FXStreet (San Francisco) - As Jamie Coleman from FXBeat said in a recent article, the currency market performed in an old fashioned risk rally mode on Tuesday with the Sterling flying even more; the USD/JPY recovering positions and commodity currencies rallying.
The EUR/USD declined after 2-day of wins as the pair was rejected by the 1.3700 area. Currently, EUR/USD is trading at 1.3679, down 0.10% on the day, having posted a daily high at 1.3701 and low at 1.3676. EUR/USD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is strongly bearish.
The Sterling was the king of the day again with the GBP/USD extending gains to reach fresh highs since 2008 at 1.7165. Currently, GBP/USD is trading at 1.7149, up 0.26% on the day, having posted a daily high at 1.7168 and low at 1.7096.
In an interview in the Live Analysis Room, independent trader Vladimir Ribakov affirmed that the GBP/USD could trade as high as 1.8000/1.8500 into year end.
USD/JPY extended its recovery from Monday's lows at 101.20 to trade as high as 101.60 today's session. Currently, USD/JPY is trading at 101.54, up 0.22% on the day. The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bearish.
Main headlines in the American session
Markit final June US manufacturing PMI 57.3 vs 57.5 expected
US: ISM Manufacturing PMI slightly down to 55.3 in June
May US construction spending +0.1% vs +0.5% expected
US stocks open the quarter with fresh highs; GBP/USD fresh highs since 2008
Investing NewsChina’s forex reserves dropped by a record $93.9 billion at the end of August to $3.56 trillion because the Central Bank has been selling dollars to provide a cushion to the falling yuan
ForexAmid the rising economic power of India, the talks of making the Indian currency fully convertible are gaining momentum. We look at the pros and cons.
Forex FundamentalsAs the world's second largest economy, China's challenge to America’s dominance includes a push to make the yuan (RMB), the world’s reserve currency. Whether it can do that now is unclear.
EconomicsOne particular barrier to trade that has received much attention of late and caused delays in negotiations of the TPP is exchange-rate manipulation, by which a country artificially devalues its ...
ForexBreaking news moves forex markets. Here are the top U.S. sites for tracking forex news.
InvestingAccess to financial information has grown with the expansion of digital news. Bloomberg and Thomson Reuters lead the pack, claiming a majority of the business information market.
EconomicsSouth Korea is the latest country to cut interest rates in an attempt to stimulate economic growth.
Forex EducationPeer-to-peer (P2P) currency exchange networks offer a viable and cheaper alternative for buying and selling currencies.
ForexHere is a simple breakdown of how to open an offshore forex account for US-based users, including legal requirements.
EntrepreneurshipA brief overview of the top apps that help forex traders with on time information, charts and more.