Top Global Market Stories
The dollar fell sharply against the yen on Thursday after investors reacted to Fed Chairman Ben Bernanke’s comments about potential tapering of the Fed’s bond-buying program, by selling U.S. Treasuries, which in turn caused yields of 10-year Japanese government bonds to rise to 1% before falling back later in the trading session. The volatility in [...]
Top Trade Ideas
EUR/GBP breaks out of consolidation, more upside expected The Bank of England minutes from the May meeting released this morning was largely as expected and showed that Governor King was once again outvoted. The soon-departing Governor voted in favor of a £25B expansion of quantitative easing (QE) along with MPC members Miles and Fisher. However, [...]
By Ilya Spivak
Prices declined as expected after putting in a Shooting Star candlestick below resistance at the top of a rising channel set from mid-March. Sellers are now testing support at 1.5029, the 38.2% Fibonacci expansion, with a break below that targeting the 50% level at 1.4850. We continue tohold short, Near-term falling channel resistance is at 1.5207, with a above that aiming for the May 16 high at 1.5322.