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Tuesday October 26, 2010 - 10:23:56 GMT
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ForexPros Daily News October 26, 2010ForexPros Daily News October 26,
Forex - GBP/USD soars to 4-day high after upbeat U.K.
Forex Pros â€“ The pound was up against the U.S. dollar on
Tuesday, soaring to a 4-day high after the release of significantly
better-than-expected U.K. third quarter GDP data.
GBP/USD hit 1.5869
during European morning trade, the pairâ€™s highest since October 20; the pair
subsequently consolidated at 1.5859, soaring 0.87%.
Cable was likely to
find support at 1.5663, Mondayâ€™s low and resistance at 1.6002, the high of
Earlier in the day, the U.K. Office for National Statistics
said that GDP increased by a seasonally adjusted 0.8% in the third quarter,
after rising by a revised 1.2% in the preceding quarter. Analysts had expected
GDP to rise 0.4% in the third quarter.
The report said that the increase
was due to strong growth in the services, production and construction sectors.
Total services output rose 0.6% in the third quarter while total production
output also rose 0.6% and construction output rose 4.0%.
The pound was
also up against the euro, with EUR/GBP tumbling 0.89% to hit
Later in the day, the U.S. was to release industry data on
consumer confidence and house prices as well as official data on
--- Forex - EUR/USD turns lower as dollar
sentiment firms upForex Pros â€“ The euro
edged lower against the U.S. dollar on Tuesday, falling to a 2-day low, as the
dollar firmed up on the sense that expectations for further monetary easing by
the Federal Reserve were already priced into the market.
1.3907 during early European trade, the pairâ€™s lowest since October 22; the pair
subsequently consolidated at 1.3949, shedding 0.10%.
The pair was likely
to find support at 1.3857, Fridayâ€™s low and resistance at 1.4157, the high of
October 15 and an 8-month high.
Earlier in the day, data showed that
Germanyâ€™s Gfk consumer climate outlook for November remained unchanged at 4.9,
after rising for in the four preceding months. Analysts had expected the outlook
for November to rise to 5.2.
The economic expectation indicator rose by
2.5 points in October to 56, up for the fifth consecutive month. The report said
that consumers expect that the German economy will continue to recover based on
positive trends in the labor market.
Also Tuesday, official data showed
that German import prices rose more-than-expected in
Meanwhile, the euro was down against the pound, with EUR/GBP
shedding 0.40% to hit 0.8846.
Later in the day, the U.S. was to release
industry data on consumer confidence and house prices as well as official data
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Amazing Trader EVENT RISK Calendar:
Fri 20 Oct
12:30 CA- Retail Sales & CPI
14:00 US- Existing Homes Sales
Tue 24 Oct
All Day flash PMIs
Wed 25 Oct
01:30 AU- CPI
08:00 DE- IFO Survey
08:30 GB- GDP
14:00 CA- BOC Decision
14:30 US- EIA Crude
Thu 26 Oct
11:45 EZ- ECB Decision
12:30 US- Weekly Jobless
14:00 US- Pending Homes Sales
Fri 27 Oct
12:30 US- GDP
14:00 US- final Univ of Michigan
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- POTENTIAL PRICE RISK: High Fri-- 12:30 GMT CA- Retail Sales and CPI. Top economic indicators.
- POTENTIAL PRICE RISK: HIGH Fri-- 14:00 GMT US- Existing Homes Sales. Top Housing statistic.
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