Forex trading headlines for 20 January 2014
- UK gets some IMF loving
- Vodafone payout could lend the pound some additional support
- The US government sucks
- Lloyds see upside potential for GBP/USD
- Technical analysis EUR/GBP setting itself up for a break?
- EU’s Barroso says EU at turning point in crisis…still
- Gold up on Chinese whispers
- Is China’s pending financial default event something to be worried about?
- Schaeuble says German plan to split banks could be a model for Europe
- All the evidence you need that a stock market crash is imminent
- Greek PM Samaras: First bailout plan was a mistake
- Gold looks up, Oil looks down, stocks and FX go sideways
With the US shut for a holiday it was up to Europe to carry the baton of trading volumes today. Alas they failed miserably to even get out of the starting blocks.
USD/JPY flirted with the downside and twice pierced the 104 level but the shepherds didn’t let the flock stray too far out of sight and we spent the late afternoon in Europe trudging back up to 104.19. Further pressure was seen in EUR/JPY sending it down through 141 but again the buyers came in and all was contained.
GBP/USD tried the 1.6450 highs in mid Europe but then thought “why bother” and settled with putting it’s feet on the desk and having forty winks. We managed to trouble 1.6420 briefly and are currently snoring away at 1.6434.
EUR shook off the shackles of its USD oppressor and sprinted for freedom towards the high 1.35’s. The overnight lows of 1.3505 were left in the dust as we ascended to the lofty heights of 1.3568. Fix related trading at 13.00 gmt saw EUR/GBP rouse sterling traders and we popped 23 odd pips from 0.8240 to the highs at 0.8263. Support at 0.8245/50 kept the pair afloat from there.
The beleaguered Aussie had managed to crawl of it’s sick bed from the mid 0.87’s to test last weeks resistance levels at 0.8820/25 but the illness kicked in again and we’ve drifted back down to the big number at 0.88
It’s an early wrap tonight as the market is dead. I’ll be keeping a cursory glance on proceedings from here on out until the Eamonnator gets in for his shift.
