Top Global Market Stories
Market Drivers May 22, 2013 BOJ would decide on further JGB purchases sends USD/JPY towards 103.00 UK Retail Sales worst since April 2012 Cable below 1.5100 Nikkei 1.60% Europe 0.06% Oil $95.81 Gold $1381/oz. Europe and Asia: AUD Westpac Consumer Confidence -7.0% vs. =5.1% JPY Merchandise Trade Balance Yen -.76T vs. -.63T JPY BOJ Monetary [...]
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.