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Forex: GBP/USD consolidates above 1.5200

The sterling is trading firmly above the psychological level at 1.5200 on Thursday, despite the context dominated by the risk aversion.
After dipping to multi-year lows, the pound managed to leave part of the recent pessimism and recover some pips although the broader sentiment continues to favour the greenback.

The cross is now advancing 0.10% at 1.5249 with the next resistance at 1.5125 (low Jul.21 2010) would aim for 1.4949 (low Jul.12 2010) and finally 1.4873 (low Jul.1 2010).
On the flip side, resistance levels are located at 1.5240 (high Feb.21) ahead of 1.5268 (Lower Bollinger) and 1.5452 (high Feb.20).

Forex Flash: Eurozone contraction expected in 2013 – Goldman Sachs

For the Euro area as a whole, we expect a continued contraction, by -0.4% in 2013, before a return to positive growth of 0.9% in 2014. Our baseline is still that the Euro area will ‘muddle through’ but remain intact, predicts the Economics Research Team at Goldman Sachs. “Cross-country divergence remains a key theme in this baseline scenario, however, with economic weakness especially pronounced in Spain and Italy. Meanwhile, we see growth decelerating only marginally in Germany in 2013, and forecast some overheating in the subsequent years.”
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Forex: USD/JPY moving lower again, eyeing Fed's Bullard

The USD/JPY is still trading lower on Thursday after regressing to 94.00 via spike post-FOMC meeting minutes yesterday. The market found its daily low at 92.80 that supported a bounce back above the 93.00 mark. Further retracement to 93.30 was seen ahead of US data and the NY opening, but the market has now eased back to 93.00.
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