Euro
The euro has completed the second month in a row in the minus due to the worsening situation in Ukraine. The single currency fell to 1.3131. Since early August, the euro has lost 1.6 percent and fell by 2.2 percent in July.
The Eurozone leading countries indices did not show a positive either- the Italy consumer confidence index fell in August for the third month in a row, this time to 101.9 from 104.4, while the France unemployed number increased by 0.8% in July compared to June, bringing the total number to the new record high of 3 424 400. Of course, these results could not provide the support for the euro.
Trading recommendations
We advise to short with the first target - 1.3110. When the pair consolidates below the first target, it can go to 1.3060.
Pound
The Britain celebrated the bank holidays at the last week beginning. The Confederation of British Industry (CBI) reported the strong sales growth in August, as the indicator rose to 37 from 21, when it was expected to rise only to 27.
The pound/dollar remains in sideways consolidation that is likely to be continued due to the technical factors influence and the approaching Sunday holidays in anticipation that investors, as a rule, did not dispose to increase the risk.
Trading recommendations
We advise to long with the first target - 1.6720. When the pair consolidates above the first target, we can open deals to the level of 1.6785.
Yen
The dollar rose against the yen after the mixed data in Japan, while the United States upbeat economic reports continue to support the demand for the American currency.
There was the optimism drop in the Japan stock market where the Nikkei has fallen by 0.5%.
The forecasts expect the product gross state data updates for the 2nd quarter, where it can be reflected by the slight reduction - up to 3.9% q/q from 4.0% q/q presented by the earlier reports and the weekly changes in the unemployment benefits requirements forecasted almost without any change, 299 thousand against 298 thousand, as well as July house sales data is expected to increase by 0.6% m/m after -1.1% m/m in the previous period.
Trading recommendations
We advise to short with the first target – 103.35. When the pair consolidates below the first target, we can open deals to the level of 103.00.
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