro zone retail sales soared in November beating expectations by climbing 1.4%, following 0.4% decline. Analysts expected a minor increase of 0.2%. In November, sales in the food, drinks and tobacco sector were up 1.1% m/m and 1.4% y/y while turnover in the non-food sector rose by 1.9% m/m and 2.4% y/y. Euro zone retail sales  are expected to decline 0.7% this time, after Germany reported a surprising drop of 2.5%.
  6. Retail PMI: Thursday, 9:10. The Eurozone retail PMI continued to slide for the fourth month running, falling to 47.7 from 48 in November, showing strong contraction in France and slower growth decline in Germany. Eurozone retail PMI data are based on the three largest Eurozone economies; Germany rising for the eighth month running in December, France downturn increased, as sales fell for the fourth successive month and Italy continued to post the sharpest decline in sales of the three economies. Nevertheless, these declines were lower than in previous months.
  7. German Factory Orders: Thursday, 11:00. German factory orders advanced by 2.1% in November 2013, suggesting Europe’s largest economy is on a solid recovery path for 2014. The boost in orders came both from domestic market and abroad. Economists believe German economy will recover in a faster pace in 2014 as well as contribute to the Eurozone’s recovery. An increase of 0.3% is expected now.
  8. Eurozone rate decision: Thursday, 12:45, press conference at 13:30. The ECB will likely leave its policy unchanged, but could certainly set the ground for a negative deposit rate in March. Inflation continues to fall in Germany and in the euro-zone. It will be harder for Draghi and co. to deny the danger of deflation, and it will be harder to wave with a negative deposit rate and not use it eventually. In the press conference, he could use words to hint an imminent cut of both the main lending rate and the deposit rate in March, and this would hurt the euro..
  9. German Trade Balance: Friday, 7:00. Germany’s trade surplus increased in November to a near record of 17.8 billion euros evoking criticism among euro-zone partners that Germany is not spending enough to help out its struggling neighbors. The reading was 24.2 billion euros higher than in the previous month due to a 0.3% rise in exports. The United States, tried to urge Germany to spend more, while the International Monetary Fund has said a smaller surplus is the only way reduce imbalances that plague the Eurozone. Germany’s trade surplus is predicted to narrow to17.3 billion euros.
  10. German Industrial Production: Friday, 11:00. German industrial production expanded more than expected in November climbing 1.9%, following a 1.2% decline in October, suggesting Germany is rebounding. The increase topped predictions of a 1.6% increase suggesting a solid recovery trend. Furthermore German business confidence skyrocketed in December indicating German people are confident in Germany’s recovery. German central bank Bundesbank projected that the German economy would expand by 0.5% in 2013 and by 1.7% in the New Year. Another advance of 0.5% is predicted this time.
* All times are GMT
EUR/USD Technical Analysis
Euro/dollar began the week with a struggle around the 1.37 line (mentioned last week). From there it dropped sharply, initially clinging on to support at 1.3515, but then falling even lower to close at 1.3485.
Technical lines from top to bottom:
We start from lower ground this time. 1.38 is a round number and also worked as a temporary cap during that period of time and also in October 2013. Another round number, 1.37, is another resistance line after capping the pair in December.
1.3650 provided support in December and worked as resistance in September 2013, and is also a significant line.  Below, 1.3580 worked in both direction in the winter of 2013-14.
The January 2014 low of 1.3515 provides minor support on the way down. 1.3450 worked as resistance in August 2013 and as support in September and October. It is now a key line on the downside.
The round number of 1.34 worked as resistance several times in 2013, and is strengthening now. 1.3320 worked as a double top in early September and it was crossed only with a Sunday gap. It remains a clear separator of ranges.
It is closely followed by 1.3295, which was the bottom in November and is part of the broken trend line. 1.3175 capped the pair during July 2013.
1.3100 is worked as temporary resistance in December 2012 and is becoming more important once again, after capping a recovery attempt in June and then in July and providing support in September. Below, 1.3050 is minor support after holding the pair in August 2013.
The last line for now is 1.30, which is a very round number and also worked as support many times in the past.
Long term uptrend support broken, downtrend support emerging
A line beginning in the lows of early September that was connected to a line in November gave support to EUR/USD for some time, but was now convincingly broken.
Downtrend support that began in December and was formed in January is getting closer now.
I remain bearish on EUR/USD
The danger of deflation is now getting closer to center stage but is not fully priced in. While the ECB is likely to hold its fire and not use the “nuclear option” of a negative deposit rate just now, there is an excellent chance of dovish language and a good chance of a thick hint to set a negative deposit rate in March. A negative deposit rate will likely scare money from the euro-zone.
Across the Atlantic, it seems that the Fed now needs really bad news in order to stop the taper train. Andthe US economy is still growing nicely. The weak NFP seen for December will likely be corrected now, and will leave the stage for Europe.

GBP/USD Outlook Feb. 3-7

GBP/USD reversed directions and posted modest losses last week. The pair punched across the 1.66 line last week, but was unable to consolidate at these levels and closed the week at 1.6433. This week’s highlights are the PMI releases. Here is an outlook for the main events moving the pound, and an updated technical analysis for GBP/USD.
British GDP looked solid, rising 0.7% in December. In the US, Unemployment Claims and Pending House Sales were weak, but Advance GDP showed a strong gain. As well, the Fed went ahead with another taper of QE.
Updates:
    GBP/USD graph with support and resistance lines on it. Click to enlarge:GBPUSD Forecast Feb. 3-7
    1. Manufacturing PMI: Monday, 9:30. This index continues to look strong, although last month’s reading of 57.3 points was short of the estimate. The forecast for the January reading stands at 57.1 points.
    2. Halifax HPI: Tuesday, 4th-7th. This housing inflation indicator is an important gauge of activity in the UK housing industry. The index declined by 0.6% last month after a strong gain the month before. The estimate for the January reading stands at 0.4%.
    3.  Construction PMI: Wednesday, 9:30. Construction PMI continues to be a bright spot and the last two releases have been above the 60-point level. Another strong reading is expected for January, with an estimate of 61.6 points.
    4. BRC Shop Price Index: Wednesday, 00:01. This indicator looks at inflation in the BRC chain of stores. We continue to see readings in negative territory, with the previous release coming in at -0.8%.
    5. Services PMI: Wednesday, 9:30. This index has looked strong, but dipped below the 60-point level last month for the first time since June, coming in at 58.8 points. A similar reading is expected in the upcoming release.
    6. Asset Purchase Facility: Thursday, 12:00. The BOE is expected to maintain its QE program at 375 billion, where it has been pegged since July 2010.
    7. Official Bank Rate: Thursday, 12:00. The benchmark interest rate has been held at 0.50% for the past four years. With the UK economy producing strong data, there has been speculation about a rate hike, although we’re unlikely to see one this week. If economic indicators, particularly employment numbers, continue to improve, the BOE may be forced to act or risk an overheated economy.
    8. Manufacturing Production: Friday, 9:30. This key release disappointed last month, posting a flat 0.0%, well below the estimate. The markets are expecting better news from the January release, with the estimate standing at 0.6%.
    9. Trade Balance: Friday, 9:30. The UK continues to post trade deficits. The previous release saw a deficit of -9.4 billion pounds and little change is expected in the upcoming reading.
    10. NIESR GDP Estimate: Friday, 15:00. This indicator helps analysts track GDP on a monthly basis, as official GDP is released on a quarterly basis. The indicator has been steady and came in last month at 0.7%.
    * All times are GMT
    GBP/USD Technical Analysis
    GBP/USD opened the week at 1.6492 and quickly jumped to high of 1.6624, breaking above resistance at 1.6600 (discussed last week). The pair then lost ground for the remainder of the week, dropping to a low of 1.6426. GBP/USD closed the week at 1.6433.
    Live chart of GBP/USD:


    Technical lines from top to bottom
    We start with resistance at 1.6990, which is protecting the key 1.70 level. This line has held firm since October 2008.
    Next, there is resistance at 1.6705, which was last tested in May 2011.  This is followed by the round number of 1.6600, which was briefly breached early in the week, but remains intact.
    1.6475 continues to be active and was breached again last week. The line has reverted to a resistance role and is a weak line which could see further activity early in the week.
    This is followed by 1.6343, which continues to provide support. It is not a strong line and could face pressure if the pound weakens.
    1.6247 is providing the pair with strong support. This was a key resistance line in October and November 2012.
    1.6125 is the next support level. This line has held steady since late November.
    The round number of 1.60, a key psychological barrier, is providing the pair with strong support.
    The final support level for now is 1.5893, which last saw action in November.
    I am neutral on GBP/USD.
    The British economy continues to improve, to such an extent that the BOE finds itself under pressure to raise rates, although no e action is expected this week. In the US, a second taper by the Fed was a vote of confidence in the US economy and such positive sentiment could provide a boost to the dollar. Much will depend on this week’s three British PMIs – if they fail to meet their estimates, the pound could lose ground.

    Forex Weekly Outlook Feb. 2-7


    Risk aversion gripped the markets and this gave a boost to the dollar and the yen. The critical ECB rate decision and the buildup to the Non-Farm Payrolls are the highlights in a week that also features rate decisions in the UK and Australia as well as employment figures from Canada and New Zealand. Here is our weekly outlook for this week.
    The Fed announced Taper 2, as expected. Together with strong GDP, the US dollar was on the rise, despite some other unimpressive numbers. In the euro-zone, fresh weakness in inflation numbers finally hit the euro, as the focus now turns to the ECB. Emerging markets’ currencies came under pressure and some made bold moves to strengthen their currencies. The fear helped Japanese yen, and hit commodity currencies, especially the kiwi, despite an imminent hike, and the loonie (fresh 4 year high for USDCAD). Let’s start:
    Updates:
    1. US ISM Manufacturing PMI: Monday, 15:00. Manufacturing grew in December and expanded at the second-fastest pace in more than two years, reaching 57 following 57.3 in November boosted by a rise in orders. The sharp growth in orders drove companies to increase hiring and global recovery lifted business investments.  A drop to 56.2 is expected this time.
    2. Australian rate decision: Tuesday, 3:00. The Reserve Bank of Australia (RBA) maintained its cash rate unchanged at 2.5% in December, in line with market consensus. RBA Governor Glenn Stevens stated the Australian economy grew less than forecasted in 2013 due to a decline in mining investment. However private demand outside the mining sector is expected to grow at a faster pace. The Australian dollar is still high, despite recent drops. The RBA board will continue to assess the outlook and adjust policy as needed, Stevens said. No change in rates is forecast, but some expect a more hawkish bias after the strong CPI numbers.
    3. NZ employment data: Tuesday, 21:45. New Zealand’s unemployment rate declined more than expected in the third quarter, reaching 6.2%, down 0.2% from the previous quarter, amid growth in construction, retail and hospitality firms hired workers. Furthermore, NZ’ job market expanded 1.2% in retail, accommodation and food services, and the construction sector. The main gains were registered in Auckland and Christchurch. Full-time employment increased 1% and part-time jobs grew 1.1%. New Zealand’s job market is expected to grow by 0.7%, while the unemployment rate is predicted to decline to 6.0%.
    4. US ADP Non-Farm Employment Change: Wednesday, 13:15. The US private sector gained 238,000 jobs in December, much better than the 119,000 addition projected by analysts. This release was higher by 9.000 compared to November. Over the course of 2013, goods-producers added 286,000 jobs and service-providing industries gained 170,000 jobs in December. These positive gains suggest continued growth  in 2014. A gain of 191,000 positions is expected now.
    5. US ISM Non-Manufacturing PMI: Wednesday, 15:00. The US services sector activity decelerated in December, reaching 53 compared to 53.9 in November due to a decline in orders at the end of the year. However the service sector industry, showed some promising signs of stronger employment and rising prices. The slowdown reflected December’s easing in the manufacturing sector, falling to 57.0 from 57.3 in November. However the severe winter might have contributed to this decline. US services sector is expected to rebound to 53.8.
    6. UK rate decision: Thursday, 12:00. The Bank of England (BoE) kept interest rates at a 0.5% and maintained its asset purchase target at £375 billion in line with predictions. Analysts believe the central bank will have to change its tone regarding the forward guidance plan, due to continued signs of recovery in the UK market. Mark Carney, said last August he does not intend to raise rates until unemployment goes down to 7.0%. If all goes well, Carney will raise rates in the second half of 2014. Rates are expected to remain unchanged this time. YoY, UK GDP rose at the fastest pace in 6 years.
    7. Eurozone rate decision: Thursday, 12:45. The ECB will likely leave its policy unchanged, but could certainly set the ground for a negative deposit rate in MarchInflation continues to fall in Germany and in the euro-zone. It will be harder for Draghi and co. to deny the danger of deflation, and it will be harder to wave with a negative deposit rate and not use it eventually. In the press conference, he could use words to hint an imminent cut of both the main lending rate and the deposit rate in March, and this would hurt the euro..
    8. US Trade Balance: Thursday, 13:30. The U.S. trade deficit narrowed to its lowest level in four years in November, reaching a trade gap of $34.3 billion following 39.3 billion in the previous month. Economists expected trade deficit to reach $40.2 billion in November. This improvement contributed to the Q4 GDP growth. Exports increased 0.9% to $194.9 billion. Meanwhile overall imports declined 1.4% to $229.1 billion. US trade gap  is expected to widen to $35.8  billion.
    9. US Unemployment Claims: Thursday, 13:30. Weekly claims for U.S. unemployment benefits edged up 19,000 last week to one month high of 348,000 claims, but remained relatively low. The increase follows three weeks of declines and may have been pushed up by the cold weather.  However there are positive signs for growth in the third and fourth quarters indicating things are getting better and will continue to do so on the coming months. The number of unemployment claims is expected to drop to 334,000.
    10. Canadian employment data: Friday, 13:30. The Canadian job market contracted 45,900 jobs in December posting the weakest year of job growth since 2009. This unexpected fall raised concerns about future growth. The unemployment rate edged up to 7.2%, following 6.9% in November. Despite rumors of a rate cut Bank of Canada governor Stephen Poloz has maintained rates in January.
    11. US Non-Farm Payrolls: Friday, 13:30. US non-farm payrolls increased by 74,000 in December, far below the 196,000 gain expected by analysts. However the weak reading was related to the harsh weather conditions. Meanwhile, the unemployment rate edged down to 6.7% from the 7% in November. The labor force participation rate continued to decline, reaching 62.8% after a reading of 63% in the previous month. However, analysts believe the weak reading in December does not suggest renewed downward trend. US non-farm work force is expected to grow by 185,000, while the unemployment rate is expected to remain 6.7%. A significant revision to December’s figure could be seen now.

    Forex Trading Signal for 3rd Feburary 2014


                                                                                    


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

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    EUR/USD
     Down Trend :

     (1) SELL
    Entry Point: 1.35076
    Take Profit: 1.34876
    Stop Loss: 1.35376
     

    GBP/USD
    Down Trend:

    (1) SELL
    Entry Point: 1.64498
    Take Profit: 1.64298

    Stop Loss: 1.64800

    NOTE: The above posted Signals are delayed 2 - 4 hours after it has been  generated.
    Daily forex signals are sent ontime to only our subcribers.

    To subcribe: click here

    Forex Trading Signal for 31st January 2014


                                                                                    


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

    For more easy access,,,,,,Download our mobile application on your mobile :   Click Fxsignals 
















    EUR/USD
     Down Trend :

     (1) SELL
    E/P: 1.35833
    T/P: 1.35600
    S/L: 1.36200
     

    GBP/USD
    Down Trend:

    (1) SELL
    E/P: 1.64941
    T/P: 1.64700

    S/L: 1.65241

    NOTE: The above posted Signals are delayed 2 - 4 hours after it has been  generated.
    Daily forex signals are sent ontime to only our subcribers.

    To subcribe: click here