Trading Tips:The euro turned lower against the dollar on Thursday, retreating from seven-week highs after European Central Bank policymaker Ewald Nowotny said fresh measures to bolster price growth in the euro zone are needed. EUR/USD was last down 0.29% to 1.1439 after rising to highs of 1.1496 earlier, the strongest since August 26. The drop in the single currency came after Nowotny, who is a member of the ECB’s governing council said new efforts to boost inflation are needed. Nowotny said that both headline and core inflation in the euro area are “clearly” undershooting the ECB’s target. The dollar weakened broadly on Wednesday after data showing that retail sales edged up 0.1% last month after being flat in August, while core retail sales, which strip out auto sales, fell 0.3%. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last at 94.02 after falling to lows of 93.84 overnight, the lowest level since August 26.
RECOMMENDATION :
BUY GBP/USD ABOVE 1.5510 TARGET 1.5530 1.5570 SL 1.5470
SELL GBP/USD BELOW 1.5440 TARGET 1.5420 1.5380 SL 1.5470
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