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Main » 2018 » July » 5 » Forex forecast for today 05.07.2018: EUR / USD - gold and oil to help the euro, GBP / USD - forward growth
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Forex forecast for today 05.07.2018: EUR / USD - gold and oil to help the euro, GBP / USD - forward growth

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Events traders today:

15.15 MSK. USA: Change in the number of employees from ADP in June (the previous value of 178K, forecast 190K).

17:00 MSK. US: ISM composite index for the non-production sphere in June (the previous value of 58.6, forecast 58.3).

17:30 MSK. US data on crude oil inventories from the Department of Energy in June (the previous value -9891K; -5200K forecast).


The euro / dollar Pronoza on EUR / USD pair today 05/07/2018
 

Today forex players for EUR / USD should not expect growth in the euro in the first half of trading, it is for two reasons:


The first reason, investors are buying up oil and gold, it is positive for the euro quotations, because of the direct correlation of these instruments.


The second reason for the upward trend observed in the emerging markets, which will cause capital flight from the US dollar. In this regard, possible growth rate EUR / USD to 1.1720 / 1.1740. Further, the auction is likely to decline and return to the level of the opening of the European session, since the second half of the session will be released important macro data from the US, which may please investors positive on the background growth of the economy in the summer.


EUR / USD recommendation: Buy 1,1675 / 1,1650 and take profit 1,1720.

 

 

 

 

 

 

 

Pound Dollar forecast GBP / USD today 05/07/2018
 

Today, forex traders are two reasons to buy sterling:

First, this week UK pleases investors positive data on the PMI indices, it will support the quotes pound. Today at 11.30 MSK. will report on the services sector, which may also be a pleasant surprise.


Second, the upward trend in the oil market will provide further support the British currency, due to Brent and GBP / USD strong correlation. Yesterday the American Petroleum Institute has reported a reduction of reserves of black gold in the vaults at 4.51 million. Barrels., Which is a positive factor for the oil market. In the next two days worth waiting for closing the gap on Monday Brent- oil quotations growth in the area of ​​79.13.


GBP / USD recommendation: Buy 1,3191 / 1,3165 and take profit 1,3245.

 

 

 

Aleksandr Goryachev

Company analyst FreshForex

 

 

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