TradeNivesh Forex tips - Sterling falls further in wake of Brexit, euro also weaker

The pound came under renewed selling pressure on Monday, falling back towards a 31-year trough after the U.K. voted to leave the European Union on Friday, triggering a massive selloff in global markets.

GBP/USD was last down 1.83% at 1.3427, after falling as low as 1.3356 overnight, not far from the lows of 1.3228 set on Friday, the weakest since 1985.

The vote could lead to a breakup of the U.K., with Scotland now highly likely to hold a second independence referendum.

The pound fell back towards two-year lows against the euro, with EUR/GBP rising 1.23% to 0.8227, closing in on Friday’s peaks of 0.8312.

The pound was down almost 2% against the yen, with GBP/USD at 137.13, after reaching a 3-1/2-year low of 133.65 on Friday.

The euro also came under pressure against the dollar and the safe haven yen amid fears that the impact of Brexit would cloud the outlook for the EU and the euro area economy.

EUR/USD slid 0.61% to 1.1047, while EUR/JPY was down 0.69% at 112.85.

The dollar was steady against the yen, with USD/JPY at 102.15, after falling to lows of 99.15 on Friday, the weakest level since November 2013.

SELL GBPINR BELOW 90.60 TGT 90.50-90.40-90.30 SL 90.80 ABOVE CMP 90.61-63

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22 JUNE 2016 FOREX TRADING TIPS: Sterling and euro firm ahead of Brexit vote

Sterling and the euro inched higher on the last day of campaigning before Britain's referendum on EU membership, the pound trading just off its highest this year after a swing in polls towards the "In" camp this week.

Most analysts still see the vote as too close to call and the mood remains shaky among financial investors worried that Britain's departure from the 28-country bloc could derail growth and spell trouble for banks and a raft of global asset markets.

While the Brexit vote continues to dominate minds, testimony by U.S. Federal Reserve chief Janet Yellen on Tuesday was read by some as playing down the chances of a rise in U.S. interest rates in July.

The dollar fell around 0.4 percent to 104.42 yen and was 0.2 percent lower against the basket of currencies that measures its broader strength.

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European stocks surge in risk-on trade, financials lead; Dax up 2.95%

 European stocks surged on Monday, as concerns over a potential British exit from the European Union, or Brexit, eased and as rising oil prices lent support to the energy sector.

During European morning trade, the EURO STOXX 50 soared 3.14%, France’s CAC 40 -rallied 2.76%, while Germany’s DAX 30 surged 2.95%.

Brexit concerns subsided after two opinion polls published on Saturday showed that support for the 'Remain' campaign had regained its lead over a vote to leave, while a third showed momentum shifting in favor of a vote to remain in the 28 member bloc.

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FOREX TIPS: Asian shares slip as Fed, Brexit loom

Asian stocks slipped on Tuesday ahead of the U.S. Federal Reserve's two-day meeting that begins later in the day, amid growing worries this month's referendum in Britain could see it exit the European Union.

The pound and euro have suffered in recent sessions as economists fear a so-called Brexit would tip Europe back into recession. Voters appear divided ahead of the June 23 referendum, with the "Out" campaign widening its lead over the "In" camp, according to two opinion polls published by ICM on Monday.

Financial spread betters predicted the gloom would spread to European trading. Britain's FTSE 100 was seen opening 0.3 percent lower, while both Germany's DAX and France's CAC 40 were expected to fall 0.8 percent.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.4 percent, after Wall Street lost ground for the third straight session.

Japan's Nikkei stock index skidded 1 percent after tumbling 3.5 percent on Monday.

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Forex News- Pound touches day’s highs after UK data, gains checked

The pound touched the day’s highs against the dollar on Wednesday after data showing that U.K. industrial output rose at the fastest rate in nearly four years in April.

GBP/USD hit highs of 1.4579 immediately following the release of the data, before pulling back to 1.4531.

The Office for National Statistics said industrial production rose 2.0% in April after a 0.3% increase in March, the largest monthly increase since July 2012.

Manufacturing output rose 2.3% after a 0.1% increase in March, in what was also the fastest monthly increase since July 2012.

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The dollar was trading near one-month lows against a basket of major currencies on Tuesday after Federal Reserve Chair Janet Yellen struck a mixed tone on the outlook for the economy and prospects for higher interest rates.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.17% at 93.88, not far from Monday’s lows of 93.74, the weakest level since May 11.

Speaking Monday, Yellen indicated that the U.S. central bank won’t be raising interest rates until uncertainty over the economic outlook is resolved.

Yellen said she expects the economic recovery to continue but gave no indications on the timing of a next rate increase.

The remarks came after data on Friday showing that the U.S. economy added just 38,000 jobs last month, the smallest increase since September 2010.

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Forex signals: Dollar bulls bruised by payrolls blow, Yellen in focus

The dollar languished at more than three-week lows against a basket of major currencies on Monday after a strongly disappointing employment report prompted investors to rule out the chance of a hike in U.S. interest rates this month.

The dollar index (DXY) stood at 94.161, having been as low as 93.855 on Friday - a level last seen on May 12. It tumbled 1.6 percent on Friday, posting its second biggest one-day drop this year.

The yen also hit a three-year high of 120.83 per euro on Friday before stepping back to 121.50.

The euro held upper hand against the dollar, climbing to its highest in three weeks at $1.1375 on Friday though it has since drifted back to $1.1345.

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Dollar hits two-week low against yen

The dollar hit a two-week low against the safe-haven yen on Thursday, weighed down by uncertainty over whether the U.S. Federal Reserve will raise interest rates in June or July.

Strategists said comments from Bank of Japan board member Takehiro Sato, who said on Thursday he was opposed to deepening negative interest rates, had lifted the yen, which was already trading strongly on the back of subdued risk sentiment across markets.

The dollar was down half a percent by 0740 GMT at 108.99 yen, having earlier touched 108.825 yen, its lowest for two weeks. That was around 2.5 percent weaker than a one-month high of 111.455 yen set on Monday.

The European Central Bank will at 1145 GMT publish its latest interest rate decision, with no change expected, followed by a press conference with ECB chief Mario Draghi at 1230 GMT.

The euro rose 0.3 percent to $1.1221, its highest in nine days, lifted by market expectations that the ECB will raise growth and inflation forecasts, a rare positive step even as it emphasises persistent negative risks and a readiness to provide more stimulus.

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