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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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Dollar to dominate proceedings today

Article By: ,  Financial Analyst
July 28, 2014 10:42 AM

The FX markets are trading in a lacklustre fashion this morning, with most of the Asian countries enjoy a long weekend. The euro continues to trade with a bearish tone as investors note the continued geopolitical risks and potential fallout in Europe from tougher sanctions on Russia. The Financial Times reports that an estimated 350,000 jobs in Germany could be at risk if the sanctions on Russia are indeed increased.

The latest Commitment of Traders (COT) report from the US CFTC shows that leveraged players broadly turned USD buyers in the week to Tuesday, 22nd July. The report revealed dollar longs increased by 60% from the prior week as euro shorts continue to increase to $14.9 bn, surpassing the May 2013 level.

The data calendar focus today will consist of Italian business confidence figures this morning. The US session will focus on PMI data, along with pending home sales and the Dallas Manufacturing Survey ahead of what will be a big week for dollar fortunes as US 10-year treasury yields hold above the 2.455% level. The US calendar this week will give us more guidance following Fed Chair Janet Yellen’s less dovish testimony as the data releases include the ADP report, Q2 GDP and the FOMC on Wednesday; non-farm payrolls, personal income and spending and manufacturing ISM data on Friday.

 

EUR/USD

Supports 1.3425-1.3375-1.3295 | Resistance 1.3455-1.3485-1.3520

 

USD/JPY

Supports 101.70-101.25-100.75 | Resistance 102.00-102.30-103.00

 



GBP/USD

Supports 1.6950-1.6910-1.6880 | Resistance 1.7000-1.7025-1.7095

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