IFX Market Report

Submitted by qrops on Wed, 17/Feb/2010

IN THE UK

 

  • Mixed bag for sterling as euro makes gains
  • CPI data on par with consensus, gives sterling an initial boost
  • Eyes on BoE minutes today
  • Barclays Bank show profit of £11.6bn

 

IN THE US

 

  • Strong report on manufacturing increases global risk appetite, denting dollar strength
  • Better than expected profits for many American companies boost stock prices

 

IN THE EU

 

  • Euro gains across board as analysts view euro as oversold
  • Euro up over 2 cents against USD, almost a cent against GBP
  • Greece fiscal state still a concern, 1 month to come up with a plan to cut its deficit

 

At 9.15am this morning the pound was at $1.5755, €1.1449, 12.09 ZAR, 142.493 JPY, 11.28 SEK and AU$1.7479. The euro was at $1.3755 against the US dollar.

 

Today’s key levels of support and resistance are:

 

GBPUSD                Support: 1.5675 1.5564 1.5504        Resistance: 1.5846 1.5906 1.6017

GBPEUR                Support: 1.1423 1.1380 1.1331        Resistance: 1.1515 1.1564 1.1607

EURUSD                Support: 1.3700 1.3645 1.3590        Resistance: 1.3805 1.3840 1.3885