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8 Feb 2013

Forex: EUR/USD consolidates below 1.3400

The single currency is extending its intraday decline on Friday, navigating in a congestion pattern in the area around weekly lows at 1.3365/75

In the opinion of I.Spivak, Currency Strategist at DailyFX, “prices turned lower as expected after putting in a Bearish Engulfing candlestick pattern below resistance at 1.3643, the 100% Fibonacci expansion. Sellers are now testing below the 61.8% level at 1.3395, with a break exposing the 38.2% mark at 1.3242. Near-term resistance is at 1.3494, the 76.4% Fib”.

At the moment, the cross is losing 0.20% at 1.3371 facing the next support at 1.3349 (low Jan.25) ahead of 1.3265 (low Jan.23) and then 1.3215 (Lower Bollinger).
On the flipside, a break above 1.3462 (low Feb.5) would expose 1.3510 (MA10d) and finally 1.3577 (high Feb.7).
Feb 8, 2013

Forex: GBP/USD uptrend capped at 1.5845, back to 1.5800

After breaking the 1.5800 level, the Cable was trying to extend gains above November low at 1.5829, but pair failed at 1.5845 where the GBP/USD was rejected and launched to prices around the 1.5800.
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Feb 8, 2013

Fitch keeps Spanish rating at BBB; Outlook negative

Fitch ratings has affirmed Spain sovereign debt at BBB with negative outlook. The agency forecasts that Spain's economy will begin to recover in 2014 "as headwinds from fiscal austerity and financing conditions ease," says the statement. "As is currently the case, the recovery will be primarily driven by net exports; domestic demand will remain subdued for a longer period. The agency maintains its assumption that medium term potential growth is 1.5%."
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