Markets Waiting US Growth

Daily Forex Fundamentals | Written by Crown Forex | Jul 31 08 07:01 GMT |

A busy day for all the economies not just due to the new low level seen since the beginning of the week but also due to a whole bunch of fundamentals, with Unemployment rate from Germany and the overall Union, yet the main highlight is the US second quarter growth reading. The Euro held on the falling pattern to continue trading at 1.55 levels, proceeding with the downside channel that was created on the daily interval, as the pair might be facing 1.5501 levels, where if it got breached the 15 nation currency will rally down to 1.53 levels. Though the pair will be waiting to see what the CPI flash estimate in July and what really took place to the Unemployment rate; yet to confirm the descending movement the pair needs to close down below 1.5560 levels, though if data came opposite to all expectation the euro might be climbing to compensate some of the losses that was faced earlier. Moving to the Royal currency, plunging down due to the weak fundamentals released, with growth inching lower to 1.6% in the second quarter, which feed the fears concerning a serious slow down in the royal lands; trading around 1.97987 levels, where the pair might be facing a support at 1.9793 levels, thought the movement will be limited till the US session starts, with markets waiting to see what the growth will turn out. And back again to the 108 levels, the US dollar is gaining back the strength against majors especially after the ADP reading jumped to positive levels; a support is seen against the pair at 107.88 levels, though drastic movements will only take place after the data comes out to markets. if the growth gets to higher than expectations the US dollar will be surging higher facing a support at 108.60's. Crown Forex disclaimer:The above may contain information for investors/traders and is not a recommendation to buy or sell currencies, gold, silver & energies, nor an offer to buy or sell currencies, gold, silver & energies. The information provided is obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. I am not liable for any losses or damages, monetary or otherwise that result. I recommend that anyone trading currencies, gold, silver & energies should do so with caution and consult with a broker before doing so. Prior performance may not be indicative of future performance. Currencies, gold, silver &energies presented should be considered speculative with a high degree of volatility and risk.