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Bernanke likely to reaffirm the accommodative stance - BBH

In the US, Federal Reserve Chairman Bernanke's testifies today before the Senate Banking Committee. "We think many observers read the recent FOMC minutes in a way that gave too much emphasis to non-voting regional presidents and not enough to the Board of Governors, and especially the Fed's leadership", says the BBH analyst team.

Regarding today's testimony, "Bernanke is likely to reaffirm the accommodative stance and, with European tensions flaring, can point to external risks as well as domestic", BBH comments. "The sequester, which includes $85 bln in new spending cuts for the remainder of the fiscal year, is also part of the domestic headwinds that the economy faces".

Forex Flash: Will gilt upside materialize? – RBS

Gilts broke out of the 114.60-116.60 range to the upside amid bullish long-term charts, as was discussed in the weekly publication. In addition, the MACD weekly histogram also shows a positive divergence with the price action. According to Technical Markets Strategist Dmytro Bondar at RBS, “The market though formed a gap on open, which deemed to be filled, as a test of the 117.15 resistance was rejected, suggesting a pause in rally for now and a pull back to 116.40/48 to fill the gap before extending the gains to the 117.82 target. Alternatively, a break of 117.14 would point to a higher chance of rallying to 117.80 without the pullback.”
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Forex: GBP/JPY extends the intraday decline

The combination of increased weakness surrounding the sterling plus renewed strength in the Japanese currency are driving the cross lower, intensifying the downside from yesterday’s highs in the boundaries...
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