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So much for spinning on a dime as far as a euro currency rebound goes. The rally in the fortunes of the single currency proved to be nothing more than a passing ship in the night. The Herculean efforts to reduce its fiscal deficit, or at least those put down…

GBP/USD’s break of 1.5829 support confirms that whole decline from 1.6875 has resumed. Intraday bias remains on the downside for the moment and further fall should be seen to 1.5706 key cluster support. on the upside, above 1.5918 minor resistance will turn intraday bias neutral and bring some recovery. But…

Dollar remains firm in early US session as markets are shifting focus to budget woes of Eurozone. Yen also manages to rally against major currencies on weaker stocks and commodities. Euro weakens today on concern that Portugal, Spain and Eastern Europe governments will struggle to fund the budget deficits as…

The USD is trading at its highest level since June versus the EUR supported by concern about sovereign debt risk in Europe as CD’s(credit default swaps) widened to a record 196bps spread in Portugal and the spread on Greek and Spanish bonds also widened, it’s getting more expensive to buy…

The European Central Bank (ECB) announced their interest rates, leaving them steady at their lowest levels on record by 1%. The ECB withholds their stance on further rate reductions as growth remains crippled, while inflation rates are still below the bank’s set target rates of 2% in the 16-nation region.

The Cable fell further ahead of the BoE. A test of the 55-week MA (1.5754) looks likely today and thereafter there’s 38.2% retracement of the rise since Jan ’09 at 1.3700 making 1.3700-60 an important Support zone. Hence, a break below this is likely to be very bearish for the…

Outlook for the pair has turned towards its hammer/Feb01’10/2010 lows at 1.5849/30 and even lower following its loss of momentum at the 1.6068 level and ahead of its strong resistance at the 1.6075 level on Wednesday. We now see risk below the 1.5849 level creating further downside scope towards the…

While the pair still holds on to most of recovery gains off the 89.12 level, its Jan 27’10 low, it is now hesitating ahead of its minor resistance at the 91.27 level. USDJPY requires a decisive invalidation of the latter to resume its recovery and then target its Jan 21’10…

Policy makers at the Bank of England (BoE) kept their key interest rate at its record low of 0.5% in February. The announced rate came in line with both median expectations and January’s rate. BoE slashed the borrowing cost by 4.5% since October in an attempt to prop up the…