Forex: GBP/USD tests 1.4900 mark

The GBP/USD used the London opening for easing purposes, fully retracing gains made to 1.4944 high. The pair went back to early lows and to the 1.4900 mark, where it is still quoting around.

Next UK data will only be released tomorrow, including Goods trade balance, industrial production and manufacturing production, and NIESR GDP Estimate. The US side of the economic calendar will be poor today as well, only with 3 and 6-month bills auctions.

“I think today the price may consolidate nears its minimums. If the pair leaves its descending channel, the market may return to the level of 1.5065”, wrote Roboforex.com analyst Igor Sayadov, expecting then a slide to 1.5000 before a reverse for a new ascending movement with the target at 1.5750.

Mar 11, 2013

Forex: EUR/USD reluctant at 1.3000

Reluctance is the key word for the market movement as this week starts. The EUR/USD has been trading around the 1.3000 psychological level and between the 1.2980/1.3025 range as the market consolidates last week's moves, particularly Friday's plunge on the US nonfarm payrolls.

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Mar 11, 2013

Fundamental Morning Wrap: A Continental Breakfast and some Chinese Take Out

Following the drop in volume due to the bevy of fundamental flashpoints last week, institutional research has returned with a bang this morning, and a range of focal points. GBP is out, seemingly with little new colour until the pending budget and inflation note. Meanwhile, the market continues to digest Draghi´s performance on Thursday while the Italian downgrade on Friday night adds a new dimension to an already multifaceted paradigm. A similar amount of focus has been put on the US NFPs on Friday, following their surprising upside bounce and in Japan, the process of BoJ nominations is starting to gather momentum. However, the surprise of the day so far has been the attention placed on Chinese developments. We all know China is a rising power, and while the flurry of attention will likely not become a regular fixture just yet. It is noteworthy as a long term trend.

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