Daily Market Analysis by FxGrow

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Daily Market Analysis – 01st June, 2015
By FxGrow Research & Analysis Team

Euro Drops amid ongoing Greece talks

Euro is trading lower against all its counterparts amid concerns that Greece will be unable to repay over €300 million due to the IMF on June 5 and a possible exit from the Eurozone.

Euro recovery seems to have lost steam as concerns are rising over a possible Greek default if it is unable to reach a deal with its European creditors soon. Greek negotiations are going on as its creditors are pressing for action in areas including the pension system, labor market and sales tax.

Greek Prime Minister Alexis Tsipras has said “The lack of an agreement so far is not due to the supposed intransigent, uncompromising and incomprehensible Greek stance. It is due to the insistence of certain institutional actors on submitting absurd proposals and displaying a total indifference to the recent democratic choice of the Greek people".

Germany's EU Commissioner Guenter Oettinger said "We will need progress at the working group level, in order that we can agree on a reform agenda, perhaps even by the end of the week, which would trigger the payment of the last tranche of aid from the current aid program".

"Greek debt yields provide only a rough guide, and although a missed deadline will not spell default, market concern remains high. It's difficult to quantify how much the currency market has factored in the possibility of Greece missing the June 5 repayment deadline" said Shinichiro Kadota, chief Japan Forex strategist at Barclays in Tokyo.

China HSBC Manufacturing PMI for May came at 49.2 in line with analyst expectations.

Annabel Fiddes, Economist at Markit, on the HSBC PMI, said it "signaled a further deterioration in the health of China's manufacturing sector in May."

In Japan, capital spending for non-financial firms jumped 7.3% in the first quarter, while Japan manufacturing for May was steady at 50.9 as expected.

Euro zone’s Manufacturing PMI fell to 52.2 while analyst expectations were at 52.3

Germany’s Manufacturing PMI fell to 51.1 while analyst expectations were at 51.4

Crude Oil is trading higher at $59.85 as traders await OPEC meeting in Vienna on June 5.

Gold is trading lower in the Asia at 1187.22 while Silver has recovered its losses at 16.68

01st June 2015 – 09:31hrs GMT

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Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

 

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Daily Market Analysis – 02nd June, 2015
By FxGrow Research & Analysis Team

US ISM Manufacturing Index Increased to a 3-month high in May

US Institute for Supply Management (ISM) manufacturing index increased to a 3-month high in May as manufacturing activity in the US expanded at a faster pace than expected.

US Manufacturing expanded in May as the PMI registered 52.8 percent, an increase of 1.3 percentage points over the April reading of 51.5 percent, indicating growth in manufacturing for the 29th consecutive month.

US consumer spending remained flat in April as households cut back on purchases of luxury items and continued to increase savings.

"While the US economy still looks set to rebound from the decline seen in the first quarter, the extent of the second quarter recovery therefore remains highly uncertain and could well disappoint. It therefore remains too early to take a reliable reading on the health of the economy and the data flow over the summer will be crucial in determining the timing of the first Fed rate hike." - said Chris Williamson, Chief Economist at Markit.

The Reserve Bank of Australia kept interest rates unchanged at a record low 2.0 percent, in line with analysts' expectations. Following the news Australian dollar remained bullish and AUDUSD touched a high of 0.7700

"There are a lot of factors influencing the currency. One of those is probably tomorrow, the GDP number for the first quarter. It's probably going to be very strong," Matthew Circosta, an analyst at Moody's Analytics, told CNBC. "But moving forward, you'll see that Aussie dollar weakness coming through in the next few months, because the U.S. is going to be raising interest rates."

UK manufacturing activity increased in May to 52.0 which accounts for about 10% of the UK economy.

"Expectations of a broad rebound in U.K. economic growth during the second quarter of the year is called into question by these readings" – said Rob Dobson, senior economist at Markit.

Greek debt negotiations continue between Greece and its European creditors. IMF chief Christine Lagarde, ECB president Mario Draghi, French president Francois Hollande and European Commission president Jean-Claude Juncker met yesterday to give out an offer for Greece to consider.

Crude Oil is trading higher at $60.90 ahead of weekly US supply data.
Gold is trading lower in the Asia at 1187.26 while Silver is weak at 16.65

02nd June 2015 – 09:54hrs GMT

For more in depth Research & Analysis please visit FxGrow.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

 

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Daily Market Analysis – 03rd June, 2015
By FxGrow Research & Analysis Team

Euro Surges on Greek Deal Hopes

The euro surged against its major counterparts on hopes that Greece will soon reach a deal with its European creditors. EURUSD touched a two week high of 1.1195 and US Dollar plunged with Dollar index recording a 1.5% decline, the biggest decline in 24hrs since July 2013.

Greek Prime Minister Alexis Tsipras is going to Brussels today to discuss his government's proposal for deal with its creditors and secure the bailout funds.

European institutions and the International Monetary Fund have completed the draft of an agreement to unlock bailout aid for Greece. Greek Prime Minister Alexis Tsipras said that he has submitted his terms for a deal to European institutions and the IMF, and he is optimistic that Greece’s proposal would be accepted.

Greece needs to repay IMF 1.6 billion euros this month. The first installment of 300 million euros is due Friday, with other installments due on June 12, 16 and 19. Greece is running out of cash without a deal and is close to a default.

Greek Prime Minister Alexis Tsipras said "We have submitted a realistic plan for Greece to exit the crisis. We are not waiting for them to submit a proposal, Greece is submitting a plan - it is now clear that the decision on whether they want to adjust to realism... the decision rests with the political leadership of Europe."

European Central Bank will announce its monetary policy and rate decision today. It will be followed by the press conference of ECB President Mario Draghi. It is expected that ECB will continue to implement its €60/month QE program.

In Euro Zone Inflation is back according to a report from Eurostat, consumer prices have jumped to 0.3% in the last month while core inflation is at 0.9%, but is below the ECB's target of 2%.

"Spain and Italy appear to be staging strong recoveries, benefiting in particular from impressive export performances”. - Chris Williamson, Markit's chief economist.

UK Construction PMI climbed to 55.9 as the construction sector continues its recovery and growth after Prime Minister David Cameron unexpectedly won the general election with an outright majority.

"Additionally, construction firms experienced an upturn in new business growth from April's near two-year low and job creation was the fastest recorded so far in 2015" - Tim Moore, Markit

Australian GDP surged to 4.3%, while analyst expectations were at 4.1%. Australian economy faces pressure as domestic demand and consumption remains low, followed by slowdown in China and lower global commodity prices.

Crude Oil is trading lower at $59.95 on bets for US supply gain.

Gold is trading lower in the Asia at 1187.06 while Silver is weak at 16.60

03rd June 2015 – 09:41hrs GMT

For more in depth Research & Analysis please visit FxGrow.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

 

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Daily Market Analysis – 04th June, 2015
By FxGrow Research & Analysis Team

Greek deal hopes and Euro zone debt yields lift Euro

Greek Prime Minister Alexis Tsipras said after talking with the senior EU officials that Greece was close to a deal with its creditors and it would make a payment due to the IMF on Friday.

"It was a good, constructive meeting. Progress was made in understanding each other's positions on the basis of various proposals. It was agreed that they will meet again. Intense work will continue." - Statement given by the European Commission.

Greece has enough cash to repay a €300 million payment due to the IMF on Friday.

German 10-year bond yields climbed to 0.887 percent, after the ECB raised its inflation forecast for the year 2015.

The 10 year US Treasury yields reached at 2.3696% the highest level since Nov 2014.

"The biggest positive about the bond market weakness is that yields’ going higher is a net positive for all of the financials. Higher yields on fixed income translate into higher rates and that increases the net interest margin for financials," - Michael James, MD Wedbush Securities, Los Angeles.

EURUSD is trading at 1.1345 in the European trading session having touched a high of 1.1378

European Central Bank kept its benchmark rates unchanged at 0.05 percent and increased its forecast for inflation in the Eurozone this year to 0.3 percent.

ECB President said bond buying program of 60 billion euros per month will continue till September 2016 with an aim to inject liquidity into the financial system and drive up the Eurozone’s low rate of inflation.

Draghi said "The full implementation of all our monetary policy measures will provide the necessary support to the euro area's economy."

On Greek Debt deal Draghi called for a strong agreement between Greece and its Creditors saying "A strong agreement is one that produces growth, that has social fairness but that is also fiscally sustainable and addresses the remaining sources or factors of financial instability in the financial sector."

In China HSBC PMI climbed to 53.5 the highest level in 8 months as growth remains sluggish in China.

"Overall, growth momentum in China appears relatively weak, weighed down by an ongoing deterioration in manufacturing operating conditions" - Annabel Fiddes, economist at Markit.

In UK the services PMI declined to 56.5 in May, while the UK's economy grew by 0.3% in the first quarter of the year. The UK service sector forms a large part of the economy.

"Additionally, construction firms in UK experienced an upturn in new business growth from April's near two-year low and job creation was the fastest recorded so far in 2015" - Tim Moore, Markit.

Crude Oil is trading lower at $59.56 after Russian Energy Minister's confirmation that the OPEC would not cut output at Friday's meeting.

Gold is trading lower in the Asia at 1182.65 while Silver is flat at 16.46

04th June 2015 – 09:30hrs GMT

For more in depth Research & Analysis please visit FxGrow.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

 

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Daily Market Analysis – 05th June, 2015
By FxGrow Research & Analysis Team

Greece delays IMF payment until end of June

Greece moves closer to default and a possible exit from the Eurozone as it will not make a scheduled €300m loan repayment to IMF on Friday.

IMF said on Thursday "The Greek authorities have informed the fund today that they plan to bundle the country's four June payments into one, which is now due on June 30," Gerry Rice, IMF spokesperson, said, citing rules allowing debtor countries to regroup "multiple principal payments falling due in a calendar month".

It is the first time that Greece will postpone a repayment to IMF as Prime Minister Alexis Tsipras is facing opposition from his supporters on tough terms associated with the debt deal.

Greek prime minister has come under pressure from his supporters to withhold the payment of €300m due to IMF on June 5. The country is running out of funds and needs the final €7.2bn bailout funds to be able to repay €1.54 billion to IMF by June 30.

Greece PM Tsipras said “Such extremist proposals cannot be accepted by the Greek government. Everyone must understand that the Greek people have greatly suffered over the last five years and some have to stop playing games at their expense.”

EURUSD pulled back yesterday after this decision from a high of 1.1365 to a low of 1.1178 in the Asian trading session today.

Traders are focusing on the US Non-Farm Payroll report due to be released today at 12:30 GMT. Analysts expect a growth of 227K in the job markets for the month of May. Pre-NFP data suggest a strong NFP report today. Analysts forecast for the Unemployment rate is at 5.4%, the lowest level in seven years.

Today’s NFP report will indicate whether Fed is willing to hike interest rates in September 2015. Fed will hike interest rates this year if the NFP data picks up in May.

In UK the Bank of England kept its benchmark interest rate at 0.5%, the lowest level since 2009. The decision by BoE to hold interest rates was supported by data that showed growth of the UK economy slowed down in the Q1 2015 to 0.3%.

"In UK much will clearly depend on how economic growth, earnings and productivity develop over the coming months, as well as just how quickly inflation moves up later on this year" - Howard Archer, chief UK and European economist at IHS Global Insight.

In Canada Ivey PMI rose to 62.3 supported by an increase in employment and inventory levels. Today investors will focus on CAD Full Time Employment Change report due on 12:30 GMT. Analysts estimate that Canada's economy will add 10K jobs in May with jobless rate remaining at 6.8%.

Crude Oil is trading lower at $57.85 on concerns over spiking European yields.

Gold is trading lower in the Asia at 1176.26 while Silver is flat at 16.18

05th June 2015 – 10:16hrs GMT

For more in depth Research & Analysis please visit FxGrow.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

 

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Daily Market Analysis – 08th June, 2015
By FxGrow Research & Analysis Team

Strong US Non-Farm Payrolls report boosts Fed Rate Hike in September

In US total nonfarm payroll employment increased by 280,000 in May, and the unemployment rate was essentially unchanged at 5.5 percent. Job gains occurred in professional and business services, leisure and hospitality, and health care. Mining employment continued to decline - US Bureau of Labor Statistics.

NFP report indicates that the US job market continues to improve solidly and the health of the US economy is more favorable than the weakness displayed in the Q1 GDP report.

US dollar remained strong across its major counterparts on Friday after the US jobs report boosted speculation of a Fed rate hike in September this year.

New York Fed president Dudley noted that "if the labour market continues to improve and inflation expectations remain well-anchored, then I would expect, in the absence of some dark cloud gathering over the growth outlook, to support a decision to begin normalizing monetary policy later this year".

Greece talks continue to dominate the markets as Greek PM Alexis Tsipras stated "the proposals from the creditors are clearly unrealistic...The Greek government cannot consent to unreasonable proposals that call for devastating measures for pensioners and Greek families. I want to believe that it was a bad negotiating trick".

Greek Finance Minister Yanis Varoufakis said "the government will not sign a deal that extends this self-feeding crisis of the last 5 years".

In Canada Net Change in Employment for the month of May was +58.9K Jobs while Unemployment Rate remained at 6.8%.

In Japan the economy grew at 3.9% in the first quarter of 2015 beating analyst expectations of a 2.7% growth.

In Germany Factory orders increased by 1.4% in April as German industry looks to experience a boost this year.

Crude Oil is trading higher at $59.02 after OPEC decided to keep its production target unchanged.

Gold is trading higher in the Europe at 1173.24 while Silver is flat at 16.10

08th June 2015 – 09:31hrs GMT

For more in depth Research & Analysis please visit FxGrow.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

 

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Daily Market Analysis – 09th June, 2015
By FxGrow Research & Analysis Team

Greece expects to get bailout extension until March 2016

Greece is in talks with its European creditors for an extension of the country's bailout program until March 2016.

Greece is running out of funds as talks continue over agreements between Greece and the European Commission, European Central Bank (ECB) and International Monetary Fund (IMF).

The European Commission has received a new three page proposal from the Greek government to unlock the bailout funds and bridge the differences on critical issues such as the pension and VAT reforms.

Greek Prime Minister Alexis Tsipras said "that a Greek bankruptcy will be the beginning of the end for the Eurozone. If Europe’s political leadership is unable to handle a problem like Greece, which represents 2% of its economy, how will the markets react for countries with much bigger problems, such as Spain and Italy. If Greece goes under, the markets will immediately seek out the next one. If negotiations should collapse, the cost to European taxpayers will be huge”.

He further stated "I think we're very close to an agreement on the primary surplus for the next few years. There just needs to be a positive attitude on alternative proposals to cuts to pensions or the imposition of recessionary measures."

US President Barack Obama said after the end of the G7 summit meeting “We support the efforts to find a path that will allow Greece to implement the necessary reforms and return to growth, in a strong, stable and developing Eurozone”.

EURUSD has reversed its losses post NFP as the European and US bond yields have soared to their highest levels this year.

In Germany Exports and Industrial output rose for the month of April. Exports rose by 1.9% while the industrial production increased 0.9% in April.

"German exporters are increasingly capitalizing on the advantages of a weaker euro, as well as a global demand recovery" - Christian Schulz, economist at Berenberg.

In Australia Business confidence increased for the month of May as the Reserve Bank of Australia made operating conditions easier by cutting interest rates to a record low.

National Bank of Australia has revised its fiscal 2015 GDP forecast to 2.4% but lowered its fiscal 2016 GDP forecast to 2.6%.

Crude Oil is trading higher at $59.19 as weak US dollar boosted demand and pushed global prices higher.

Gold is trading higher in the Europe at 1181.34 while Silver is strong at 16.16

09th June 2015 – 09:25hrs GMT

For more in depth Research & Analysis please visit FxGrow.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

 

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Daily Market Analysis – 10th June, 2015
By FxGrow Research & Analysis Team

Yen Soars on Bank of Japan comments

Bank of Japan Governor Haruhiko said today "The yen is unlikely to fall further on a real effective exchange rate basis because it is already very weak".

The US dollar touched a 2 week low against yen after the comments. USDJPY dropped 200 pips to touch a low of 122.56 in the European trading session.

"There is no asset bubble in Japan at this point. It's hard to conclude decisively that the dollar will continue to strengthen further just because the Fed has done tapering and eyeing raising interest rates" - Bank of Japan Governor Haruhiko Kuroda.

"If you look at the real effective exchange rate, it shows that the yen is already very weak. Even further declines on a real effective exchange rate basis are not likely to happen" - Bank of Japan Governor Haruhiko Kuroda.

Globally Bond yields are increasing as Australian 10-year bonds advanced to 3.05%, New Zealand rates rose to 3.92%, 10 year German bund rates rose to 0.95%, US 10 year 10-year Treasury note was at 2.417%, 10-year U.K. government bond yield increased to 2.119%.

“It’ll take some time for the bond market to recover its composure. The situation in Greece and moves surrounding the U.S. rate hike are still cause for concern” - Yutaka Miura, Mizuho Securities Tokyo.

“Last week we saw a stand-off between the EU authorities and Greece’s government. Volatility in the bond market has added to investor nervousness, not helped by Mario Draghi’s comments last week” - James Barty, BofA-Merrill Lynch.

Greek PM Alexis Tsipras is in Brussels to meet German Chancellor Angela Merkel and French President Francois Hollande with an aim to achieve a breakthrough in the negotiations and secure the much needed bailout funds for his country.

In US number of job openings has hit the highest level in April as conditions are improving in the US labour market. The US recorded 5.4 million job openings for the month of April.

In UK trade deficit shrank more than expected for the month of April. UK's trade deficit was at 1.2 billion pounds while imports increased by 2.1%.

"In UK although the near-term outlook for the external sector does not look fantastic, at least net trade this quarter looks unlikely to repeat the first quarter's big negative contribution to overall GDP growth" - Vicky Redwood, chief UK economist at Capital Economics.

Crude Oil rallied to reach a high of $61.41 after news that US stockpiles posted a larger than expected decline for last week.

Gold is trading higher in the Europe at 1184.89 while Silver recovers its losses at 16.13

10th June 2015 – 07:52hrs GMT

For more in depth Research & Analysis please visit FxGrow.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

 

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Daily Market Analysis – 11th June, 2015
By FxGrow Research & Analysis Team

Reserve Bank of New Zealand cut its Cash rate to 3.25%

The Reserve Bank of New Zealand unexpectedly cut its official cash rate by 0.25% to 3.25% the first reduction since 2011.

"The New Zealand economy is growing at an annual rate around three percent, supported by low interest rates, high net migration and construction activity, and the decline in fuel prices. However, the fall in export commodity prices that began in mid-2014 is proving more pronounced. The weaker prospects for dairy prices and the recent rises in petrol prices will slow income and demand growth and increase the risk that the return of inflation to the mid-point would be delayed" - Reserve Bank of New Zealand.

"With the fall in commodity prices and the expected weakening in demand, the exchange rate has declined from its recent peak in April, but remains overvalued. A further significant downward adjustment is justified. In light of the forecast deterioration in the current account balance, such an exchange rate adjustment is needed to put New Zealand’s net external position on a more sustainable path" - Reserve Bank of New Zealand.

Following the rate cut NZDUSD plunged to a 5 year low of 0.7005 in the European trading session. The move by the RBNZ surprised traders as market was pricing less than 50% chances of a rate cut this morning.

Greek Prime Minister Alexis Tsipras had late night talks with the leaders of Germany and France to reach a solution and avoid default. Greece needs to repay €1.6bn to the IMF by the end of June.

"It was agreed unanimously that the talks between the Greek government and the institutions should be pursued with great intensity" - German government spokesman.
"We decided to intensify the efforts to bridge the remaining differences and proceed, I believe, to a solution in the coming period" - Greek PM Alexis Tsipras.

Ratings agency S&P has downgraded Greece by lowering its credit rating from CCC+ to CCC citing the delayed International Monetary Fund repayment.

In Japan Manufacturing activity deteriorated in the second quarter of the year as Business Survey Index plunged from 2.4 in the Q1 to -6.0 in the Q2.

"In Japan Core consumer spending fell to the lowest level since last summer in April, and industrial output may well have contracted this quarter. We therefore expect a sharp slowdown in GDP growth" - Marcel Thieliant, Capital Economics.

In UK Manufacturing output declined in April by 0.4% while total industrial production climbed 0.4% from the previous month.

"The British economy is on a firm footing, having grown faster than previously thought in 2014 and with solid, steady and sustainable growth predicted into 2016" - NIESR.

Crude Oil is down to $61.15 after profit taking in the European trading session.

Gold is trading lower in the Europe at 1179.63 while Silver is weak at 15.86

11th June 2015 – 10:14hrs GMT

For more in depth Research & Analysis please visit FxGrow.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

 

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Daily Market Analysis – 12th June, 2015
By FxGrow Research & Analysis Team

IMF leaves Greece bailout talks amid major differences

The International Monetary Fund has walked out of talks with Greece amid major differences over labour market and pension reforms.

“The ball is very much in Greece’s court. There are major differences between us in most key areas. There has been no progress in narrowing these differences recently” - IMF spokesman Gerry Rice.

Donald Tusk, president of the European Council said "There is no more time for gambling. The day is coming. I'm afraid that someone says that the game is over. It is very obvious that we need decisions, not negotiations".

"Time is running out, and the risk of insolvency is increasing by the day. The main losers in that scenario would be Greece and the Greek people" - Jens Weidmann, president of the Bundesbank.

Greece government needs to strike a deal with its European creditors soon and secure the bailout funds. A deal must be signed by the Eurozone finance ministers before the end of the month. If there is no deal then Greece will be in trouble and could fall out of the Eurozone.

Despite major differences with the IMF Greece hopes to clinch a deal with its lenders at a meeting of Eurozone finance ministers on June 18.

"I hope a deal will come very soon, on June 18, when the Euro group takes place" - Flabouraris, aid to Greek Prime Minister Alexis Tsipras.

Greece's Unemployment Rate rose to 26.6% in the first quarter of the year as it continues to struggle with its long term unemployment problem.

In US Retail sales climbed for the month of May to 1.2% indicating that the economy has regained momentum after contracting in the first quarter.

In China Retail sales and Industrial output improved for the month of May. Total production from China grew at 6.1% YoY basis in May while retail sales soared 10.1% from a year earlier.

In Australia Unemployment rate fell to 6.0% in May the lowest level in 12 months. The number of people with jobs rose by 42K to 11.76 million in May, according to the Australian Bureau of Statistics.

Crude Oil is down to $60.30 because of a stronger dollar and amid uncertainty in Greece.

Gold is trading lower in the Europe at 1179.25 while Silver is weak at 15.91

12th June 2015 – 09:10hrs GMT

For more in depth Research & Analysis please visit FxGrow.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.