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UK Trade Balance
UK Trade Balance came in at -7.3B, weaker than the -6.6B and prior reading of -6.8B.
No major market reaction to news as Gbp/Usd trades either side of 1.5600.
Gbp/Usd trading below 1.5600
As stated in an earlier post, Gbp/Usd found resistance up at 1.5650 and has subsequently come off to trade below 1.5600. The pair has traded down to 1.5582. If this move can continue we should see some support around 1.5565-70 level. A break below should bring Gbp/Usd down to 1.5530-40 area. A break back above 1.5600 should send the pair up to 1.5625-30.
Sterling approaches hourly resistance
Gbp/Usd is approaching 1.5650, which should act as a form of resistance. The chart below shows a steady move up to this level over the last 8 hours. The 61.8% fibo lies at 1.5647 with a trendline of recent hourly highs at 1.5650 nearby. If the pair can break though we may be headed for 1.5715-20. If it holds a move below 1.5600 is likely.
German Final CPI & Trade Balance
German Final CPI came in as expected at -0.6%. This figure normally does not have much market impact.
The Trade Balance came in at 16.7B, stronger than the 14.8B expected but slightly weaker than the prior reading of 17.2B.
Eur/Usd did make a new session high of 1.3728 just prior to release of the trade balance figure and has since paired back gains to 1.3710.
UK RICS House Price Balance
GBP caught a bid after a better than expected release of the RICS House Price Balance which came in at 32% versus its forecast of 28% and prior showing of 30%. Additionally, the BRC Retail Sales Monitor was -0.7%, worse than the prior release of 4.3%. Cable is currently approaching the session high of 1.5592.
Forex Evening Report - Feb 8
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Forex Midday Report - Feb 8
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time to... (Feb 4, 2010)
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