Coming up Today (All Times GMT)

  • No Major Event Scheduled Today

Trading activity might be subdued today, as US markets will be closed to honor Martin Luther King's day. For the week to come, investors will be monitoring year-end corporate results. US banking groups will be on the spotlight - with Citigroup, Goldman Sachs, Morgan Stanley and Bank of America updating their forecast for 2011 - accompanied by large high-tech and industrial bellwether like Apple, eBay and General Electric. On the macroeconomic front, upcoming key events will be the release on Tuesday of UK inflation data and German Zew Confidence Survey.


Last week, European efforts to achieve successful bond auctions have been rewarded by a 3% rise of the euro. At the same time, the US dollar suffered from disappointed employment data and a fall in consumer confidence indicator. On both sides of the Atlantic, it seems that consumers are starting to feel the effect of rising commodities prices. This could hurt consumer spending, especially among European countries which have already passed harsh austerity measures to fix their deficits.

EURUSD Support/Resistance: 1.3270/1.3390


The debate on inflation is likely to have a key influence in the trading of the pound sterling. Last week, the Bank of England took the prudent decision of leaving its monetary policy unchanged, in order to preserve the recovery. However, it seems that inflation isn't relaxing its pressure on the economy. The rise in commodity prices in conjunction with the increase of VAT is expected to grow public discontent, which could leave the Bank of England with limited room to manoeuvre.

GBPUSD Support/Resistance: 1.5775/1.5890

EURGBP Support/Resistance: 0.8365/0.8445