Top Global Market Stories
The biggest move in the FX markets today is in the Japanese Yen. The 7% decline in the Nikkei overnight kicked off a wave of deleveraging in the financial markets as investors around the world hit the panic button. What is interesting about the move is that no one is buying U.S. dollars, a currency [...]
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.