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Forex Flash: Sterling finding high end of its new lower range - RBS

FXstreet.com (Barcelona) - After the losses accumulated during Q1, the Sterling has been able to recover some decent ground following the upbeat GDP data from last week, in which the UK avoided a triple dip recession.

In view of Greg Gibbs, strategist at RBS: "GBP has been consolidating recently, retracing over one-third of this losses, approaching its 50% Fibonacci retracement at around 1.56. It is back above the levels around 1.53 that were the series of lows in 2010/12, suggesting it has pulled out of its dive and now appears more stable."

However, "the gains come more by weakness in other majors than genuine signs of turn around in the UK; we may be close to the point where GBP finds the high end of its new lower range" Greg added.

Forex Flash: No barrier to further RBA easing - NAB

After the Private Sector Credit data out of Australian published today, at 0.2% and 3.2% MoM and YoY in March, which was classified as soft by NAB, "rising at low single digit rates, not far from nominal GDP growth" the bank says, "there is no barrier to further RBA monetary policy easing in months ahead" NAB add. June is the month when NAB expects the next cut, "but May (next week) not out of the question depending on near term data flow" NAB concludes.
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