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Improvement in UK public sector finances is painfully slow - ING FXStreet (Łódź) - James Knightley from ING observes that despite the pickup in growth and thriving labor and property markets in the UK, public sector finances are still in poor condition. Key quotes "The fiscal year to date (only April and May admittedly) saw the government borrow £2bn more than it did in the same period last year with government receipts down £3.2bn while expenditure was only lower by £1bn. "Today should show a modest improvement, but it is unlikely to alter the story significantly." "Part of the disappointment relates to the fact that the cut in the top rate of tax from 50% to 45% last year meant that some high earners (and their employers) delayed bonus payments and other forms of income to take advantage of the lower tax rate." "Stamp duty receipts have also disappointed and coincide with a sharp drop in mortgage approvals following the introduction of the Mortgage Market Review in April." "That said, there are improvements in other areas. VAT receipts are up 5.7%, which presumably reflects stronger consumer spending while corporation tax receipts are up 9.3%." "We believe that the tax revenue figures will improve though given the strength of job creation and the anticipation that wages will eventually start to pick-up – note the national minimum wage will increase 3% in October." "However, we are not confident on a quick turnaround given the history of disappointment while there is some concern that growing talk of Bank of England rate hikes may make households and businesses a little more cautious, which could hurt VAT and stamp duty receipts." "This suggests that government spending will continue to be kept on a tight leash while the prospect of a significant preelection inducement to the electorate is looking less and less likely." OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 22, 2014 OctaFX.Com News Updates

USD/CHF ignored weak Swiss Trade data, but ready to rise FXStreet (Moscow) - USD/CHF opened the day at 0.8977, edged higher to 0.8987, and looks ready to continue the move up. The game of contrasts The pair is in deep consolidation and only really interesting developments during American session may take the pair out of the tight range. The just released weaker than expected Swiss Trade Data failed to trigger any significant moves in the pair. The scheduled for release CPI and housing data may support the view the US economy is gathering pace in its recovery opposite to the euro zone showing some signs of contraction again. If so, the Swissy may come under pressure with initial target at 0.9001 resistance. What are today’s key USD/CHF levels? Today's central pivot point can be found at 0.8981 with support below at 0.8970, 0.8961 and 0.8950, with resistance above at 0.8990, 0.9001, and 0.9010. Hourly Moving Averages are largely bullish, with the 200SMA bullish at 0.8951 and the daily 20EMA bullish at 0.8946. Hourly RSI is bullish at 53. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 22, 2014 OctaFX.Com News Updates

What’s the sentiment around the EUR/USD today? – Commerzbank and OCBC Bank FXStreet (Edinburgh) - The pair is confined to a narrow range at the beginning of the week, hovering over the low 1.3500s area against a backdrop of scarce volatility and lack of data releases in Euroland. “EUR/USD has seen a slight erosion of the 2 year uptrend, this week at 1.3525. It is sitting just above the 1.3476 2014 low and beyond a small rebound we look for this to be eroded. Failure here will trigger losses to the 1.3426 200 week ma en route to the 1.3295 November 2013 low”, observed Karen Jones, Head of FICC Technical Analysis at Commerzbank. Furthermore, FX Strategist Emmanuel Ng at OCBC Bank added, “Potential further EU sanctions on Russia may keep the EUR-USD somewhat on edge in the near term while we also note the note the Bundesbank’s cautionary comments on Germany’s 2Q GDP numbers. We continue to see inherent risks of a test towards 1.3500 ahead of 1.3475 in the interim while 1.3600 should serve as a useful resistance level for now”. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 22, 2014 OctaFX.Com News Updates

EUR/JPY is trying to settle above 137.00 FXStreet (Moscow) - EUR/JPY took off from 137.09 at the opening and moved to 137.24, deeper to the bullish territory EUR/JPY is stuck Has EUR/JPY bottomed out at 136.69, or its just a short respite before a rush to new multi-month lows? The answer to this question is elusive. But there are several observations to be considered. First, the cross cannot close above 137.00 pivot, which is definitely bears despite lack of bearish momentum. EUR/JPY is strongly influenced by overall JPY dynamics and, consequently, risk sentiments that have turned sour lately. On the other side of the equation is potential EUR rebound against USD that may drag EUR/JPY higher. Anyway, we need to see the cross clearly above 137.00 on daily basis to hope for further upside. What are today’s key EUR/JPY levels? Today's central pivot point can be found at 137.06, with support below at 136.94, 136.76 and 136.64, with resistance above at 137.24, 137.36, and 137.54. Hourly Moving Averages are bearish with the 200SMA bearish at 137.70 and the daily 20EMA bearish at 138.05. Hourly RSI is bullish at 58. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 22, 2014 OctaFX.Com News Updates

USD/JPY bulls have a go at 101.50 resistance FXStreet (Moscow) - USD/JPY opened at 101.39 in Asia and climbed to 101.47 though medium offers on approach to 101.50 hold USD bulls back. Range for a change European players helped USD/JPY to reverse some Asian losses and even to finish the day in the green zone. There were few meaningful catalysts on Monday, so the movement is regarded as technically induced. The support of 101.20 seems to be pretty strong and more broadband USD weakness is needed to crack it. Japanese leading indicators might shed some light on the economic outlooks, but they are unlikely to move the markets gripped by geopolitical fears. Later during the day US consumer prices will be in focus. No change of pricing pressure is expected, though any sighs of inflation growing faster might lead to adjustments of first rate hike timing forecasts. What are today’s key USD/JPY levels? Today's central pivot point can be found at 101.33, with support below at 101.25, 101.11 and 101.03 with resistance above at 101.48, 101.56, and 101.70. Hourly Moving Averages are mixed, with the 200SMA neutral at 101.46 and the daily 20EMA bearish at 101.61. Hourly RSI is bullish at 58. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 22, 2014 OctaFX.Com News Updates

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EUR/GBP stretches to fresh daily highs FXStreet (Córdoba) - The EUR/GBP edged higher and printed a marginal new high for the day as the pound weakened slightly at the beginning of the New York session. The EUR/GBP stretched to a high of 0.7926 but lacked follow-through as interest begins to fade with the warm weather. At time of writing, the pair is trading at 0.7923, 0.11% above its opening price. EUR/GBP technical levels In terms of technical levels, the EUR/GBP could find next resistances at 0.7932 (Jul 18 high), 0.7955 (21-day SMA) and 0.7980 (Jul 15 high). On the other hand, supports are seen at 0.7903/00 (Jul 18 low/psychological level), 0.7888 (2014 low Jul 17) and 0.7855 (Aug 21 2012 low). OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 21, 2014 OctaFX.Com News Updates

EUR/USD trading steady close to 1.3520 - FXStreet FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik notes that following the light spike to 1.3548 with the opening, EUR/USD fell again, trading steady in the 1.3520 price zone at the beginning of the US session. Key quotes "Stocks are down in Europe along with US futures, which favors some safe havens, but US yields are also giving up ground, which should keep dollar gain limited." "For the most, the EUR/USD still looks heavy considering it trades a handful of pips above the year low of 1.3476, but the short term outlook remains neutral, with the hourly chart showing price below a flat 20 SMA and indicators horizontal in neutral territory. " OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 21, 2014 OctaFX.Com News Updates

Banco Espírito Santo likely an isolated case - Przemysław Kwiecień FXStreet (Łódź) - In an interview for FXStreet, Financial analyst at XTB Poland Przemysław Kwiecień commented on the troubles of Portugal's Banco Espírito Santo saying that it is most probably an isolated case and it shouldn't damage the Eurozone recovery. Key qotes "It matters because it takes place not long before the ECB overtakes the supervision over the most of the EMU banking sector." "Under circumstances of low growth and high scrutiny banks are unwilling to expand their credit action briskly to disappointment of the ECB." OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 21, 2014 OctaFX.Com News Updates

IMF hikes German growth forecast FXStreet (Łódź) - In its annual assessment of the German economy the International Monetary Fund raised the country's 2014 and 2015 GDP forecasts to 1.9% from 1.7% and to 1.7% from 1.6%, respectively. Inflation was seen accelerating to 1.1% next year and to 1.4% in 2015. The IMF stressed however that the growth outlook remained subdued, in the face of weak global growth, uncertain energy costs and demographic changes . It urged GErmany to step up efforts to reduce the current account surplus. It advised a cautious implementation of the national minimum wage and added that investing another 0.5% of GDP wouldn't be a violation of fiscal rules. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 21, 2014 OctaFX.Com News Updates

AUD/USD finds support at 0.9370 FXStreet (San Francisco) - The Aussie's decline from the 0.9400 area against the US Dollar was supported at 0.9370 where the AUD/USD found buying interest as it bounced back to 0.9380. Currently, AUD/USD is trading at 0.9379, down 0.17% on the day, having posted a daily high at 0.9402 and low at 0.9371. AUD/USD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is strongly bearish. AUD/USD sentiment "Range 0.9400-0.9370 Struggled to crack 0.9400 in Asia and gave up the ghost as Europe stepped up and sold it back to 0.9370," comments Matt Bacon-Hall from FXBeat. "RBA Governor Stevens and his willing deputy Debelle speak tomorrow. Lets hope they give the market something." If the pair breaks below the 0.9370, next supports are at 0.9355 and 0.9330. On the upside, resistances re at 0.9380, 0.9400 and 0.9410. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 21, 2014 OctaFX.Com News Updates

Portugal Current Account Balance: €-1.225B (May) vs previous €-0.816B Read more in Forex News OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 21, 2014 OctaFX.Com News Updates

USD/CAD consolidates in the mid-1.0700 area FXStreet (Córdoba) - The USD/CAD has barely moved Monday and has spent most of the day consolidating within a narrow range, following price swings seen Friday. With no much ahead in terms of economic data, the pair might extend its consolidation phase during the American hours as investors refrain from taking big positions. At time of writing, the USD/CAD is trading at 1.0745, 0.14% above its opening price. USD/CAD technical outlook "For today, we see minor resistance developing in the mid 1.07 area as our session gets underway, which may mean another look at support in the low 1.07 area but we think scope for CAD gains is limited at this point", said the TD Securities team. "We look for firm support on minor weakness to the 1.0710/15 area… USD/CAD trading above 1.0750 should see 1.0800/15 retested". OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 21, 2014 OctaFX.Com News Updates

EU ready to impose further sanctions on Russia FXStreet (Łódź) - In the recent developments regarding the shooting down of Malaysia Airlines plane in Ukraine, UK PM David Cameron declared that the EU was prepared to impose further sanctions on Russia, which on Sunday he accused of contributing to the tragedy through its support for the separatists militants. The sanctions could include an export ban on defense equipment and also focus on advanced industrial goods which might have dual use for defense purposes, Cameron said. He also called for halting the flow of troops and weapons from Russia into Ukraine and for Moscow to withdraw all its support for the separatists. EU foreign ministers will meet in Brussels on Tuesday to discuss the situation. Meanwhile, the Kremlin said that Russian president Vladimir Putin would hold a meeting with the Security Council on “safeguarding of sovereignty and territorial integrity” later today. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 21, 2014 OctaFX.Com News Updates

Geopolitical tensions boosting the JPY - BTMU FXStreet (Barcelona) - Lee Hardman, FX Analyst at the Bank of Tokyo Mitsubishi UFJ, observed the strength around the Japanese currency following geopolitical jitters. Key Quotes "The yen has continued to strengthen modestly in the Asian trading as global investor risk sentiment has been soured in the near-term by heightened geopolitical tensions". "The leaders of Britain, France, and Germany on Sunday called on Russian President Putin to ensure that pro-Russia separatists in eastern Ukraine allow the recovery of bodies from the Malaysia Airlines Flight MH17." "They also agreed that the EU must be ready to impose further sanctions on Russia when foreign ministers meet on Tuesday according to a spokesperson from the UK prime minister. Britain will reportedly push as early as today for a UN Security Council resolution to ensure that the Ukraine-led crash enquiry can proceed without delay". "German Chancellor Merkel reportedly spoke by telephone with Russian President Putin and her spokesperson confirmed that they had agreed that an independent investigatory commission led by the International Civil Aviation Organisation should get quick access to the crash site. Australian prime minister Abbott has also threatened to block Russian President Putin from attending the G20 summit in November if Russia does not help to facilitate an independent investigation." OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 21, 2014 OctaFX.Com News Updates

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AUD and AUD crosses analysed in a snap shot– TDS FXStreet (Guatemala) - Analysts at TD Securities gave us a snap shot at some of the AUD crosses. Key Quotes: “AUD/USD's strong recovery from 0.9330 support suggests moderate upside risks for the AUD near-term – but scope for a more sustained recovery remains limited after the heavy fall (weekly reversal) seen in early July”. “EUR/AUD trades softly through the close of the week and looks technically poised to extend lower; new cycle lows will support the outlook for a drop to 1.39.” “AUD/JPY's recovery today reflects the firmer AUD tone evident elsewhere but we think scope for AUD gains is limited here as well; we look for resistance in the 96.00/50 zone near-term”. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 19, 2014 OctaFX.Com News Updates

GBP/USD closing before the pivot on 1.70 handle FXStreet (Barcelona) - GBP/USD is trading at 1.7084, down -0.09% on the day, having posted a daily high at 1.7119 and low at 1.7036. GBP/USD has fallen shy of the trophy 1.71 handle at the end of this week after a valiant effort to withhold its champion status. Rumours that Carney had given a dovish interview to the press was eventually gathered as being untrue. We are closing here below the pivot by the looks of it. GBP/USD Levels Spot is presently trading at 1.7086, and next resistance can be seen at 1.7101 (Daily Open), 1.7110 1.7114 (Hourly 100 SMA) and 1.7119 (Daily High). Support below can be found at 1.7085 (Yesterday's Low), 1.7082 (Daily 20 SMA) and 1.7075 (Weekly Classic S1). OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 18, 2014 OctaFX.Com News Updates

More USD/CAD range trading expected - TD Securities FXStreet (Łódź) - The TD Securities Rates, FX and Commodities Research team note that USD/CAD continues to struggle to push above short-term resistance in the upper 1.07 range. Key quotes "We had been looking for a push to 1.0766 as a consequence of the move above 1.0695 resistance zone earlier this week and while the USD is lacking the incentive—and momentum—to extend the rally at the moment." "We think neutral directional momentum at this point suggests more range trading, rather than a renewed turn lower, in USD/CAD from here." "The daily chart for USD/CAD reflects the strong overhead resistance in funds in the upper 1.07 zone, with trend line resistance off the major cycle high above 1.12 capping gains." "After five waves down and last week’s strong rejection on the daily and weekly charts of the 1.0600/50 area, however, we still rather think risks are geared towards a push higher." "Gains should pick up above 1.0810/15 where the 200-day MA and the May/June lows converge." "We think a rebound to the 1.10 area (at least) is achievable still (1.1027 equals a 61.8% retracement of the 1.1277/1.0622 drop). We remain bullish above 1.06." OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 18, 2014 OctaFX.Com News Updates

USD benefits from prospects of monetary policy normalisation - Commerzbank FXStreet (Córdoba) - Ulrich Leuchtmann, analyst at Commerzbank, notes that the FX market displayed a notable reaction to Fed Yellen testimony this week, a fact that is quite remarkable following times of continuously falling volatility. He attributes this mainly to prospects of normalisation of US monetary policy, which at the same time supports a dollar appreciation. Key Quotes “Two factors are likely to have been decisive for this development: Mrs Yellen had such a dovish reputation that even a neutral statement comes as a surprise. The normalisation of US monetary policy is progressing so notably that the markets are increasingly pricing a return to normal circumstances in the US”. “The second factor in particular is likely to influence exchange rates in the future, which is why we feel confirmed in our view of a (initially slow but then increasingly rapid) dollar appreciation”. “The US dollar is increasingly benefiting from the increasingly certain prospect of a normalisation of US monetary policy. Fed signals pointing in this direction are becoming increasingly important for the FX market – even if they should not come as much of a surprise”. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 18, 2014 OctaFX.Com News Updates

EUR/USD at levels not seen since last February - FXStreet FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik observes that EUR/USD is moving close to levels handful only several pips away from the critical 1.3476 year low. Key quotes "The EUR/USD finally moved away from the 30 pips range that contained price for most of the week, with the hourly chart showing an increased bearish potential as per price accelerating below its 20 SMA and the 4 hours chart showing indicators resuming the downside after repeated failure around 1.3535 static resistance." "Immediate support comes at 1.3476, this year low, and a large amount of stops should stand below so if trigger, the slide may quickly extend. " OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 18, 2014 OctaFX.Com News Updates

AUD/USD remains capped by 0.9390 FXStreet (Córdoba) - The recovery of the AUD/USD faltered once again at the 0.9390 area Friday, confining the pair to a phase of consolidation over the last hours. The AUD/USD rose more than half a cent from daily lows despite the prevailing risk-off tone, but lacked momentum to break above the 0.9390 zone for a second day in a row, where the 14-day SMA is reinforcing static resistance. The AUD/USD has been consolidating in a range since early European session, currently trading at 0.9380, up 0.32% on the day. However, mounting geopolitical tensions, after a missile hit a commercial flight in Ukraine conflict area and Israel launched a ground offensive in Gaza, could maintain risky assets under pressure. AUD/USD technical levels As for technical levels, if the Aussie dows break above 0.9390, next resistances could be found at 0.9400 (psychological level) and 0.9423 (Jul 9 high). On the other hand, supports are seen at 0.9328 (Jul 16 & 3 lows) and 0.9320 (Jun 18 low) and 0.9300 (psychological level). OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 18, 2014 OctaFX.Com News Updates

Risk aversion increasing in the global markets - BTMU FXStreet (Barcelona) - Derek Halpenny, European Head of Currency Strategy at the Bank of Tokyo Mitsubishi UFJ, remarks sentiment around safe havens are building up. Key Quotes "Financial markets have been unsettled by the upturn in geopolitical risks after the downing of a civilian airplane over Eastern Ukraine and after Israel began a ground-offensive operation in Gaza. The VIX index jumped a huge 32% to close at 14.54, crude oil was up 2% while the price of gold increased 1.5%." "With the EU and US sanctions being digested by the markets yesterday, USD/RUB jumped 2.2%. However, outside of the rouble move, the foreign exchange market remains remarkably stable." "One-month USD/JPY implied volatility is currently at 4.89%, up from 4.45% on Wednesday, which was another record low. Volatility in EUR/USD and other major currency pairs remains subdued as well." "In part we think this is explained by the latest downturn in UST bond yields in the US – the 10-year yield fell to 2.44% yesterday, matching the low from May, a level not seen since May last year. The 10-year yield is down 20bps since early July." "Higher yields in the US is going to be the key catalyst for increased volatility in the foreign exchange market as investors eye greater divergence with other major economies and general risk appetite conditions become less favourable. These latest developments, it is believed, make it more likely that all central banks will remain on the same page for longer, thus limiting the risk of any major change in financial market developments." OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 18, 2014 OctaFX.Com News Updates

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Aussie strengthens against the dollar - FXStreet As FXStreet Chief Analyst Valeria Bednarik notes, AUD/USD has moved above 0.9370 and is approaching the 0.9400 level. Key quotes "The hourly chart shows indicators heading higher above their midlines and 20 SMA acting as dynamic support currently near strong static support of 0.9370." "In the 4 hours chart a mild bullish tone is also present, with indicators aiming to cross their midlines to the upside and price above moving averages. " OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 17, 2014 OctaFX.Com News Updates