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Forex: GBP/USD hovering over 1.5230

FXstreet.com (Barcelona) - The pound is printing marginal losses on Monday, gyrating around 1.5220/30 in an environment ruled by the risk aversion so far.

According to analysts at BBH, “A negative reading will get some chins wagging about a triple dip, but we find such talk quite vacuous. This is an unhelpful characterization of what is happening and pretends there has been a recovery in between dips. Instead, the UK economy is best understood as bouncing along its trough”.

The pair is now losing 0.02% at 1.5231 with the immediate support at 1.5199 (low Apr.5) ahead of 1.5190 (38.2% of 1.4832-1.5412) and finally 1.5122 (50% of 1.4832-1.5412).
On the flip side, a break above 1.5245 (MA21d) would expose 1.5370 (high Apr.17) and then 1.5386 (high Apr.15).

European markets cheer G20/IMF meeting

The German DAX 30 (+0.78%) and the French CAC 40 (+0.70%) are up on Monday, like the Spanish IBEX 35 (+1.90%), the Greek ATHEX (+1.93%) and the Italian FTSE MIB (+2.34%). Equity markets are higher today, pricing in their thoughts about the outcome of the G20/IMF, more inclined towards growth rather than fiscal dogma. In Italy. President Napolitano was re-elected to a second seven-year term (738/1007 votes), PD’s Bersani resigned after no agreement in five votes. “So Italy has a President but no leader for its largest party”, wrote analyst Annette Beacher, adding that Napolitano’s desire is for a broad coalition government that adopts much-needed electoral reforms, which would be market positive.
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Forex: USD/JPY still locked below 100.00

The USD/JPY remains locked below the 100.00 mark despite the green light given by the G20 to the BoJ monetary policy as the central bank has no intention of deliberately weaken the Yen. Several upside attempts were capped at 99.80/90 area, stalling there in spite of Japanese insurers discussing their divestment out of JGBs. The pair is currently trading at 99.70 area.
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