Trading Tips:The EUR/USD tumbled today giving back a good deal of this week’s gains to trade at 1.0944 after disappointing PM-I’s from Germany as well as the other Euro zone economies. The flash Cain/Mar-kit China Manufacturing Purchasing Managers’ Index (PMI) contracted for the fifth straight month, and faster than economists polled by Reuters had estimated. Euro zone business activity also started the second half on a less secure footing than expected, hit by Greece’s near-bankruptcy. Mar kit’s flash PMI fell to 53.7 this month from June’s four-year high of 54.2. A Reuters poll had predicted a more modest dip to 54.0.While economies looked weaker in Europe and Asia, better-than-expected U.S. jobless claims kept the Federal Reserve on track for a rate increase in coming months. The U.S. dollar was 0.4 percent higher against a basket of currencies, trading at 97.489.
RECOMMENDATION :
BUY GBP/USD ABOVE 1.5630 TARGET 1.5650 1.5680 SL 1.5600
SELL GBP/USD BELOW 1.5480 TARGET 1.5460 1.5430 SL 1.5510
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