Top Global Market Stories
The dollar hit a four-and-a-half-year high against the yen in todays U.S. session, after Fed Chairman Ben Bernanke told Congress that the central bank could consider tapering its bond-buying programme in the coming months if the US economy improved. He went on to say that the Fed’s policies were “providing significant benefits” and changing course [...]
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 pushing to support at 1.5029, the 38.2% Fibonacci expansion, with a break below that targeting the 50% level at 1.4850. We continue to hold short, Near-term resistance is at 1.5322, the May 16 high, followed by the channel bottom at 1.5440.