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Saturday, February 28, 2009
Traders
The USD is continuing in two-way action as the majors continue to consolidate off their weekly lows; traders note conditions remain thin and the lack of US fundamentals are keeping some sidelined ahead of the FOMC rate announcement tomorrow. After early gains in the Greenback overnight better-than-expected overseas data helped to hold the GBPO and the EURO higher although both pairs looked for new lows in early New York but reversed losses to close better on the day as early intraday shorts covered back as the day wore on. . Read more
GBP USD Technical Forex Analysis for Forex Traders
Rate drops back after an up week last week; likely a correction and a buying opportunity as the 23 year lows are very likely to hold. Last week's Blanchflower comments help underscore the rate on dips but that support didn't show this morning. Read more
EMU: Still a long way to stabilization
UniCredit Group − Disappointment. The unexpected setback in the purchasing managers indices has dampened hopes of a rapid trend reversal for the euro−zone economy. The miserable state of the economy at the end of the year will continue in the first quarter. GDP will contract strongly again at the beginning of the year.Hope. In contrast, the second consecutive strong gain in the Ifo expectations component this week has underpinned hopes of an improvement after mid−year. Ifo expectations are the most reliable leading indicator for German industrial production. We see the trend reversal here in spring.[ Full Story ]
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