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2. INTERNATIONAL CURRENCY BUZZ
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Forex-Dollar slips lower as sentiment improves amid Greece hopes.
Forex-GBP/USD remains lower despite strong U.K. construction data.
Forex- Euro edges higher as Greece fears ease.
GBP/USD
GBP/USD hit 1.4990 during European morning trade, the pair's lowest since January 30; the pair subsequently
consolidated at 1.5018, slipping 0.17%.U.K. construction purchasing managers' index increased to 59.1 last month
from a reading of 57.6 in December. Economists had expected the index to dip to 57.0 in January.The data came a
day after Markit said that its U.K. manufacturing PMI rose to 53.0 last month from a reading of 52.5 in December.
However, commenting on the report, Rob Dobson, senior economist at survey compiler Markit, said that "at this
rate, the sector will provide little meaningful boost to the economy in the first quarter."Meanwhile, sentiment on
the dollar remained vulnerable after data on Monday showed that U.S. consumer spending fell at the fastest rate
since September 2009 in December, dropping 0.3% as households saved on cheaper gasoline prices.
EUR/USD
EUR/USD inched up to highs of 1.1351, from overnight lows of 1.1313.Investor confidence was boosted after the
Greek government outlined its plans to renegotiate the terms of its bailout with its creditors, retreating from
demands for a debt writedown.Greek Finance Minister Yanis Varoufakis has outlined a “menu of debt swaps” to
ease the burden of the country’s debt, under which creditors would swap outstanding debt for new growth-linked
bonds.The move eased concerns over a conflict which could lead to Greece’s exit from the euro zone.Athens main
stock index advanced more than 8% on Tuesday, supporting broader gains in European equality markets.
Greek government bond yields were also sharply lower, with the yield on the Greek 10-year bond down 9.56%.
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INTRADAY OUTLOOK
Support: 1.5037
Resistance: 1.5127
RECOMMENDATION:
1. Buy GBP/USD Above 1.5129-TG: 1.5149/1.5179 SL 1.5099
2. Sell GBP/USD Below 1.5035-TG: 1.5015/1.4985 SL 1.5065
EUR/USD Hourly Chart
EPIC'S ANALYST SPEAKS
GBP/USD Hourly Chart
5. EPIC'S ANALYST SPEAKS
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EUR/USD Hourly Chart
INTRADAY OUTLOOK
Immediate Support: 1.1292
Immediate Resistance: 1.1382
RECOMMENDATION:
1. Buy EUR/USD Above -1.1384 TG: 1.1404/1.1434 SL 1.1354
2. Sell EUR/USD Below -1.1290 TG:1.1270/1.1240 SL 1.1320
6. DISCLAIMER
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