The USD/JPY bullish trend intensity signal advanced a notch to 15. The EUR/USD trend signal is neutral and consolidating, easing to 28. The GBP/USD trend signal is also neutral, easing to 23. The USD/CHF trend signal is neutral, easing to 10 and is at trend-ready levels.
The EUR/JPY bullish trend signal advanced a notch to 35 and is now at mature levels where trends often fail. The EUR/GBP trend signal is stalled at 12 which is also trend-ready levels. These proprietary indicators are updated each trading day after the NY close.
Start your Binary Trading income NOW!!!
Tuesday, May 08, 2007
EUR/USD: No Rally Despite Soggy Stocks, Real Estate Forecast
EUR/USD remains under pressure despite a decent sell off in US equities, a rarity these days, and a downward revision to National Association of Realtors home sales forecast. They see 2007 sales falling 2.9%, a revision of an earlier 2.2% forecasted decline.
EUR crosses are seeing significant profit-taking today, weighing heavy on the single currency. EUR/GBP is back below 0.6800 with M&A flows and fears of a 50 bp hike from the BOE providing a bid while EUR/JPY is down on pure position squaring.
Dealers continue to express willingness to buy EUR/USD on dips with tight stops below 1.3520. Small stops are seen just below the 1.3535 area lows posted Thursday afternoon. EUR/USD trades at 1.3544.
EUR crosses are seeing significant profit-taking today, weighing heavy on the single currency. EUR/GBP is back below 0.6800 with M&A flows and fears of a 50 bp hike from the BOE providing a bid while EUR/JPY is down on pure position squaring.
Dealers continue to express willingness to buy EUR/USD on dips with tight stops below 1.3520. Small stops are seen just below the 1.3535 area lows posted Thursday afternoon. EUR/USD trades at 1.3544.
Swiss Outlook (8th May 2007)
Into European action and spot bounced as support into the 1.2100/05 area kept the Dollar on the front-foot. Model and interbank buyers have continued to support the pair with 1.2135 and 1.2145/50 offers easily absorbed amid the morning move higher. Cross buying has helped prop the pair with offers from 1.2170 back to 1.2185 now attempting to curb further strength. Option barriers are noted above into 1.2200.
[EUR/CHF] was bought back into the 1.6500's into European trading with 1.6507 printing before fresh offers emerged to steady the pair near the 1.6500 mark where option expiries are noted today. Looking ahead, the FOMC may be weighing on broader sentiment but intraday and there are still event-risks in the pipeline.
12:55 GMT sees the Redbook release Retail Sales Index while at 14:00 GMT the Commerce Department releases wholesale inventories for March. Economists forecast a +0.4% reading on the month while after the European close the ISM unveil their semiannual forecasts. Local dealers note a key speech tomorrow from the SNB board member Jordan and the monthly Swiss bond auction results.
[EUR/CHF] was bought back into the 1.6500's into European trading with 1.6507 printing before fresh offers emerged to steady the pair near the 1.6500 mark where option expiries are noted today. Looking ahead, the FOMC may be weighing on broader sentiment but intraday and there are still event-risks in the pipeline.
12:55 GMT sees the Redbook release Retail Sales Index while at 14:00 GMT the Commerce Department releases wholesale inventories for March. Economists forecast a +0.4% reading on the month while after the European close the ISM unveil their semiannual forecasts. Local dealers note a key speech tomorrow from the SNB board member Jordan and the monthly Swiss bond auction results.
Sterling Outlook (8th May 2007)
Sell interest is tipped within a 1.9970/80 window. Upper obstacles include 2.0000, 2.0075 (May 1 high) and 2.0100. 1.9964 was today's Asian session top. Sterling support points include 1.9916 (European morning, intra-day low), 1.9900, 1.9870/80 and 1.9845/50.
The BoE MPC is expected to raise the UK base rate by 25bp to 5.5% on Thursday although four "Shadow" MPC members advocate a 50bp hike (Sunday Times). The FOMC is expected to keep the Fed funds rate at 5.25% tomorrow (Wednesday), with its accompanying statement of prime interest.
EUR/GBP ran into resistance just shy of 0.6829 (yesterday's high) in early European trade. Rumoured selling of EUR/USD by European Central Banks, plus disappointing German industrial production data, has been blamed for its subsequent drop to six-day lows just shy of 0.6800. Some sell stops are tipped below 0.6800. The cross last traded sub-0.6800 a fortnight ago (Apr 24).
Annualized UK wage growth eased to 3.6% in April, from 3.7% in March, according to the Voca take home pay index.
The BoE MPC is expected to raise the UK base rate by 25bp to 5.5% on Thursday although four "Shadow" MPC members advocate a 50bp hike (Sunday Times). The FOMC is expected to keep the Fed funds rate at 5.25% tomorrow (Wednesday), with its accompanying statement of prime interest.
EUR/GBP ran into resistance just shy of 0.6829 (yesterday's high) in early European trade. Rumoured selling of EUR/USD by European Central Banks, plus disappointing German industrial production data, has been blamed for its subsequent drop to six-day lows just shy of 0.6800. Some sell stops are tipped below 0.6800. The cross last traded sub-0.6800 a fortnight ago (Apr 24).
Annualized UK wage growth eased to 3.6% in April, from 3.7% in March, according to the Voca take home pay index.
Yen Outlook (8th May 2007)
Japanese exporters have had the run of the market in recent sessions and have helped to keep the USD contained. A combination of corporate sell orders and option sales helped push USD/JPY down to 119.70 late in the Asian session and it took reasonable demand from U.S names in Europe and small short covering from Asia to drive the Buck back to 119.97-99.
Option defense remains a problem for the Dollar with 120.50, 121.00 and 121.50 barrier plays touted. There are also some 120.00 vanillas rolling off at today's New York cut. On the buy side and some distance from market there are rumours of sizeable Japanese agency bids and importer business in the low 119's. A little closer to home there is talk of institutional investor bids and semi-government USD demand between 119.50-119.70. Also hearing of stops under 119.45.
Last session's 120.15 highs serving as initial resistance and the overnight 119.70 low providing the support. The bigger picture is beginning to fall the Yen's way with a USD top in place at 120.45 and a brief USD/JPY break under the 10-day moving average, today at 119.80.
Option defense remains a problem for the Dollar with 120.50, 121.00 and 121.50 barrier plays touted. There are also some 120.00 vanillas rolling off at today's New York cut. On the buy side and some distance from market there are rumours of sizeable Japanese agency bids and importer business in the low 119's. A little closer to home there is talk of institutional investor bids and semi-government USD demand between 119.50-119.70. Also hearing of stops under 119.45.
Last session's 120.15 highs serving as initial resistance and the overnight 119.70 low providing the support. The bigger picture is beginning to fall the Yen's way with a USD top in place at 120.45 and a brief USD/JPY break under the 10-day moving average, today at 119.80.
Euro Outlook (8th May 2007)
EUR/USD failed at 1.3623 into European action and the price had soon been sold back to the 1.36 mark. Bids into 1.3585/90 level from option buyers and an Eastern European player were seen protecting the 1.3590 strike but as dealers talked of European central bank selling the EUR downward momentum accelerated.
Euro cross sales (EUR/JPY in particular) weighed on EUR/USD and spot removed stops in the break below 1.3580 with 1.3570 support stalling the pair into the German data. However, a weaker than expected release saw the Euro re-sold with Asian central bank and option related bids into the 1.3550 area now seen supporting the price ahead of the NorAm open. Option dealers also note another expiry at 1.3550 intraday.
Looking ahead, the FOMC may be weighing on broader sentiment but intraday and there are still event-risks in the pipeline. 12:55 GMT sees the Redbook release Retail Sales Index while at 14:00 GMT the Commerce Department releases wholesale inventories for March. Economists forecast a +0.4% reading on the month while after the European close the ISM unveil their semiannual forecasts.
Euro cross sales (EUR/JPY in particular) weighed on EUR/USD and spot removed stops in the break below 1.3580 with 1.3570 support stalling the pair into the German data. However, a weaker than expected release saw the Euro re-sold with Asian central bank and option related bids into the 1.3550 area now seen supporting the price ahead of the NorAm open. Option dealers also note another expiry at 1.3550 intraday.
Looking ahead, the FOMC may be weighing on broader sentiment but intraday and there are still event-risks in the pipeline. 12:55 GMT sees the Redbook release Retail Sales Index while at 14:00 GMT the Commerce Department releases wholesale inventories for March. Economists forecast a +0.4% reading on the month while after the European close the ISM unveil their semiannual forecasts.
Monday, May 07, 2007
EUR/USD: EU's Almunia- Sharp Fall in EUR Could Cause Problems
Far from talking down the EUR, EU economics czar Almunia says a shaper fall in the EUR could cause majors problems, according to Thomson Financial News. Presumably, he is talking about a rapid unwinding of the carry trade, but the context is unclear. He says the euro zone economic situation is better than expected. EUR/USD trades quietly at 1.3617, running into offers in the low 1.3620s.
USD/CHF: Bears Hold The High Ground As Greenback Grinds Lower
USD/CHF has traded heavy since the New York open, however low volumes have muted the extent of the slide. Spot touched an overnight high of 1.2110 in late European trading, as early bird New Yorkers arrived at their desks and decided to get a jump on the day.
Overall levels are little changed from Friday's New York close, and US traders are not looking for much in the way of action with little in the way of US statistics, and London closed. Overall the market remains bearish and is looking for better levels to sell, with good offers from 1.2110 up to 1.2150.
Overall levels are little changed from Friday's New York close, and US traders are not looking for much in the way of action with little in the way of US statistics, and London closed. Overall the market remains bearish and is looking for better levels to sell, with good offers from 1.2110 up to 1.2150.
GBP/USD: Failing to Keep Pace
The USD has taken on a soft tone across the board this morning but the pound is lagging the pace. Word of a fresh $4.1 bln US-bound M&A deal may be helping keep a lid on Sterling. Dealers also noted talk of Asian and Middle Eastern selling interest into strength this morning helping put a near-term top in place before the US open.
A quarter-point BOE hike is baked in the cake for Thursday though there is some hope from GBP bulls that a 50 bp hike may be in the works. Given the BOE's repeated forecasts for a sharp fall in inflation later this year, a 50 bp hike seems a bit aggressive to us. Small bids are at 1.9950 but trailing stops are eyed around 1.9945. Given thin Bank Holiday conditions, they look a bit vulnerable.
A quarter-point BOE hike is baked in the cake for Thursday though there is some hope from GBP bulls that a 50 bp hike may be in the works. Given the BOE's repeated forecasts for a sharp fall in inflation later this year, a 50 bp hike seems a bit aggressive to us. Small bids are at 1.9950 but trailing stops are eyed around 1.9945. Given thin Bank Holiday conditions, they look a bit vulnerable.
EUR/USD: Holding Ground; Wall Street Opens Firm
EUR/USD is consolidating gains around 1.3620 after breaking higher earlier in New York trade. Forex markets are concerned that the Fed may shift their bias to neutral at midweek but the equity markets in the US seem to be celebrating that same potential.
Offers are eyed toward 1.3640/50 near-term, while bids have inched up to 1.3605/10. Small stops from intraday players lie just below 1.3600, guarding against a failed break out.
Offers are eyed toward 1.3640/50 near-term, while bids have inched up to 1.3605/10. Small stops from intraday players lie just below 1.3600, guarding against a failed break out.
Swiss Outlook (7th May 2007)
The slow start to the week has kept Franc trading choppy. Overnight and the Franc elicited support as the Yen gained while into early European trading it was anticipation of the Swiss data that spurred macro buying of the CHF. The unit rallied against both the EUR and USD but the gains were short-lived as unemployment remained unchanged at 2.9%.
Profits were quickly booked and USD/CHF has since steadied around the 1.21 area. Buying in EUR/CHF continues to support the price but cross offers trail from 1.6480 back to 90. Intraday and the risk-profile is shaped by the 18:30 GMT comments from Former Federal Reserve Chairman Alan Greenspan and the 19:00 GMT release of March US consumer credit data (USD 4.5Bln expected).
Local dealers may be keeping one eye on the Wednesday FOMC verdict but the day also notes a key speech from the SNB board member Jordan and the monthly Swiss bond auction. The Swiss central bank speaker will have his comments scrutinized for further clues on interest rate policy and second-quarter consumer sentiment data due on Thursday.
Profits were quickly booked and USD/CHF has since steadied around the 1.21 area. Buying in EUR/CHF continues to support the price but cross offers trail from 1.6480 back to 90. Intraday and the risk-profile is shaped by the 18:30 GMT comments from Former Federal Reserve Chairman Alan Greenspan and the 19:00 GMT release of March US consumer credit data (USD 4.5Bln expected).
Local dealers may be keeping one eye on the Wednesday FOMC verdict but the day also notes a key speech from the SNB board member Jordan and the monthly Swiss bond auction. The Swiss central bank speaker will have his comments scrutinized for further clues on interest rate policy and second-quarter consumer sentiment data due on Thursday.
Sterling Outlook (7th May 2007)
A thin start for the Cable market in London with volumes understandably low and interest down on a normal Monday. Sterling has had a good run higher since Friday's U.S Payroll disappointment and Asia carried the baton to 1.9970 before Europe picked up the pace.
European names were seen squeezing the market to 1.9975 but Asian and Middle East offers have capped the bounce at the highs. A modest pullback to 1.9960 found fresh demand out of Europe a Paris name has reportedly helped nudge the Pound back to 1.9973. Consolidation now the theme as the early activity looks to have sapped momentum from the market.
The charts look good for another 2.00 test this week but we expect to see a slower pace above the figure with profit taking ahead of this week's U.K rate decision. There is enough uncertainty surrounding the MPC meeting to force profit taking in the direction of the expected 1/4-point hike. However, with U.K interest rates expected to rise above Fed Funds for the first time in a while the Pound should be able to hold an advantage this week.
European names were seen squeezing the market to 1.9975 but Asian and Middle East offers have capped the bounce at the highs. A modest pullback to 1.9960 found fresh demand out of Europe a Paris name has reportedly helped nudge the Pound back to 1.9973. Consolidation now the theme as the early activity looks to have sapped momentum from the market.
The charts look good for another 2.00 test this week but we expect to see a slower pace above the figure with profit taking ahead of this week's U.K rate decision. There is enough uncertainty surrounding the MPC meeting to force profit taking in the direction of the expected 1/4-point hike. However, with U.K interest rates expected to rise above Fed Funds for the first time in a while the Pound should be able to hold an advantage this week.
Yen Outlook (7th May 2007)
Tokyo markets return and the Golden week holiday appears to have improved sentiment to the embattled Yen and Japanese markets generally. USD/JPY has slipped from early Asian highs around 120.15 to 119.80-85. A short squeeze into the Asian close provided Europe with better selling levels and a drop from 120.00 to 119.80 witnessed.
Exporters, who were active, right through last week's holiday period, have again dominated the sell side with offers touted from 120.00 through 120.20. Sources suggest there is a degree of bid chasing helping to shape the early European offered tone with orders being left closer and closer to market. Option related selling also a factor at play so far this session.
On the buy side the main bids are reportedly camped close to 119.50. The smaller interest between 119.70 and 119.90 are mixed in with stops and as such the likelihood is that tighter price action will bring about a bout of consolidation through to the North American open.
Exporters, who were active, right through last week's holiday period, have again dominated the sell side with offers touted from 120.00 through 120.20. Sources suggest there is a degree of bid chasing helping to shape the early European offered tone with orders being left closer and closer to market. Option related selling also a factor at play so far this session.
On the buy side the main bids are reportedly camped close to 119.50. The smaller interest between 119.70 and 119.90 are mixed in with stops and as such the likelihood is that tighter price action will bring about a bout of consolidation through to the North American open.
Euro Outlook (7th May 2007)
Into the new week and the Asian markets return to full-strength was offset by the belated UK holiday for May Day. Asian EUR/JPY sales weight while European buying of EUR/CHF propped as the Euro was underpinned by a host of factors. EU and ECB comments combined with the fresh record SENTIX data while German orders data saw a surprise rise in March. However, EUR/USD has continued to pivot the 1.3600 mark with 1.3585/3615 worked on the wide.
More offers trail from 1.3625 to 1.3650 with talk of stops mixed in while on the downside only a break below 1.3550/65 take the pressure off the topside. Looking ahead, with both the ECB and the FOMC set to conclude their latest meetings this week many will prefer to hold fire before taking fresh longer-term positions. Short-term trading should keep the topside in EUR/USD in view with the all-time high at 1.3683 and the option barriers at 1.3690 and 1.3700 then eyed.
Intraday and event-risks are evenly balanced with the 16:00 GMT EuroGroup meeting and the 17:30 GMT speech by the ECB's Tumpel-Gugerell offset by the 18:30 GMT comments from Former Federal Reserve Chairman Alan Greenspan. The only data set for release intraday is the 19:00 GMT release of March US consumer credit data (USD 4.5Bln expected).
More offers trail from 1.3625 to 1.3650 with talk of stops mixed in while on the downside only a break below 1.3550/65 take the pressure off the topside. Looking ahead, with both the ECB and the FOMC set to conclude their latest meetings this week many will prefer to hold fire before taking fresh longer-term positions. Short-term trading should keep the topside in EUR/USD in view with the all-time high at 1.3683 and the option barriers at 1.3690 and 1.3700 then eyed.
Intraday and event-risks are evenly balanced with the 16:00 GMT EuroGroup meeting and the 17:30 GMT speech by the ECB's Tumpel-Gugerell offset by the 18:30 GMT comments from Former Federal Reserve Chairman Alan Greenspan. The only data set for release intraday is the 19:00 GMT release of March US consumer credit data (USD 4.5Bln expected).
Friday, May 04, 2007
GBP/USD: Traders Still Look to Sell Rallies
Cable is trading at 1.9917, still holding near morning highs despite the failure of both JPY and EUR to hold gains against the USD today. The bias, particularly for higher yielding currencies such as GBP, AUD and NZD, is still to sell rallies according to dealers.
Gains have been capped ahead of 1.9930 so far this morning though dealers were hoping to sell around levels of 1.9950/60 where offers are currently reported with the technical bias still bearish on sterling. Support on the downside remains at 1.9845/50, near the morning lows with limited interest expected on Sterling into the afternoon.
Gains have been capped ahead of 1.9930 so far this morning though dealers were hoping to sell around levels of 1.9950/60 where offers are currently reported with the technical bias still bearish on sterling. Support on the downside remains at 1.9845/50, near the morning lows with limited interest expected on Sterling into the afternoon.
USD/JPY: Now Ignoring the Latest US Bond Moves
As noted earlier this morning, the USD bias has shifted regardless of the U.S. data and the USD sell-off has stalled. USD/JPY remains better bid at 120.23 despite another foray in US bond yields towards the 4.64% lows from this morning. The view that emerged in the Japanese press this week that the JGB market is reflecting rising expectations that Japan will not hike rates until late in 2007 continues to support USD/JPY.
However, offers remain firm at 120.50/55 and are unlikely to be tested ahead of the weekend. Looking ahead, the focus is turning to return of Japan to the markets after Golden Week and to see whether a resumption of foreign currency investment demand emerges as well. A light economic calendar is scheduled for next week in Japan with the BOJ minutes due on Monday and BOJ Fukui speaking on May 10th.
However, offers remain firm at 120.50/55 and are unlikely to be tested ahead of the weekend. Looking ahead, the focus is turning to return of Japan to the markets after Golden Week and to see whether a resumption of foreign currency investment demand emerges as well. A light economic calendar is scheduled for next week in Japan with the BOJ minutes due on Monday and BOJ Fukui speaking on May 10th.
EUR/USD: Post Options Expiry Slide As Option Defence Bows Out
EUR/USD peaked at 1.3609 ahead of the 10.00 AM cut and spot has dribbled back down to 1.3585. Rumours that Russia was going to adjust their reserve basket to a larger portion of EUR was behind the pre-10.00 AM pop according to some traders, who also supposedly saw them buying in the market, having been on the sell side yesterday, however options traders think it had a lot more to do with the sizeable expiries.
Apparently there were stops around those same levels but the option defence took care of them. New York traders feel that the topside failure on a day with such depressing news for the dollar looks ominous for the single currency, and reckon that the downside is vulnerable in the afternoon session.
Apparently there were stops around those same levels but the option defence took care of them. New York traders feel that the topside failure on a day with such depressing news for the dollar looks ominous for the single currency, and reckon that the downside is vulnerable in the afternoon session.
US TECHS: Commodities Outlook; Gold and Oil
[Gold] tested 50% retracement levels at Wednesday's lows before reversing and heading over $20 higher since, including today's healthy advance. The $664-65 multiple time frame support zone referenced throughout the week never needed a test as prices bottomed out about $5 higher. Of late, gold has been a leader versus silver, the HUI and XAU indexes.
Downtrends from early March peaks come in at $696-98 Jun today, depending on whether tracking COMEX or CBOT futures. Daily trendline resistance at $692.50 has been almost reached, with weekly targets at $695-97.50 right behind. Monthly resistance is at $697-700.50. A break past $700 would lead to sharply upgraded targets. Measured move projections are in excess of $725. Intraday supports are currently $689 Jun, then $684.50-86.50.
In [oil], a falling wedge pattern remains the most bullish technical case to be made for this market. Prices remain just inside parameters set exactly two weeks ago, when a slightly-over-$4 range was set. With prices holding near the low end of range, bulls could use a boost very soon. Risk is to $61.75-62.00 on a break of $62.40-60 daily supports, not yet reached today.
Trend models are quite mixed, with monthlies bullish, weeklies neutral and dailies bearish. Daily momentum is just entering negative territory today after holding above since early February. The lack of bounce is not too reassuring, but a sharp break does not seem to be in the cards.
Downtrends from early March peaks come in at $696-98 Jun today, depending on whether tracking COMEX or CBOT futures. Daily trendline resistance at $692.50 has been almost reached, with weekly targets at $695-97.50 right behind. Monthly resistance is at $697-700.50. A break past $700 would lead to sharply upgraded targets. Measured move projections are in excess of $725. Intraday supports are currently $689 Jun, then $684.50-86.50.
In [oil], a falling wedge pattern remains the most bullish technical case to be made for this market. Prices remain just inside parameters set exactly two weeks ago, when a slightly-over-$4 range was set. With prices holding near the low end of range, bulls could use a boost very soon. Risk is to $61.75-62.00 on a break of $62.40-60 daily supports, not yet reached today.
Trend models are quite mixed, with monthlies bullish, weeklies neutral and dailies bearish. Daily momentum is just entering negative territory today after holding above since early February. The lack of bounce is not too reassuring, but a sharp break does not seem to be in the cards.
Swiss Outlook (4th May 2007)
Into North American trading and the focus has turned to the 12:30 GMT disclosure of the latest US Employment report. April non-farm employment growth is expected around 100K but many still look for a reading on the weak side. As a result the US unit looks poised to react in either direction to the data.
With the risk profile seen as "asymmetrical" Dollar majors have been happy to maintain recent ranges ahead of the release, USD/CHF continues to trade around the 1.2150 mark while option barriers into 1.2200 are confirmed on the topside. Below 1.2135 props with more support into 1.2095/2100. Following this 13:40 sees the ECRI release its monthly inflation gauge index for April and at 13:45 GMT the Fed's Geithner is set to speak.
Elsewhere, the unexpected rise in Swiss inflation (data released yesterday) may well prove short-lived but this will not stop the market mulling over the potential for a more aggressive SNB rate move in Q2. There is an old expression "make hay while the sun shines" and economists are simply putting this to practice as the market mulls over the potential for a 50bp hike.
With the risk profile seen as "asymmetrical" Dollar majors have been happy to maintain recent ranges ahead of the release, USD/CHF continues to trade around the 1.2150 mark while option barriers into 1.2200 are confirmed on the topside. Below 1.2135 props with more support into 1.2095/2100. Following this 13:40 sees the ECRI release its monthly inflation gauge index for April and at 13:45 GMT the Fed's Geithner is set to speak.
Elsewhere, the unexpected rise in Swiss inflation (data released yesterday) may well prove short-lived but this will not stop the market mulling over the potential for a more aggressive SNB rate move in Q2. There is an old expression "make hay while the sun shines" and economists are simply putting this to practice as the market mulls over the potential for a 50bp hike.
Sterling Outlook (4th May 2007)
Fresh market-moving influence over cable will be exerted by the 12:30GMT publication of April's US employment report. NFP jobs growth forecast: 100k. Unemployment rate forecast: 4.5%, from 4.4% in March.
GBP/USD erased 1.9850 exotic option barriers in plumbing an early Europe 18-day low of 1.9845. Today's Asian session floor was 1.9851. Sub-1.9845 support points/bear targets include 1.9830 (Apr 16 low), 1.9820, 1.9800 and 1.9770.
Sterling resistance levels are located at 1.9870 (Wednesday's base), 1.9900 and 1.9950 (yesterday's high). 1.9875 and 1.9910 option strikes roll off at today's 10am Eastern NY cut (14:00GMT/3pm BST).
The SNP looks set to overtake Labour, albeit narrowly, as the largest party in the Scottish parliament (FT website). The SNP want a referendum on Scottish independence. Tony Blair is expected to announce next Wednesday or Thursday that he is stepping down as Labour leader, and PM. The BoE MPC is forecast to hike the UK base rate by 25bp to 5.5% next Thursday.
GBP/USD erased 1.9850 exotic option barriers in plumbing an early Europe 18-day low of 1.9845. Today's Asian session floor was 1.9851. Sub-1.9845 support points/bear targets include 1.9830 (Apr 16 low), 1.9820, 1.9800 and 1.9770.
Sterling resistance levels are located at 1.9870 (Wednesday's base), 1.9900 and 1.9950 (yesterday's high). 1.9875 and 1.9910 option strikes roll off at today's 10am Eastern NY cut (14:00GMT/3pm BST).
The SNP looks set to overtake Labour, albeit narrowly, as the largest party in the Scottish parliament (FT website). The SNP want a referendum on Scottish independence. Tony Blair is expected to announce next Wednesday or Thursday that he is stepping down as Labour leader, and PM. The BoE MPC is forecast to hike the UK base rate by 25bp to 5.5% next Thursday.
Subscribe to:
Posts (Atom)