Daily Forex News

In November, the MPC extended the asset purchase program to 200B pound and the whole program is scheduled to finish by February, 2010. In February, the BOE will also release the next quarterly inflation report. Therefore, should there be no dramatic change in economic development, the central bank should remain…

We anticipate the SNB to keep the target of the 3-month LIBOR unchanged at 0.25% on Thursday’s meeting. Despite ongoing improvement in domestic and global economic outlook, the central bank remains cautious about the level of unemployment and its impact on consumer spending and economic growth.

We have under-estimated the strength of the decline from 134.54 and we have to review our bullish count that entire wave 2 correction from 139.26 has ended at 126.95 earlier as downside risk remains for aforesaid fall to extend towards 128.00. Having said that, as long as support at 126.95…

USD/JPY’s fall continues today and dips further to as low as 87.78 so far. At this point, intraday bias remains on the downside as long as 88.70 minor resistance holds. Outlook of yen crosses elsewhere argues that the pull back in yen last week has completed and retest of prior…

USD/CHF’s rise from 0.9959 is still in progress and should be target 1.0337 resistance next. Break there will also confirm that USD/CHF has bottomed out in medium term. In such case, next short term target will be 161.8% projection of 0.9916 to 1.0175 from 0.9959 at 1.0378 as the impulsive…

GBP/USD’s fall extends further to as low as 1.6167 so far today. Break of 1.6250/71 support confirms that rebound from 1.5706 has completed at 1.6875 already. Intraday bias remains on the downside for the moment and further decline should be seen to retest 1.5706 first. On the upside, above 1.6318…

Sterling falls further against dollar and yen today and remains the weakest currency this week as markets await pre-budget release from UK. Investors are deeply concerned over the widening budget deficit of the country and on the possibility of sovereign rating downgrade due to the huge fiscal deficit. S&P placed…

As the greenback has risen again after brief retreat yesterday, suggesting the upmove from 2009 low of 0.9910 remains in progress and further gain towards pivotal resistance at 1.0338 is under way, however, it is necessary to see a sustain breach of this level to confirm the medium term downtrend…

The British pound continued to head south after breaking support at 1.6272 partly due to active cross-selling in yen on risk aversion and the decline from 1.6879 is likely to extend further weakness to 1.6155 (61.8% Fibonacci retracement of 1.5708 to 1.6879), then 1.6115 (100% projection of 1.6879 to 1.6272…

Despite intra-day selloff to 1.4665, as the single currency has recovered from there, suggesting minor consolidation would take place and retracement to the Tenkan-Sen (now at 1.4768) would bring stronger rebound to 1.4825/30 (approx. 38.2% Fibonacci retracement of 1.5092 to 1.4665) before prospect of another decline later to 1.4650/55 (approx….