Gold price rose

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Gold prices rose as investors believe the Fed will not rush to raise interest rates in coming months after weak data on retail sales. According to the US Department of Commerce, retail sales in the US were unchanged in July. The seasonally adjusted …

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Will Home Depot beat analysts’ expectations in the second quarter?

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Adjusted earnings and Home Depot sales (HD) exceeded the consensus forecast of analysts in the last eight of the nine quarters. The largest increase in adjusted EPS (earnings per share) was 24.1% to $ 1.44, recorded in the first quarter of 2016. Home …

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Credit Suisse selling GBP/USD, Levels & Targets

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“GBPUSD has completed a bearish “pennant” formation on last week’s break below former trendline/range support now at 1.3200.

We look for a test of the July 2016 low at 1.2798 next. However, bigger picture we look for an eventual break below here to then test our next target at the 78.6% retracement of the 1985/2007 rise at 1.2752. We would expect this to hold initially, but below it can target pattern objectives at 1.2433 then 1.2000, with scope for 1.1855

Resistance shows at 1.3155/85 initially then 1.3373. Above 1.3413/82 is needed for a base.

*CS maintains a limit order to sell GBP/USD at 1.3155 targeting 1.2752.

GBPJPY remains under heavy pressure and given that we also remain bullish JPY (c.f. JPY remain in a core bull trend 5th Aug 2016) we expect to see further weakness to retest this year’s low at 128.81. Capitulation beneath here can see the core downtrend resume for 118.80 initially, with the major 2011 low at 116.84 expected to provide a floor.

Resistance moves to 136.26 then 139.93/140.15 with a bigger barrier seen at 1422.22/143.93. Selling is expected at the latter level and above it is needed to set a base again and open up strength to 146.36.

EURGBP has extended its rally from support at .8252/43 and we remain bullish for a break above the July 2016 high at .8640 to test the 61.8% retracement of the 2008/15 fall at .8706, potentially .8816. We would expect a cap at the latter level.

Below .8252/43 can see a retreat back to 8120/18, potentially .8000/.7995, but with a floor expected here.

*CS booked profit today on its long EUR/GBP from 0.8380 at 0.8620″.

Copyright © 2016 Credit Suisse, eFXnews™

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US: The Index of Consumer Sentiment hit 90.4 in August

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A key measure of consumers’ attitudes is slightly higher so far this month, but didn’t rise as much as expected, according to preliminary data released Friday. The Index of Consumer Sentiment hit 90.4 in August, the University of Michigan said. Econ…

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Conference Board Leading Index down 0.3% in June

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The research results published by Conference Board showed that at the end of June the leading economic index for the UK fell by 0.3 per cent, to a level of 113.7 points (2010 = 100), after falling 0.2 percent in May and -0.1 per cent in April. Within …

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Option expiries for today’s 10:00 ET NY cut

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EURUSD 1.1100 (EUR 513m) USDJPY 102.00 (USD 615m) 102.50 (USD 1.79bln) AUDNZD 1.0900 (AUD 1.48bln)

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WSE: After start on Wall Street

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Today’s data from the US economy, a zero increase in sales with forecast of 0.4 percent growth and a decline excluding cars was supplemented by the low readings of PPI. These figures stand in clear contradiction with the data from the labor market. …

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