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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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FX update at the half

Article By: ,  Financial Analyst
July 23, 2020 1:14 PM
On the U.S. economic data front, Initial Jobless Claims rose to 1,416K for the week ending July 18th (1,300K expected), from a revised 1,307K in the week before. Continuing Claims unexpectedly fell to 16,197K for the week ending July 11th (17,100K expected), from a revised 17,304K in the prior week. The Leading Index increased 2.0% on month in June (+2.1% expected), compared to a revised +3.2% in May.

On Friday, Markit's U.S. Manufacturing Purchasing Managers' Index for the July preliminary reading is expected to rise to 52.0 on month, from 49.8 in the June final reading. Finally, New Homes Sales for June are expected to increase to 700K on month, from 676K in May.

In Europe, the euro zone consumer confidence index fell to -15 in July in first reading (-12 expected) from -15 in June. Germany's GfK Consumer Confidence Index for August was released at -0.3 (vs -4.5 expected). France's INSEE has posted July indicators on business confidence at 82 (vs 86 expected) and manufacturing confidence at 82 (vs 84 expected).


Here is a mid-day snapshot of the majors.

EUR/USD jumped 45pips to 1.1615 the day's range was 1.1541 - 1.1625 compared to 1.1507 - 1.1601 the previous session.

GBP/USD gained 13pips to 1.2747 the day's range was 1.2673 - 1.2760 compared to 1.2644 - 1.2744 the previous session.

USD/JPY fell 26pips to 106.89 the day's range was 106.85 - 107.23 compared to 106.71 - 107.29 the previous session.

USD/CHF declined 43pips to 0.9253 the day's range was 0.9250 - 0.9302 compared to 0.9287 - 0.9352 the previous session.

AUD/USD fell 12pips to 0.7128 the day's range was 0.7091 - 0.7162 compared to 0.7112 - 0.7182 the previous session.

USD/CAD dropped 42pips to 1.3375 the day's range was 1.3371 - 1.3427 compared to 1.3400 - 1.3483 the previous session.

The dollar index declined 0.3pt to 94.684 the day's range was 94.661 - 95.181 compared to 94.829 - 95.412 the previous session.

Looking at the above mentioned movers, The EUR/USD remains in play. Prices are continuing higher with a possible bullish trend channel in the works. We have raised or stop-loss and target levels. As long as the pair can remain above key support at 1.1445 (March Highs), look for a continuation to the next major resistance levels at 1.172 and 1.182. 



Source: GAIN Capital, TradingView

Happy Trading.

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