I trust you all had a good weekend and that our Irish readers celebrated St Patrick’s Day in appropriately boisterous fashion, aided of course by everyone else who claims it as their own!

The Friday break-out I talked about did indeed happen to shake us out of our malaise and the US $ has been sold off on weaker data which prompted renewed QE3 fears and subsequent falling US treasury yields. Nothing earth shattering but enough to scatter the pigeons a little.

EURUSD has climbed to 1.3188 before capping out and GBPUSD is a cent higher but has currently run into resistance at 1.5850. USDJPY is down to 83.12 but we can also see this as Japanese fiscal year-end balancing. AUDUSD is higher at 1.0589 and USDCHF lower at 0.9168

EURGBP is trading quietly above the support line at 0.8290-95 and has sellers at 0.8325-35 while overall the Pound has picked up a few gains as GBPUSD finds a base above 1.5800.

Forex Update

Forex Update

Stocks and gold are both trading sideways with the latter still struggling to make any headway above $1665.

Little in the way of data today but tomorrow sees UK inflation figures, US housing data, and Fed Chairman Bernanke speaking while Wednesday brings us the BOE’s MPC Minutes and the keenly awaited UK Budget.

Congratulations to Wales on a well-deserved rugby Grand Slam and to the Shrimpers for a well grafted 3 points, but our thoughts and best wishes stay focussed on footballer Fabrice Muamba, only 23 years old, who has represented England at every level from U16-21 and who, on Saturday, suffered a cardiac arrest whilst playing for Bolton, and remains in hospital critically ill.

Agree or disagree? Then please leave a comment in the box below or contact me by e-mail.

Mike ‘Oscar’ Paterson has been in the Forex trenches for nearly three decades working as a senior Spot trader in London at UBS, Chief Dealer FX at the State Bank of Victoria and in charge of Spot CHF at Credit Suisse with a daily turnover in excess of $1.5 billion. Mike now works as an independent consultant providing a fully bespoke service to the corporate and private sectors in physical FX delivery as well as guiding those who wish to improve their currency trading. Mike also presents seminars and workshops and writes for a number of publications.
To contact Mike please call +0044 (0) 1732 700383 or email mike.paterson@economicvoice.com
The views expressed above are those of the author and should not be taken as investment advice. MSP Foreign Exchange Services will have no liability for, or to, any persons executing trades based on the content above.

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