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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 85968, member: 33464"] [b]US Dollar Continues To Gain Traction[/b] [B]Key Highlights[/B] • US Dollar remained the first choice of investors, as it traded higher intraday against most of its counterparts. • US Services Purchasing Managers Index (PMI) released by Markit Economics came in at 54.8 in June 2015, unchanged from the last reading. • Canadian Ivey PMI released by the Richard Ivey School of Business came in at 55.9 in June 2015, i.e. above the forecast but lower compared with the last reading of 62.3. • USDCAD pair is trading higher and looks set for more gains in the near term. [B]US Services PMI[/B] Earlier during the NY session, the US Services Purchasing Managers Index (PMI), which gauges business conditions in the services sector was released by Markit Economics. The market was not expecting any major change in the PMI in June 2015. The result was in line with the forecast, as US Services Purchasing Managers Index came in at 54.8, i.e. similar to the last reading. The market liked the outcome, as the greenback was lifted after the release. However, there was a minor concern noted in the report published, as it highlighted the fact that there was a slowdown in both output growth and staff hiring across for the service sector at Q2 2015 end. [IMG]http://s1.postimg.org/a16lagypr/US_SPMI.png[/IMG] Commenting on the recent release, the Chief Economist at Markit, Chris Williamson, stated that the “The June PMI data round off a solid second quarter for the US economy, with GDP likely to have risen at an annualized 3% rate. However, it’s important to look at what’s happened over the course of the quarter, rather than looking at the quarter as a whole”. ------------------------------------------- Posted by Aayush Jindal - 'Titan FX Currency Analyst' [/QUOTE]
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