- BOE’s Sentance: Inflation report forecasts understate upside risks to inflation.
- Emergency overnight borrowing from ECB jumps to 15 bln. Highest level since June 2009
- BOE special pleading is wearing thin – WSJ
- UK CBI Feb manufacturing order book -8 from -16 in January, better than median forecast -14
- Planned crossing of Suez canal by two Iranian naval ships not going ahead. No new crossing time set – Egyptian official
- Euro zone December s.a current account -13.3 bln vs -10.5 bln in November
I’m sorry to say, but I found that DULL!!!
EUR/USD sits at 1.3555, slightly lower from early 1.3570. Early rally ran into Middle Eastern sovereign selling above 1.3580 and that was the topside capped for the session.
We drifted lower again and the selling accelerated sharply on the news that emergency overnight borrowing from the ECB had spiked (see above) Tripped stops through 1.3550 and got to 1.3537 before recovery.
Talk of buy orders 1.3520/30, decent-sized stops below there. Sell orders seen clustered up at 1.3610/25.
USD/JPY, to be honest who cares. I mean c.mon. We sit at 83.65 from an early 83.55. Big deal!!
Cable up at 1.6130 from early 1.6105, having been as high as 1.6146. The pairing had been languishing below 1.6100 when very hawkish comments from Andrew Sentance (see above) gave sterling a decent boost.
Sell orders seen clustered up around 1.6150/55. Stops probably not far north of there.
USD/CHF down at .9570 from early 9590, EUR/CHF down at 1.2970 from early 1.3015. Escalating tensions throughout the Middle East will be giving swissy some support as it’s safe haven status comes into play.
AUD/USD unchanged at 1.0030.
