Foreign Exchange Market News:
- French Consumer Spending Data better than expected.
- French Consumer Confidence lower in Feb.
- Italy’s Consumer Confidence for Feb higher.
- Harry Kaufman sees more doom and gloom.
- German Ifo number for Feb comes in lower than expected, the lowest level on record.
- UK BBA Mortgage Approvals and Business Investment numbers better than expected.
- BOE’s Sentance was on the news wires being quoted earlier.
- Euro Zone New Orders weaker than expected.
- UK Feb Sales Data MUCH better than expected.
- Economic Data Release table 24 Feb 209 summarising the data releases so far today.
Foreign Exchange Market Goings On:
- The EUR/USD managed to take out resistance at 1.2780 in morning trading and managed a high of 1.2830 before drifting lower leading into lunch. If we can continue to consolidate above 1.2770/80 we should begin to target the 1.2880 level.
- It appears the strong correlation between the equity markets and the risk trades has broken down somewhat with Asian and European equity indices all lower and a renewed appetite, albeit only small, for the risk currencies. If this was a week ago we would have seen the JPY crosses sold through the floor as opposed to the EUR/JPY grinding steadily higher with the 125.00 level now in its sights and not that far off.
- The EUR/GBP started the day with a bang, shooting straight up to test resistance at 0.8800 before eventually managing a high of 0.8830 with it trading in a 0.8800/30 range for the remainder of the morning session.
- Ranges: EURUSD 1.2660/1.2830, USDJPY 94.24/95.89, GBPUSD 1.4448/1.4579, AUDUSD 0.6384/0.6496, EURCHF 1.4761/1.4879, EURGBP 0.8724/0.8830, EURJPY 119.35/122.73, USDCAD 1.2460/1.2525.
- For charts of the mornings goings on please click here for the majors and here for the EURO crosses.
