A murky forex outlook
For today:
4:30 am (EST) UK Industrial Production figures m/m.
Well, it’s been fairly grim for the last couple of months, so no change there then, and hard to see anything unusual coming about.
The tip, I would humbly suggest, for GBP, is not so much industrial performance (although any news here will certainly move markets) but any upcoming housing indicators – it’s housing that’s in a real mess, with the buy-to-let market collapsed, all those supposed 85% mortgages, now turning out to be 100% and a quick adjustment of the price. Lasting damage and something that affected the real economy.
1:15 pm (EST) The good Mr Bernanke will (should be) getting to his feet and giving his opinion, so expect USD action duh,
A larger-than-expected interest rate cut in Australia… hmm…
I would draw your attention to USD/CHF:
- got past 1.1422 with RSI ~ 68, and a firm 5 wave advance, so a 3 wave corrective expected to kick off soon, with initial support against this around 1.1215. In a rather murky picture, maybe a clear forex signal to end with.
