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Sterling surges on BoE report and robust jobs numbers




FXstreet.com (London) - Sterling has surged this morning on strong jobs numbers as well as a forward revision of interest rate forecasts. GBP/USD has climbed 0.48 percent to USD1.5980, undoing yesterday’s losses.

In its Inflation Report, the Bank of England has forward-revised its forecasts for the date at which the UK unemployment rate will drop below the 7 percent threshold. As part of the BoE forward-guidance programme, BoE governor Mark Carney has stated that the MPC will consider raising base rates from their current record-low 0.5 percent level.

In the first inflation report since Carney introduced forward guidance in August, policy makers also cut the near-term prediction for inflation. The MPC now sees consumer price index inflation dropping below its 2 percent target by the first quarter of 2015.

The report from the BoE quickly followed UK labour market data from the Office for National Statistics, which showed that joblessness fell to 7.6 percent in the three months through September.

Expectations of declining inflation will provide some respite for households that have seen a long-running decline in real wages. This morning’s jobs report from the ONS showed wage rises had slowed to 0.7 percent in the third quarter from 0.8 percent.



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Nov 13,2013
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USD/JPY falls down to intra-day low at 99.30




FXstreet.com (San Francisco) - The USD is extending its decline from 1-month high at 99.78 vs the Japanese Yen and after falling 30 pips in the latest couple of hours, the USD/JPY has just tested intra-day lows at 99.30.

Currently, the USD/JPY is trading at 99.40, 0.28% negative on the day. The short term perspective remains slightly bearish according to the FXstreet.com trend index in the 1-hour chart. The MACD, CCI and Momentum indicators are pointing to the south while the Stochastic is neutral.

USD/JPY technicals

Below the 99.30, the USD/JPY could face supports at 99.10 and 98.90. On the upside, resistances are at 99.60, 99.70 and 99.80.


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Nov 13,2013
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[COLOR="#0000FF"]GBP/USD trades close to 1.6100, buy stops at 1.6120[/COLOR]



FXstreet.com (San Francisco) - After jumping around 100 pips in the latest few hours from 1.5990, the GBP/USD is now approaching to the 1.6100 key level with the pair pricing a fresh intra-week high at 1.6090.

The GBP/USD is now trading at 1.6085, 0.37% positive on the day. The short term perspective remains slightly bullish according to the FXstreet.com trend index in the 1-hour chart. CCI and momentum are pointing to the north while the Stochastic and the MACD are neutrals.

GBP/USD levels

Talks report that there is a large buy stops gathering around 1.6120 and more through 1.6165. Meanwhile, the GBP/USD could see resistances at 1.6100, 1.6120 and 1.6140. On the downside, the cable would face supports at 1.6000, 1.5965 and 1.5890.



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Nov 14,2013
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[COLOR="#0000FF"]Flash: EUR/USD is weak, but still within Wednesday’s range - Scotiabank
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FXstreet.com (Barcelona) - Camilla Sutton, Chief FX Strategist at Scotiabank notes that EUR/USD is weak, down -0.4% since yesterday’s close, but still trading within Wednesday’s range.

Key Quotes

European growth releases were mixed, as expected in Germany at 03% QoQ and 0.6% YoY, and disappointing from France, and flirting with recession in the wider Eurozone with GDP at 0.1% QoQ and -0.4% YoY.”

“The growth outlook for the US and the Eurozone is beginning to diverge, with the Q3 prints suggesting there is too little optimism priced in for the US and too much for Europe.”

“This is an important shift and one that is likely to support the USD. Tomorrow’s CPI (final) release for October will be important for judging the ECB’s path from here.”.



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Nov 14,2013
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[COLOR="#0000FF"]USD/CAD jumps to 2-month highs at 1.0525
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The US Dollar is trading higher against its Canadian counterpart in the American session and after jumping around 35 pips in the last hour the USD/CAD has broken above the 1.0510 and reached fresh highest since September 4th at 1.0525.

The USD/CAD is currently trading at 1.0512, 0.50% positive on the day. The short term perspective remains slightly bullish according to the FXstreet.com trend index in the 1-hour chart. MACD, CCI and Momentum are pointing to the north while the Stochastic is bearish.

Above the 1.0525, next resistances come at 1.0550 and 1.0565. On the downside, supports are at 1.0500, 1.0480 and 1.0440.



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Nov 14,2013
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[COLOR="#0000FF"]US EIA Crude Oil Stocks change up to 2.64M in November 8 from 1.577M
[/COLOR]





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Nov 14,2013
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[COLOR="#0000FF"]Canada September Foreign portfolio investment in Canadian securities increase to $8.36B vs $2.08B (August)
[/COLOR]





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Nov 18,2013
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[COLOR="#0000FF"]Troika continues talks with Greek officials
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FXstreet.com (Barcelona) - According to a Greek finance ministry spokesman, the EU, ECB and IMF representatives have wrapped up the bailout talks with Greek officials for today. He assured that all pending issues have been discussed and that the 2014 budget would be presented on Thursday.

The aim of the negotiations was to reach an agreement on the 2014 budget cuts, which would allow for the release of the next tranche of aid for the indebted country.

Finance minister Yannis Stournaras tried to convince the international lenders that the recently uncovered 1.5 billion euro budget shortfall for next year does not mean that further austerity measures should be implemented. The Troika inspectors on the other hand believed that the gap cannot be covered with savings coming only from structural reforms.

The international creditors pushed for more wage and pension cuts, which could prove to be too much of a burden for the Greeks and could lead to an aggravation of social unrest.


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Nov 18,2013
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[COLOR="#0000FF"]Flash: US events today on GBP/USD breaching highs – Danske Bank
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FXstreet.com (London) - GBP/USD has notably taken out recent highs through 1.6120 which brings the 1.62 handle into focus. Danske Bank analyst's note main events today from the calendar.

Key Quotes:

“In the data calendar the main event is the NAHB housing index in the US that is the first indicator for the strength of the US housing market in November”.

“Fed's William Dudley (voter, dove) and Charles Plosser (voter, dove) are both scheduled to speak. Dudley's speech will be the most important as his views are believed to be close to Ben Bernanke's and Janet Yellen's”.



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Nov 18,2013
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[COLOR="#0000FF"]US: Net Long-Term TIC Flows rise to $25.5B in September
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FXstreet.com (Barcelona) - US Net Long-term TIC Flows grew to $25.5B in June, above the forecast of rising to $21.3B and following a reading of $-9.8B in August, the US Department of Treasury reported on Monday.

Total Net TIC Flows plunged to $-106.8B from $-13.8B.



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Nov 18,2013
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[COLOR="#0000FF"]Flash: USD modestly weak on Yellen – BTMU
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FXstreet.com (London) - Lee Hardman, Currency Analyst at The Bank of Tokyo-Mitsubishi UFJ notes the performance of the dollar index.

Key Quotes:

"The US dollar has continued to weaken modestly in the Asian trading session
with the dollar index falling back towards support from its 55-day moving
average which comes in at 80.55".

"Over the last two years the dollar index has traded largely within a narrow range between the 78.00 and 84.00 levels, with the US dollar continuing to lack clear direction against the other major currencies in the near-term".

"Fed Chair-elect Janet Yellen’s dovish tone at last week’s testimony before the Senate Banking Committee is still weighing modestly upon the US dollar in the near-term".



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Nov 18,2013
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[COLOR="#0000FF"]US: NAHB Housing Market Index unchanged in November
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FXstreet.com (Barcelona) - The US NAHB Housing Market Index remained steady at 54 in November, according to data released by the National Association of Home Builders. Analysts expected the indicator to edge up a notch to 55.


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Nov 18,2013
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[COLOR="#0000FF"]EUR/USD falters ahead of 1.3550
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FXstreet.com (Córdoba) - The EUR/USD has kept pushing higher during the New York session, printing fresh 2-week highs helped by broad US stocks gains.

EUR/USD rises to fresh 2-week highs

US National Association of Home Builders Index was unchanged at 54 in November from a downwardly revised October reading, missing expectations of 55. The EUR/USD broke above 1.3530 and stretched to its highest level since Nov 6 at 1.3540 in recent dealings. At time of writing, EUR/USD is trading at 1.3530, recording a 0.3% rise Monday.

EUR/USD technical outlook

From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com notes that EUR/USD keeps a positive tone but says the pair needs to consolidate gains above 1.3550 to actually define a bullish trend.

EUR/USD technical levels

In terms of technical levels, the EUR/USD could find next resistances at 1.3547 (Nov 6 high) and 1.3578 (20-day high). On the other hand, supports are seen at 1.3473 (daily low), 1.3430 (Nov 15 low) and 1.3400 (daily low).



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Nov 18,2013
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[COLOR="#0000FF"]Flash: GBP going rising on central banks? – RBS
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FXstreet.com (London) - RBS Global Banking and Markets team said they see Sterling rising.

Key Quotes:

“This week's minutes from the November MPC are expected to show that the decision to keep policy unchanged was unanimous. Overall, the MPC's policy stance appears to have entrenched around neutrality”.

“…however, the tone of Weale's comments towards the back end of last week may suggest that the minutes will show a greater degree of views than the market expects”.

“We believe that the recent out-performance of UK data and the apparent indifference of the BoE MPC to the associated tightening of monetary conditions will continue to play GBP positive”.

“With Fed Chairman-elect Yellen deciding not to throw a policy curve-ball last week and the discussion around the ECB inching towards Credit Easing, we see GBP/USD rising”.



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Nov 18,2013
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[COLOR="#0000FF"]AUD/USD extending losses; A big mover
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FXstreet.com (London) - There has been some price action from Asia and another big mover was the AUD.

AUD/USD sold off by 0.7% to 0.9267 and also drove NZD lower. Marcin Budkiewicz , Strategist, Rates and FX Research at TD Securities said, ‘Part of this was driven by RBA Governor Stevens, who mulled FX intervention, saying that “our position has long been, and remains, that foreign exchange intervention can, judiciously used in the right circumstances, be effective and useful.”” AUD/USD has extended losses throughout the European session and into North American data releases. US Initial Jobless Claims improved from 323k vs the 335k consensus. PPI came in line at 0.3% while PPI ex food and energy year on year was up slightly vs consensus at 1.4% vs 1.3%.

AUD/USD Levels

The 20 DMA is 0.9443, the 50 DMA is 0.9445 and the 200 DMA is 0.9651. RSI (14) reads 23.49. Supports are ascending from 0.9196 and 0.9234. Spot is currently 0.9254 and resistances are 0.9282, 0.9301, 0.9378, 0.9418, 0.9448, 0.9482



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Nov 21,2013
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[COLOR="#0000FF"]Flash: EUR/USD turning lower – TDS
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FXstreet.com (London) - A research team at TD Securities noted that the EUR/USD traded in a very narrow range for most of the overnight session, but in recent hours has been boosted, taking back some of yesterday’s losses.

Key Quotes:

“The trigger for yesterday’s selloff was a headline suggesting that negative deposit rates was an option for the ECB, but that was nothing new, and in a speech this morning Draghi reaffirmed that the thinking has not changed since the last policy meeting”.

“Draghi’s comments managed to overshadow the preliminary PMI numbers for November, which on balance were mixed”.

“Overall, a weak turn in EZ economic activity does not bode well for the EUR while data elsewhere in the developed world continues to hold up. Today’s US data will be viewed in that context”.

“On the charts, yesterday’s large bearish outside-range day for EUR/USD does significant damage to the rebound of the last week, and suggests rallies should be limited in the short term. Resistance above is spotted near 1.3500, while 1.3400/25 is the nearest short term support to watch. Below there it could be a quicker slide toward 1.3300”.

AUD/USD Levels

The 20 DMA is 0.9443, the 50 DMA is 0.9445 and the 200 DMA is 0.9651. RSI (14) reads 23.49. Supports are ascending from 0.9196 and 0.9234. Spot is currently 0.9254 and resistances are 0.9282, 0.9301, 0.9378, 0.9418, 0.9448, 0.9482



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Nov 21,2013
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Greek PM Samaras sees no fiscal shortfall for 2014




FXstreet.com (Barcelona) - Greek PM Antonis Samaras visited Berlin on Friday to hold a meeting with German Chancellor Angela Merkel and discuss Greece's progress on its bailout commitments. The Greek leader said he did not see a shortfall in Greece's aid program and assured that the country would not ask for any additional funds.

Samaras expressed hope that the negotiations with the Troika international lenders would end soon. He assured that Greece would continue implementing the necessary reforms in order to receive the next tranche of aid.

Angela Merkel admitted that Greece had made considerable progress in implementing reforms, which would be evident in the primary surplus. She acknowledged the sacrifices made by the Greeks and urged the country to deliver on its commitments as this is the only way further funds could be released.

"And what I am taking away from everything discussed today is that it's not very easy but it's doable," the German Chancellor said.




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Nov 22,2013
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AUD/USD resists above 0.9150




FXstreet.com (Córdoba) - The AUD/USD extended losses into a third consecutive day Friday after being rejected from a 2-week high of 0.9447 Wednesday, weighed by Fed minutes and RBA jawboning.

RBA Governor Stevens highlighted Thursday the bank could use intervention to weaken the AUD having said repeatedly that a strong currency could be harmful for the economy. The AUD/USD broke below yet another psychological level during the European session and printed a 2 ½-month low of 0.9153.

AUD/USD prints fifth weekly loss in a row

At time of writing, AUD/USD is trading at the 0.9160 zone, 0.8% lower on the day. The Australian dollar is on track to post its fifth weekly loss in a row, having dropped almost 600 pips from late Oct highs.





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Nov 22,2013
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USD/JPY stuck at 101.20




FXstreet.com (Chicago) - USD/JPY retraced from 101.37 session highs advancing small pips today after a remarkable week that prints over 100 pips in gains so far ahead of the closing of Wall Street.

USD/JPY Technical Levels

Technically speaking, the pair remains within yesterday’s boundaries despite bearish pressure that makes the price stall around the 101.20 zone. On long-term charts, the movement is supported by bullish trends that consolidate a strong rally that started two days ago after the release of better than expected job market data in the US. Offered at 101.25, the pair navigates between the supports aligned at 100.87 (September 20th highs), 100.43 (November 15th highs) followed by 99.78 (November 12th highs) and the resistances aligned at 101.61 (July 2nd highs), 102.64 (May 30th highs) followed by 103.72 (May 17th highs).





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Nov 22,2013
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Flash: AUD strengthened modestly overnight on RBA commentary - BTMU



FXstreet.com (Barcelona) - Lee Hardman, FX analyst at the Bank of Tokyo Mitsubishi UFJ notes that the foreign exchange market has remained relatively stable overnight.

Key Quotes

“The Australian dollar has strengthened modestly supported by comments from RBA Deputy Governor Lowe who stated overnight that “the threshold for intervention though is fairly high”.”

“However, he didn’t “rule intervention in or out” which has been a long-standing practice for the RBA. Noting that “in the past, we have been prepared to intervene in the currency market when it’s clear the currency was misaligned or the market wasn’t working well.””

“The speech also highlighted the main economic challenge the Australian economy now faces as it “can no longer depend on rising terms of trade and favourable demographics” to boost living standards which will require an offsetting pick up in productivity.”

“It echoes recent comments from the Australian Treasury’s top economic forecaster David Gruen, who stated that Australia should brace for the weakest income growth in half a century in the coming ten years.”




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Nov 26,2013
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USD/JPY: BoJ minutes lift yen from lows



FXstreet.com (London) - The yen has made some recovery from yesterday’s lows on minutes from the Bank of Japan’s October meeting.

USD/JPY has depreciated 0.14 percent so far today to JPY101.4335.

The minutes indicated that central bank officials saw risks to the Japanese economic outlook. Board member Sayuri Shirai proposed to add to the BoJ’s semi-annual Outlook report the phase "attention should be paid to downside risks" given concerns over US economic activity and the Japanese domestic market.

Board member Takahide Kiuchi, who has been vociferous in pushing for the BOJ's 2 percent inflation target to more flexible, proposed the inclusion of the statement that prices are "likely to continue on a moderate rising trend."

Risk rally out of yen

The yen yesterday tested six-month lows on increased risk appetite following the signing of Iran’s accord on nuclear activities.

As part of the agreements concluded in Geneva yesterday morning, Iran will freeze or roll back its uranium enrichment programme to levels which would signal that Iran was not preparing to enrich to weapons grade.

In return, around USD7bn of international sanctions will be raised.

The risk on rally pushed USD/JPY to JPY101.88.



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Nov 26,2013
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Flash: EUR/USD resilient between ECB and Fed – Rabobank



FXstreet.com (Edinburgh) - Jane Foley, Senior Currency Strategist at Rabobank, commented that the current uncertainties regarding the start of the Fed’s QE tapering and the ‘wait-and-see’ stance in the ECB would likely be behind the EUR/USD resilience.

Key Quotes

“Insofar as the market remains obsessed with the timing of Fed tapering, threats of further policy action from the ECB have limited power over the direction of EUR/USD”.

“Although the Fed did not rule out tapering in December in its October policy meeting, we suspect that the Fed will remain on hold until March and that the USD will take its time in clawing itself back to stronger levels. This implies that the ECB will have little choice but to retain its dovish threats”.

“Even so we expect that EUR/USD will remain well supported at least into year end and most likely until it is clear that the Fed are on the brink of tapering. We see risk of EUR/USD holding above the 1.30 area until H2 next year”.


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Nov 26,2013
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USD/CAD rejected from 1.0560



FXstreet.com (Edinburgh) - The USD is now losing some ground, dragging the USD/CAD to the area of 1.0540 after hitting session highs near 1.0560 on Tuesday.

USD/CAD lower after US data, risk appetite

Poor results from the US Consumer Confidence, with the gauge dipping beyond estimates to 70.4 vs. 72.9 for the month of November, collaborated with the current decline, which seems to have found support near 1.0540. The persistence of a risk-on context would be adding to the correction lower as well. According to Sebastien Galy, Strategist at Societe Generale, “The uptrend started in Jan 2013 and is helped by a more dovish BoC (low productivity vs US, risk of a housing correction linked to high debt levels) and probably more importantly a stronger USD. Since the last BoC meeting, the bearish CAD theme has hit a global audience most probably explaining the resilience of USD/CAD to the downside”.

USD/CAD levels to watch

The pair is now down 0.07% at 1.0542 with the next support at 1.0520 (low Nov.25) followed by 1.0513 (low Nov.22) and then 1.0485 (high Nov.19). On the flip side, a breakout of 1.0558 (high Nov.26) would open the door to 1.0584 (high Nov.25) and finally 1.0586 (high Jul.8).


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Nov 26,2013
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Flash: Sterling exports needs EZ – TDS



FXstreet.com (London) - Marcin Budkiewicz, Strategist, Rates and FX Research at TD Securities, noted that there were no shocks in the second print of UK GDP and even in the details were largely in line.

Key Quotes:

“There was a bigger drag from exports than expected, which can still be another decent boost for the UK should the Eurozone get back to growth”.

“The September services numbers were slightly weaker at +0.2% M/M instead of 0.4% M/M, but not enough to meaningfully bias the handoff to Q4”.

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Nov 27,2013
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[farid]

GBP/USD losing 1.63 handle






FXstreet.com (London) - The dollar rallied after a number of US data readings beat expectations.

GBP/USD is sub 1.6300 again with consumer confidence rebounding 75.1 vs 73.5. Meanwhile, strategists at TD Securities note that decent growth numbers were near consensus however for the UK, and it seems the outsized GBP rally also had a lot to do with a break of key resistance at 1.6240/50. “A close above that level would add to bullish momentum”.

GBP/USD Levels

The 20 DMA is 1.6073, the 50 DMA is 1.6083 and the 200 DMA is 1.5522. RSI (14) reads 73.76. Supports are ascending from 1.6093, 1.6110,1.6134,1.6168, 1.6210, 1.6241 and 1.6260. Spot is 1.6277 while key resistance is 1.6380 on the upside.


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Nov 27,2013
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[farid]

USD/CAD out of consolidation?






FXstreet.com (London) - USD/CAD has rallied higher on up beat US data and has broken out of the consolidative range of 1.0560 acting as previous resistance.

Meanwhile, strategists at TD Securities said there is little on the domestic front (September Average Weekly Earnings) to drive the CAD so focus will remain on external issues and flows. USD/CAD traded heavily earlier in the week as the market backed off the upper 1.05 area but the lack of downside follow-through suggests the market is consolidating, rather than reversing the mid-November rally. We remain bullish on the near and longer-term outlook for funds (we target 1.06 for end 2013… near-term but we think that minor dips remain a buy.

USD/CAD Levels

The 20 DMA is 1.0468, the 50 DMA is 1.0390 and the 200 DMA is 1.0321. RSI (14) reads 67.50. Supports are ascending from 1.0414, 1.0436, 1.0480, 1.0516, 1.0550. Spot is currently 1.0594 while resistances are 1.0609, 1.0658 and 1.0674.



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Nov 27,2013
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[farid]

EU Business Climate (November): 0.18 vs -0.01 (October)





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Nov 28,2013
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[farid]

Flash: USD/JPY has 103.74 in it’s sights – UOB Group




FXstreet.com (Barcelona) - Quek Ser Leang, Market Strategist at UOB Group comments that the next USD/JPY target at 103.74 will likely come under threat sooner than expected

Key Quotes

“The high of 102.28 early this morning came close to the bullish target highlighted at 102.53 on Monday.”

“The strong upward momentum suggests that a break above this level is likely and the next target at 103.74 (this year’s high) will likely come under threat sooner than expected.”

“The key support has moved higher quickly to 101.00 and as long as this level is intact for the next few days, a break of 102.50/55 could be the trigger for a sharp acceleration towards the year’s high at 103.74.”



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Nov 28,2013
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AUD/USD extends recovery to fresh highs




FXstreet.com (Córdoba) - The AUD/USD has managed to advance Thursday, snapping a 7-day losing streak, supported by rising stocks and domestic data.

The AUD/USD regained the 0.9100 mark after stronger than expected Q3 capex data, and following a phase of consolidation below 0.9140, renewed buying took the pair above the 100-hour SMA to a fresh high of 0.9149. At time of writing, the AUD/USD is trading at the 0.9135 zone, recording a 0.6% gain Thursday.

AUD/USD levels to watch

In terms of technical levels, the AUD/USD could find next resistance levels at 0.9149 (daily high) and the 0.9200/0.9204 zone (psychological level/Nov 26 high), while supports are seen at 0.9064 (Nov 27 low) and 0.9036 (Sep 4 low).



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Nov 28,2013
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[farid]

BoE Carney shifts lending focus from home buyers to SMEs as house prices accellerate




FXstreet.com (London) - Bank of England governor Mark Carney today announced that the central bank would be moving to strongly rein in its policy to support mortgage borrowing as house prices begin to further accelerate.

The Bank of England launched the Funding for Lending scheme in June last year in tandem with the Treasury to prop-up lending to home buyers and small businesses.

Under the Funding for Lending scheme, banks and building societies are able to access cheap credit from the central bank as a carrot to encourage them to lend.

However, with the UK economy strongly outperforming forecasts, the BoE is set to pare the scheme back to focus on support for small businesses struggling to gain access to credit.

"Although the growth in household loan volumes remains modest, activity is picking up and house price inflation appears to be gaining momentum," wrote Carney in a letter to Chancellor of the Exchequer George Osborne.

"We should refocus the FLS so that it continues to support lending to the business sector, without adding further broad support to household lending at a time when that is no longer necessary."



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Nov 28,2013
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[farid]

Loonie pulls back from current account deficit lows




FXstreet.com (London) - The Canadian dollar has recovered some ground after falling to intraday lows at CAD1.0571. USD/CAD has clawed back ground on choppy trading, currently down 0.07 percent at CAD1.0591.

The Canadian dollar fell on a report from Statistics Canada showing that the country’s current account deficit narrowed less than expected in the third quarter, with export growth subdued.

The Canadian dollar has been hit by a downturn in demand from the US, is biggest trading partner.

Canada registered a CAD15.5bn current account deficit in the third quarter, declining from a revised C$15.9 billion second-quarter print, but still coming in higher than anticipated.

The weakness in Canadian exports signals that the Canadian dollar may be overvalued, suggesting a longer-term bullish trend against the US dollar.



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Nov 28,2013
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[farid]

UK November Nationwide Housing Prices n.s.a (YoY) rises to 6.5%; 0.6% (MoM)




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Nov 29,2013
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[farid]

Flash: EUR/USD buoyed by confidence indicators - OCBC Bank




FXstreet.com (Barcelona) - Emmanuel Ng, FX Strategist at OCBC Bank notes that EUR/USD was buoyed by supportive November confidence indicators.

Key Quotes

“The pair may continue to capitalize on any potential dollar weakness into the end of the week pending the EZ CPI data release later today.”

“EUR/USD upside in the near term continues to show a healthy restraint and the pair may remain capped at 1.3650 with the 55-day MA (1.3554) expected to support on dips.”


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Nov 29,2013
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[farid]

Italy Producer Price Index (MoM) down to -1% in October; -2.2% (YoY)




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Nov 29,2013
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[farid]

GBP/USD finds support ahead of 1.6300




FXstreet.com (Córdoba) - The GBP/USD found support at the 1.6310 area and halted the downward correction that started after the pair printed a fresh 11-month high of 1.6373.

Coupled with a technical correction, the GBP came under pressure during the European session in the wake of disappointing UK mortgage and lending data and slid to a low of 1.6313 versus the USD. However, the GBP/USD managed to bounce and it is currently trading at the 1.6335 zone, virtually unchanged on the day, ahead of an empty (in the data front) NY session.

GBP/USD technical outlook

From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com notes that GBP/USD maintains the overall bullish tone as, despite extreme overbought readings, corrective movements remain shallow.

"Further gains should be expected on price accelerations beyond 1.6380 yearly high, eyeing then the 1.6425/40 area, where the pair presents several daily highs and lows from August/September 2011", says Bednarik. "To the downside, main support comes around 1.6290, and a break below it may favor a downward correction towards 1.6250, albeit this latter should again attract buyers if reached".


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Nov 29,2013
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[farid]

Flash: AUD/USD to remain under the weather ahead of RBA meet - OCBC Bank




FXstreet.com (Barcelona) - Emmanuel Ng, FX Strategist at OCBC Bank comments that the AUD may continue to feel under the weather ahead of the RBA next Tuesday.

Key Quotes

“AUD may continue to feel under the weather ahead of the RBA next Tuesday, especially with the growth-linked currencies still out favor with investors in the near term.”

“The 0.9000 support remains pivotal although we may expect some capitulation around the 0.9090 area in the interim.”


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Nov 29,2013
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[farid]

Canada: GDP (Sep.) expanded 0.3% MoM




FXstreet.com (Edinburgh) - The Canadian economic activity expanded 0.3% on a monthly basis during September. At the same time, the Canadian economic activity expanded at an annual pace of 2.7%, surpassing estimates at 2.5% and the previous 1.6% expansion (revised from 1.7%).


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Nov 29,2013
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[farid]

Flash: Sterling higher ahead of Autumn Statement - Societe Generale




Kit Juckes, Global Head of Currency Strategy at Societe Generale notes that the pound has broken through key chart levels this morning against EUR, CHF and USD.

Key Quotes

“We remain short EUR/GBP and long GBP/CHF. RSIs and momentum indicators in GBP/USD look stretched, but we also expect solid PMI data at 9:30 GMT and Thursday’s Autumn Statement is an opportunity for the Chancellor to make optimistic noises about the economic recovery.”

“I expect the BOE to go on pouring cold water on the idea of rates going up in 2014,but I also expect an investment bank economic department or two to forecast an ‘earlier than expected ’move.”



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Dec 02,2013
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[farid]

GBP/USD bounces after strong UK manufacturing PMI




FXstreet.com (Córdoba) - The GBP/USD rebounded from daily lows after UK Markit Manufacturing PMI came in above forecast in November.

UK Markit Manufacturing PMI rose to 58.4 last month from 56.5 printed the previous month (upwardly revised from 56.0) and beating expectations of 56.0. The Cable was lifted toward the 1.6425 area from below 1.6400, although momentum was short-lived and the pair pulled back afterward. At time of writing, GBP/USD is trading at the 1.6405 zone, still up 0.2% on the day.

GBP/USD technical outlook

From a technical perspective, "The minor corrective pattern below 1.6370 was well bid at 1.6313 low and the uptrend has been renewed, reaching a new local high at 1.6441", said Stoyan Mihaylov, analyst at DeltaStock.com. "The bias remains positive above 1.6385 intraday support, for next leg upwards, toward 1.6613 resistance area. Crucial on the downside is 1.6313 low".




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Dec 02,2013
OctaFX.Com News Updates

[farid]

GBP/USD bounces after strong UK manufacturing PMI




FXstreet.com (Córdoba) - The GBP/USD rebounded from daily lows after UK Markit Manufacturing PMI came in above forecast in November.

UK Markit Manufacturing PMI rose to 58.4 last month from 56.5 printed the previous month (upwardly revised from 56.0) and beating expectations of 56.0. The Cable was lifted toward the 1.6425 area from below 1.6400, although momentum was short-lived and the pair pulled back afterward. At time of writing, GBP/USD is trading at the 1.6405 zone, still up 0.2% on the day.

GBP/USD technical outlook

From a technical perspective, "The minor corrective pattern below 1.6370 was well bid at 1.6313 low and the uptrend has been renewed, reaching a new local high at 1.6441", said Stoyan Mihaylov, analyst at DeltaStock.com. "The bias remains positive above 1.6385 intraday support, for next leg upwards, toward 1.6613 resistance area. Crucial on the downside is 1.6313 low".





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Dec 02,2013
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