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Forex: GBP/USD temporarily shoots back to daily highs

After trading sidelined just above the opening price, the market pushed higher after 12:00 GMT, coming close to Asian session high of 1.5320. With its peak at 1.5316, the GBP/USD eased back below the 1.5300 mark ahead of the NY opening.

Besides of the lower than expected CPI data and very contracting Retail Sales in Canada, the economic calendar as not much more to offer than Fed officials speeches. Fed's officials have been attempting to clarify the latest FOMC meeting minutes that alarmed investors of an end to QE sooner than previously thought. Fed's Bernanke will speak next week and might also try to sound dovish to compensate concerns over the minutes.

“We note the TD perfection set up on the 240 minute chart and the Elliot wave count is pointing to a 1.5380./1.5425 and possibly 1.5525 correction ahead of further weakness”, wrote Commerzbank analyst Karen Jones.

Commodities Brief – Gold prices corralled ahead of FOMC

Gold prices rallied during European trading, topping out at the 1586.75 region earlier today. However Friday is a tale of two halves, and the second half of the day has mitigated the yellow metal’s gains, dragging it below its 20, 50, and 100-day SMA (technically known as the ‘Death cross’). Yesterdays data in the United States painted a grim picture, prompting the Fed to rethink its asset purchased. With the FOMC speech on deck at 15:30 GMT, gold is now trading negatively at USD $1571.65 per oz., establishing fresh lows in these moments.
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Forex: EUR/GBP calm around 0.8620

The British Pound experienced higher demand between 12h and 13h GMT, pushing the EUR/GBP lower to 0.8605. The cross was already down on the day since London morning's 40-pip drop from 0.8660 after ECB's LTRO repayments report.
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