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GBP/USD challenging weekly lows

2011-03-25 05:20:57 Cable keeps trading near the bottom of this week's range, just above 1.6100, after printing a fresh 4-day low around 1.6090 during past American session. The Pound was hit on Thursday by worse than expected Retail Sales in the UK, and has found no strength even to correct. From a technical perspective, a chief analyst commented, "Consolidating at daily lows, pair is starting current Asian session below the 61.8% of the last daily...

Base metals rise, scale of Japanese reconstruction questioned

2011-03-24 12:46:45   Traders bought into metals on the LME on Thursday morning as investor sentiment improved alongside the geopolitical backdrop.But market observers remain split as to whether the construction effort following Japan’s earthquake will overshadow the other bearish elements in industrial metals.The complex has largely marched in lock-step with macroeconomic news for the past couple of weeks but sentiment has turned decidedly bullish in the past few sessions on expectations ...

Gold bullion rises above $1440.00

2011-03-24 11:44:11 Supported by overall tensions in the Middle East and North Africa as well as fresh debt concerns over the euro-zone, gold bullion is once again trading near all-time highs above $1440.00 a troy ounce.While the ongoing conflict in Libya and the rising unrest in countries like Yemen, Bahrain and Syria continue to drive overall risk aversion, the collapse of the Portuguese government also has traders fearing further troubles in the...

European markets, slightly up despite uncertainty in Portugal

2011-03-24 10:45:35 European markets are going through moderate advances on early trading despite concerns about Portugal where the parliament rejected the latest austerity plan, triggering, therefore the resignation of the socialist government and increasing concerns about the health of the country's finances.Eurostoxx 50 Index adds 0.3%, while the German DAX index advances 0.63% and the French CAC Index rises 0.35% . In the UK, the FTSE Index trades 0.5% above its opening...

Flash Manufacturing PMI worsens while Services figure slightly improves

2011-03-24 09:42:49   The preliminary PMI for manufacturing edged lower to 57.7 in March, compared to the 59.0 recorded last month. On the other hand, the flash services figure surprised analysts´ predictions and improved to 56.9 over the month vs the last 56.8.The Manufacturing Purchasing Managers Index (PMI) released by the Markit Economics captures business conditions in the manufacturing sector. As the manufacturing sector dominates a large part of total GDP, the manufacturing ...

GBP/USD retreat extends to week lows at 1.6200 area

2011-03-24 07:55:31   The Pound is going through a near-tern bearish reaction, as retreat from 14-month high at 1.6400 extended below 1.6300 and, after a flaw recovery attempt on Asia, which was capped at 1.6270 area the pair pulled back to levels close to week low at 1.6200.On the downside, below 1.6200 (Monday's low), the pair might find support at 1.6060 (Mar 18 low) and 1.5980 (Mar 15/17 low). On the upside, ...

EUR/USD, Liable to upside correction - Charmer Charts

2011-03-24 07:06:07 Euro retreat from 1.4250 high on Tuesday has reached its target at 1.4055/40, which according to Carol Harmer, technical analyst at Charmer Charts increases the odds for an upside correction over the coming sessions.Even though Euro strength is considered a good selling opportunity, Harmer sees the Euro prone to pick up to 1.4200 or even 1.4300: "The med term charts remain negative and therefore we view any strength as a...

EUR/USD dips to session lows, Spanish banks downgrade expected

2011-03-24 05:39:46 Euro/Dollar has eased down to daily lows at 1.4075 after traders found a reason to squeeze early buyers following a headline from Dow Jones suggesting that Moody's will carry out a massive downgrade from Spanish banks tomorrow.Before the news were released, bids from lows at 1.4077 had pushed the price as high as 1.4110 after the late sell-off from yesterday amid the collapse of the Portuguese government. The EU Summit...

USD/JPY recovery showing signs of weakness - MIG Bank

2011-03-23 12:47:18 Dollar recovery from historic lows is showing signs of weakness according to Ron William, technical analyst at MIG Bank, with the pair showing difficulties to regain the base of the broken triangle, at 81.70 area, after rejection at 82.00.The pair remains prone to further weakness says William, pointing out to 80.60 and the key support level at 80.00: "Watch for potential corrective setbacks to ensue...

Gold locked around $1,430/oz; investor focus on Mena, Japan

2011-03-23 12:08:47 Gold remained range bound on Wednesday morning, with developments in the Middle East and North Africa (Mena) and Japan continuing to drive market movements.Spot gold came within a whisker of two-week highs this morning, hitting a session peak of $1,434.70 per ounce before settling back at $1,433/1,433.85, still $4.65 higher.From a technical standpoint, resistance is now set at $1,436, $1,445 and $1,454, with...
 
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