Lady Gaga, Taylor Swift are Forbes' Top-Earning Women in Music [PHOTOS]

Top-Earning Women in Music

Top-Earning Women in Music

Top-Earning Women in Music

Top-Earning Women in Music

Top-Earning Women in Music

Top-Earning Women in Music

Richard Pace, analyst at Thomson IFR Markets

Thomson Financial News - The upward revision to the year-on-year UK Q3 GDP to 3.3 pct perhaps provided a little impetus to buy the pound.

GBP/USD: The Pound, heading down with 1.9995 as first resistance

FXstreet.com (Barcelona) - The Pound is in a downward trend against the Dollar and according to Ted Wilson, technical analyst at iForex first resistance level is now at 1.9995: Resistance for the Cable is the easily broken 1.9995, which is 75.8% correction of the climb 1.9655-2.1155. Next are the broken level 2.0090, which was limiting the dropping during the first half of this week, followed by the 100 hour crawling middle line and 200 day crawling middle line at 2.0145. Support levels according to Wilson are the following: Support is expected at the bottom from 18 September 1.9885, followed by 1.9760, and the bottom from 17 August 1.9665, which gave the beginning of the last big climb.

Wide Ranges

Majors are still fluctuating within wide ranges as they try to resist the gains by the dollar due its strength as they wait for the American session to open and hopefully release positive data.

It seems like the U.K. is starting to face some problems similar to the U.S. after it had released its current account for the third quarter showing that the deficit has widened dramatically to 20.04 billion from the previous revised deficit to the downside to become 13.70 billion from 9.05 billion. In addition to another report giving hints that the BoE might lower their benchmark interest rates to 5.50%, the U.K. also released its GDP final reading for the third quarter showing that it remained unchanged at 0.7% from the preliminary reading. As for the annual final reading for the third quarter, it inched up slightly to 3.3% from the previous and expected readings of 3.2%. At exactly 11:00 GMT the Royal currency dropped to record a low of 1.9879 with the same high it had recorded earlier in the session at 1.9984. That is why, the only thing to do is wait for the fourth quarter readings to judge whether the BoE made the right decision or not.

As for the Euro, with the calendar lacking fundamentals from the Euro Area, the currency still continues to depreciate to reach the 1.4345 level due to the strength of the dollar and the diminishing expectations of a further rate cut by the Feds in the next meeting as inflation inclines.

The USD/JPY pair remains fluctuating within wide ranges as it is currently trading around the 113.15 to record a low of 112.90 and a high of 113.45.

Still to come are data from the U.S. economy starting with the annual final GDP reading for the third quarter where it is expected to remain unrevised from the preliminary reading at 4.9%. However, the final reading for the personal consumption for the third quarter is forecasted to have been slightly revised to the upside to 2.8% from 2.7%. As for the Core PCE final reading for the third quarter, no revisions are expected and the reading is to remain stable at 1.8%. Finally, the Leading indicators for the month of November are seen to have inclined slightly but still show a drop of 0.3% from the previous drop of 0.5%.

Katie Dean, senior international economist at ANZ

Ninemsn - It has been a tough day for the Aussie. The local equity market weighed on the Aussie. The continued nervousness about the global economy and tight liquidity conditions saw it fail to advance past 86 U.S. cents.

Hideo Kumano, economist at Dai-chi Life Research Institute

Reuters - If I pick one key point from Fukui's comments, I think he focused on growing downside risks. The monthly report only pointed to weak housing investment, but I'm sure board members are more focused on growing downside risks triggered by the subprime problems. I think Fukui's comments reflected that.