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18 Feb 2013

Forex Flash: The British pound is the next big devaluation story - UBS

Sterling is likely to be the next major currency that depreciates strongly, says Mansoor Mohi-uddin,
Head of Foreign Exchange Strategy at UBS Macro Research.

"As central banks tolerate higher levels of inflation, the pound is set to weaken further across the board particularly against our favourite G4 currency, the US dollar" Mr. Mohi-uddin adds.

He concludes: "The GBP seems clearly at risk of following the yen and suffering the next large scale devaluation. As a result, we issued a recommendation that clients buy a six-month sterling put/US dollar call option with a strike of 1.4800."
Feb 18, 2013

Forex: EUR/USD showing weakness below 1.3350

With Nikkei index again above the 11300 handle up +1.63% for the session so far, and USD higher across the board, EUR/USD is last at 1.3344, down from previous weekly close on Friday at 1.3360. Chinese markets will be back to trading today following last week closed for New Lunar Year holiday, while US markets will be closed all Monday long over President's Day. ECB Draghi speech at 13:30 GMT will be next key risk event ahead.
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Feb 18, 2013

Forex: USD/JPY building a 'complex' topping - FXA

After early evidence that the USD/JPY may be building a top above 94.00, the recent rebound off the 20-day EMA back to 94.00 is still not an indication that the topping formation is over, says FXA partner David Solin, who think we are still at "an ideal area to form an important top for at least a few weeks/month, and even longer."
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