08 prosince 2009

Daily comment

Slightly whippy night last night in large part thanks to comments from Bernanke. Although of interest is the fact that he didn’t actually say anything new, instead simply reiterating his low rates for an extended period comments that he’s been singing for the last 6 months or so. However in a market that is still doing its best to recover from the events on Friday it was enough to give the greenback an offered tone and squeeze out a market which is at best undecided on further direction. We saw the USD sold off across the board for about 20 minutes and the EURUSD squeezed about 80pips as a result. All in all the price action was short-lived and quickly settled back into the rhythm that we saw all day yesterday.

We had data out of Australia and New Zealand overnight that beat street expectations, but only by a small margin, which means that my short AUDNZD remains in no man’s land, but fingers crossed is on the verge of breaking lower.

On the day the only real data of note is the UK Industrial production data and the BOC decision. Neither of which is likely to prove to be market moving or earth shattering. Worth looking at though is the 1.6325 level in Cable which is broken opens the door to 1.6270/80 and lower, however this level has been well protected already this morning so…..

Kenneth Veksler

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