Forex

GBP/USD WEEKLY OVERVIEW

Pound inched up 1% a one year high against the dollar after release of Consumers Price data on Tuesday showing overall increase of 2.9% as compared to previous year in the presence of highest level of inflation rate in Britain since last five years putting pressure on Bank of England to keep the possibility of rate hike in currency as the impact of rising inflation has been a challenge for Central Bank. Later, pound rose as high as $1.3288 its strongest since September 13, 2016. On Thursday pound was up 1.2% highest in a year against the dollar after Bank of England disclosed that hike in interest rates are likely to be considered in coming months first time in more than a decade period.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (GBP/USD)
TIME	S3	S2	S1	MAGNET POINT	R1	R2	R3
WEEKLY	1.28	1.31	1.32	1.33	1.35	1.36	1.39

GBP/USD	OPEN	HIGH	LOW	CLOSE	CHANGE
WEEKLY	1.31825	1.34153	1.31483	1.34096	-1.72

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EUR/USD WEEKLY OVERVIEW

Due to continuous strong growth in eurozone economy, the euro has got more momentum resulting strengthened in recent months. The position became more favorable in the presence of historic low interest rates coupled with European Central Bank’s 60 billion euros per month bond purchasing program. It is feared that some quantitative easing measures by European Central Bank to give strength to euro will make eurozone exports more expensive abroad while slow inflation will be helpful to make imports cheaper resulting slow growth on eurozone. On Tuesday euro was down 0.68% at $1.1951 after European Central Bank board members statement about forthcoming policy of ECB. However, on Friday the euro reached steady at $1.1878 after touching 2½ years high of $1.2092.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (EUR/USD)
TIME	S3	S2	S1	MAGNET POINT	R1	R2	R3
WEEKLY	1.15	1.17	1.18	1.19	1.20	1.21	1.23

EUR/USD	OPEN	HIGH	LOW	CLOSE	CHANGE
WEEKLY	1.20149	1.20286	1.18370	1.19228	0.76

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USD/JPY WEEKLY OVERVIEW

The dollar reached 109.57 yen after its rally of 1.4% on Monday, its biggest one day jump since Mid-January. It is assumed that the US inflation data is a high risk for the markets. On Wednesday dollar was flat against the yen fetching 109.44 yen in New York. Japanese yen remained under clouds of fear due to worries over Hurricane Irma and threat of more nuclear test by North Korea. On Thursday dollar firmed to 110.47 yen in New York on the context that a strong yen can hit the profitabilityof Japanese exporters and tends to drive their stock prices down.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (USD/JPY)
TIME	S3	S2	S1	MAGNET POINT	R1	R2	R3
WEEKLY	104.08	107.00	108.78	109.91	111.69	112.82	115.73

USD/JPY	OPEN	HIGH	LOW	CLOSE	CHANGE
WEEKLY	108.164	111.032	108.121	110.566	-2.22

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GOLD WEEKLY OVERVIEW

Gold prices dip on the news that North Korea did not declare further nuclear test in the region and less devastation from Hurricane Irma resulting recovery of dollar. Spot gold was down 0.9% at 1334.86 an ounce on Monday whereas US gold futures for December delivery were down 0.9% at 1339.20. However in the light of strong US consumer inflation data which could allow Federal Reserve for hike on interest rate, gold rates steadied. On Thursday spot gold was up 0.2% at $1324.86 an ounce whereas US gold futures for December delivery were at $1328.20.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (GOLD)
TIME	S3	S2	S1	MAGNET POINT	R1	R2	R3
WEEKLY	1279.94	1304.29	1317.37	1328.64	1341.72	1352.99	1377.34

USD/JPY	OPEN	HIGH	LOW	CLOSE	CHANGE
WEEKLY	1336.89	1339.91	1315.56	1330.45	0.48

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OIL WEEKLY OVERVIEW

On start of the week Monday oil prices were mixed as Hurricane Irma hit Florida and knocked out about 5.8 million homes whereas Harvey earlier stuck the US Oil Hub of Texas a quarter of US oil refineries. On Tuesday oil prices rose Brent crude reached up 43 cents or 0.8% to $54.27 per barrel. On Thursday oil prices rose and dollar weekend Brent closed at a five month high US crude reached $50 a barrel and settled at $49.89. Brent crude futures settled at $55.47 its highest close since March 13. Output of OPEC countries fell in August 2017 by 79,000 barrels per day. OPEC countries including Russian and Venezuelans energy ministers confirmed their commitment to an OPEC led output cut deal beyond March 2018. On the other hand US Energy Agency forecast that 2018 crude oil output will rise 590,000 barrel per day to 9.84 million bpd.

TECHNICAL STUDY USING LUTFI MAGNET THEORY (Oil)
TIME	S3	S2	S1	MAGNET POINT	R1	R2	R3
WEEKLY	42.07	45.56	47.62	49.05	51.11	52.54	56.03

USD/JPY	OPEN	HIGH	LOW	CLOSE	CHANGE
WEEKLY	47.55	50.47	46.98	49.69	-4.50

[box type=”info” align=”” class=”” width=””]ISMAR Financial – MUJEEB UR REHMAN KHAN – Director, Corporate Affairs[/box]

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DISCLAIMER: This report has been prepared by ISMAR financial. The information and opinions contained herein have been compiled or arrived at based upon information obtained from sources believed to be reliable and in good faith. Such information has not been independently verified and no guaranty, representation or warranty, express or implied is made as to its accuracy, completeness or correctness. This document is only for Reading information.[/box]