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May 10, 2013

Forex: GBP/USD deepens the decline

FXstreet.com (Córdoba) - The Cable remains under pressure and has fallen to a fresh 2-week low as the greenback continues to strengthen across the board after a Bernanke speech, where the Fed Chairman did not say anything to alter USD appeal.

GBP/USD broke below the 1.5375 area, which had acted as interim support, and accelerated to a fresh low of 1.5320 before bouncing slightly. At time of writing, the cross is trading around 1.5330, recording a 0.7% loss on the day.

As for technical levels, immediate support for the cross is seen at 1.5300 (psychological level) followed by 1.5263 (low Apr 25). On the upside, resistances could now be found at 1.5375 (former support) and 1.5400(psychological level).
May 10, 2013

Forex Flash: Tracking Eurozone GDP – Goldman Sachs

Last November, we forecast a contraction of 0.1% QoQ in Euro area GDP in the first quarter of 2013. In light of weak incoming survey data, in April we revised down our forecast for Q1 to -0.2% QoQ. However, “our overall view of the outlook for economic activity in the Euro area has remained broadly stable over the past six months: continued contraction of GDP in the coming quarters, with the prospect of stabilization towards the end of the year. The publication of the first quarter Euro area GDP data next week will be an important benchmark against which to test this view.” notes the Economics Research Team at Goldman Sachs.
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May 10, 2013

Forex Flash: Renewed GBP sparked over weak UK data – RBS

The last set of trade data again highlighted that there has been little improvement in the UK’s net trade position. The UK current account position has continued to deteriorate. This suggests that GBP’s long-term equilibrium is lower than generally thought. This is further evidenced by the continued poor performance of the UK manufacturing sector. “Once one-off special factors are excluded, there is very little evidence that the UK fiscal position, already one of the poorest in the developed world, is improving. By contrast, the US deficit position is narrowing surprisingly quickly.” notes Paul Robson, an FX Trading Specialist at RBS.
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