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8 Mar 2013

Forex: GBP/USD retraces post-BoE spike

The bearishness surrounding the sterling is ruling again on Friday, dragging the cross to levels sub 1.5000 and retracing the whole move up after the BoE left intact its monetary policy on Thursday.

The GBP would remain under pressure as the Consumer Inflation Expectations are due later in the British economy.

As of writing the cross is losing 0.17% en 1.4988 and a drop beyond 1.4965 (2013 low Mar.7) would expose 1.4949 (low Jul.12 2010) and then 1.4873 (low Jul.1 2010).
On the flip side, resistance levels line up at 1.5018 (high Mar.7) followed by 1.5110 (high Mar.6) and finally 1.5111 (MA10d).
Mar 8, 2013

Asian markets higher, China falls on disappointing imports

An improved tone in Europe/US, with broad-based equity market rally as well as the sell-off in bond markets, allowed Asian equity markets to rise today. Japan's Nikkei Stock Average rose +2.64%, as GDP growth rose +0.2% in Q4 instead of the expected -0.4% recession. Hong Kong's Hang Seng (+1.59%) and South Korea's Kospi (+0.08%) also moved higher.
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Mar 8, 2013

France Budget rises to €-12.8B in Jan from €-87.2B (Dec)

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