Top Forex Reviews

The British Pound tumbled to a fresh monthly low of 1.5888 as the Bank of England kept the door open to expand monetary policy further, and the sterling may face additional headwinds over the near-term as the spillover effects from the sovereign debt crisis dampens the outlook for the region. Indeed, the BoE curbed its growth forecast and saw a risk of undershooting the 2% target on the back of subdued wage growth, but went onto say that the ‘big picture’ has not changed from February as policy makers expect to see a gradual recovery in Britain.

Full post…

* Cable is reversing from the major 1.63 Blowout.

* All we need now is for the disbelief to grow and for the market to get even longer

*And of Course Break back below the Key 1.60!

Full post…

On the sentiment front,

With this in mind, the spotlight will fall on the

The US economic calendar is relatively quiet. A slight pickup to 350,000 on weekly

The Dow Jones-FXCM U.S. Dollar Index (Ticker: USDollar) is 0.01 percent higher from the open after moving 68 percent of its average true range, and the rebound may gather pace over the next 24-hours of trading as it continues to threaten the downward trending channel from earlier this month.

Full post…

On Wednesday, regional currencies weakened the common currency. However, losses were relatively modest and reached about 0.5 percent. Meanwhile, the OECD said yesterday it revised the expected growth of the Polish economy to the upside to 3 percent in 2012, i.e. just shy of our estimate of 3.2 percent.

Moreover, the OECD praised austerity measures undertaken by the government. As regards today’s calendar, the eye-catcher is Czech National Bank’s (CNB) monetary policy meeting. We expect no change in interest rates, although inflation is seen significantly above the target.
Full post…

The Euro held the range from earlier this month as it quickly gave back the overnight advance to 1.3284, and the single currency remains at risk of a major selloff as it continues to carve out a head-and-shoulders top in March. Indeed, Portugal sold EUR 1.61B in 12-month bills yielding 3.652%, which compares to the 4.943% offered in February, while the Greek Parliament approved the austerity measures tied to the second bailout to secure the additional EUR 130B in international assistance.

Full post…

As we discussed yesterday, commodities came under broad-based selling pressure as a market-wide flare-up in risk aversion weighed on demand for growth-sensitive assets while boosting the safe-haven US Dollar. A correction now appears underway, with most benchmark commodity prices following a cautious recovery in European stock exchanges higher.

Full post…

– (NL) Netherlands Parliament approved on second Greek bailout package
– (FI) Finland Parliament approved the second Greek bailout package by 111 to 72
– (US) MBA Mortgage Applications w/e Feb 24th: -0.3% v -4.5% prior
– (CL) Chile Jan Industrial Production Y/Y: -1.2% v +2.1%e
– (CL) Chile Jan Total Copper Production: 396.3K v 509.4K tons prior
– (CL) Chile Jan Retail Sales Y/Y: 6.3% v 9.0%e
– (ZA) South Africa Jan Budget (ZAR): -22.7B v -19.0Be; Trade Balance: -13.5B v -3.1Be
– (PL) Poland Central Bank (NBP) Feb Inflation Expectations Survey: 5.0% v 5.2% prior
– (US) Q4 Final GDP Q/Q Annualized: 3.0% v 2.8%e; Personal Consumption: 2.1% v 2.0%e
– (US) Q4 Final GDP Price Index: 0.9% v 0.4%e; Core PCE Q/Q: 1.3% v 1.1%e
– (BR) Brazil Jan Nominal Budget Balance (BRL): +6.4B v -18.6B prior; Primary Budget Balance: +26.0B+22.4Be v +1.9B prior; Net Debt to GDP ratio: 37.2% v 36.6%e
– (CA) Canada Dec Teranet/National Bank House price Index M/M: -0.2% v -0.2%e; Y/Y: 6.8% v 7.1% prior
– (US) Feb Chicago Purchasing Manager: 64.0 v 61.0e
– (US) Feb NAPM-Milwaukee: 58.6 v 58.8e
– (US) Weekly DOE Energy Inventories: Crude: +4.2M v +1.5Me; Gasoline: -1.6M v +500Ke; Distillates: -2.1M v -250Ke; Utilization: 83.6% v 85.6%e
– (UK) BOE buys £1.5B in 2019-2025 Gilts in reverse auction; bid-to-cover: 3.22x v 2.82x prior

– The Nasdaq briefly topped 3000 for the first time since December 2000 this morning, after the first close of the DJIA above 13000 since May 2008 yesterday afternoon. Full post…

Tensions with Iran continue to inject a considerable geopolitical risk premium into

Technical positioning warns a pullback may be ahead however (see below), hinting the recent batch of supportive news-flow has been priced in already. Still, with Iran reportedly starting to conduct civilian defense drills in preparation for armed conflict, the satiation is unlikely to be defused quickly (if at all) so the path of least resistance continues to broadly favor the upside.

Full post…

For the rest of the gold and silver daily outlook, see here.

Gold slightly fell yesterday by 0.42% to $1,717.7; silver also slightly decreased by 1.11% to $33.35. The Euro/USD also slightly declined during yesterday’s trading by 0.39% to 1.3134; other currencies such as the AUD also slightly depreciated. If the Euro and AUD will change direction and trade up today, it could indicate that metals will follow and also rise.

Full post…