Coming Up Today(all times GMT)
  • GBP Manufacturing Production m/m(08:30)
  • AUD Annual Budget Release (09:30)
  • CHF SNB Chairman Hildebrand Speaks (Tentative)

    As the European rescue package lead to the EUR relief rally the Bank of England left the Official Bank Rate unchanged at 0.50% as expected. ECB President Trichet said the bank was not strong-armed into undertaking these measures: and said that these decisions would not change the ECB's policy stance. Any troubles with the fiscal tightening might test the investor buoyancy yet again leading the European Central Bank to perhaps buy more bonds than they are happy with. Even though the ECB has not yet stated their target purchase.

    EURUSD

    The EURO slid on Monday giving back some gains made due the rally on rescue package news. It might be due to the fact that the market remains cynical over Greece's capability to cut its financial deficit well. It does look like that the Euro is expected to move in a range of $1.2500 to $1.3100 in close term trading. Until now the EURUSD is seen trading well below the resistance levels of $1.3110. It did test the $1.3090 levels slipping back to 1.2750 levels yesterday.

    Support/Resistance 1.2606/1.2879

    GBPUSD

    On Monday the Sterling dipped 0.3 percentage points. The politicians are to blame for the short lived GBP rally due to the EURO zone rescue package. The GBP is pretty pressured by the hung parliament in the UK. The general market feeling is that the GBP might come under more heavy pressure if the uncertainty is not cleared by later today.

    Support/Resistance 1.4760/1.4975

    Gold

    Yesterday the Gold did Vulnerable following the ECB rescue package but after the uncertainty in the U.K and less confidence in the Greek's ability to overcome the financial problems Gold still seems to be the safe haven for the investors. On Monday the gold tested the 1205.61 levels and is seen in the bearish feel today.

    Support/Resistance 1195.27/1210.90