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GBP/USD at highest since February

08:14 14Oct10 - Stops Above 1.6000 Tripped, 8-Month Peak Scaled

LONDON, Oct 14 - Tripped buy stops helped propel cable to an 8-month high of 1.6050 following its break through 1.6000. Pre-1.6000 offers helped to keep a lid on sterling in Asia, when 1.5995 was the traded high, after the greenback took an across-the-board hit. That USD hit was influenced by the MAS move to widen and steepen the band within which the SGD can trade

(USD/SGD fell to an all-time low as a consequence). 1.5891 was today's early Asian session GBP/USD low. 1.5909 was yesterday's high (posted during the NY session).

The expectation that the Fed will unveil US "QE2" at the conclusion of its next meeting on November 3 is the major factor driving USD weakness. Fed chairman Ben Bernanke may give a heads-up on those QE measures via his slated speech entitled "Monetary Policy Objectives in a Low Inflation Environment" tomorrow (Friday).

GBP/USD bull targets beyond 1.6050 include 1.6070 (Feb 3 high), 1.6100, 1.6150, 1.6200, 1.6250 and 1.6275.




Currently trading right now at 1.6060
Please take the time to have a look around my Daughter's website www.daisypalmertrust.co.uk
(MSE Andrea says ok!)

Comments

  • More $ weakness that GBP strength - against other hard currencies (CAD, AUD, CHF) it's not looking too clever. QE2 is priced in for $, and is in the process of being priced in for GBP.
  • purch
    purch Posts: 9,865 Forumite
    Yes, I think the headline should be USD at lowest since February :p
    'In nature, there are neither rewards nor punishments - there are Consequences.'
  • lemonjelly
    lemonjelly Posts: 8,014 Forumite
    1,000 Posts Combo Breaker Mortgage-free Glee!
    purch wrote: »
    Yes, I think the headline should be USD at lowest since February :p

    Aren't we now down somewhere around 1.13 against the euro?
    !!!!!! is happening there?
    It's getting harder & harder to keep the government in the manner to which they have become accustomed.
  • 08:14 14Oct10 - Stops Above 1.6000 Tripped, 8-Month Peak Scaled

    LONDON, Oct 14 - Tripped buy stops helped propel cable to an 8-month high of 1.6050 following its break through 1.6000. Pre-1.6000 offers helped to keep a lid on sterling in Asia, when 1.5995 was the traded high, after the greenback took an across-the-board hit. That USD hit was influenced by the MAS move to widen and steepen the band within which the SGD can trade

    (USD/SGD fell to an all-time low as a consequence). 1.5891 was today's early Asian session GBP/USD low. 1.5909 was yesterday's high (posted during the NY session).

    The expectation that the Fed will unveil US "QE2" at the conclusion of its next meeting on November 3 is the major factor driving USD weakness. Fed chairman Ben Bernanke may give a heads-up on those QE measures via his slated speech entitled "Monetary Policy Objectives in a Low Inflation Environment" tomorrow (Friday).

    GBP/USD bull targets beyond 1.6050 include 1.6070 (Feb 3 high), 1.6100, 1.6150, 1.6200, 1.6250 and 1.6275.




    Currently trading right now at 1.6060

    Dollar collapsing on the back of house repo enquiry.
  • lemonjelly wrote: »
    Aren't we now down somewhere around 1.13 against the euro?
    !!!!!! is happening there?


    yah, 1.14 trading right now
    Please take the time to have a look around my Daughter's website www.daisypalmertrust.co.uk
    (MSE Andrea says ok!)
  • des_cartes wrote: »
    Dollar collapsing on the back of house repo enquiry.


    09:29 14Oct10 - FOREX-Dollar pummelled after Singapore widens FX band

    * Singapore widens trading band for Singapore dollar
    * Euro rises above $1.4100, highest in more than 8 months
    * Aussie flirts with parity, dollar-index hits 2010 low



    LONDON, Oct 14 - The U.S. dollar index hit the
    year's low on Thursday while the Australian dollar flirted with
    parity after Singapore widened its currency's trading band,
    piling more pressure on to the struggling greenback.

    The Australian dollar, which boasts the highest yield among
    major currencies and with close links to Asian currencies,
    soared to a 28-year peak at $0.9994 <AUD=D4> as investors
    continued to dump the U.S. dollar on expectations the Federal
    Reserve will start further money-printing next month.

    The move by Singapore to widen the trading band of the
    Singapore dollar, which hit a new record high, prompted a clean
    break by the euro through $1.4000, triggering euro buy orders
    and drawing model accounts into the fray.

    With interest rates at record lows in developed markets,
    yield-hungry investors are piling cash into emerging markets.
    The tide of money is rising ahead of an anticipated second round
    of quantitative easing by the Fed.

    The dollar index <.DXY>, which tumbled 1 percent to its
    weakest since December at 76.259, is on course for a test of
    trendline support at 75.95, with its November low of 74.17 then
    not far away. The 75.95 target is the trendline from two major
    lows in July 2008 and in November 2009.

    The euro, which surged above $1.4100 in early European
    dealing, faces resistance at $1.4195 in its sights, the January
    25 high.

    With key levels having broken in most major currency pairs,
    investors were focused on the Australian dollar's assault on
    parity.

    "The Aussie rally is being driven by strength in the
    Australian economy together with supply and a general
    depreciation of U.S. dollars. There are barriers at parity but
    it's difficult to see the trend changing," said Lauren
    Rosborough, senior currency strategist at Westpac in London.

    The Aussie traded at $0.9978 with traders saying option
    barriers at $1.0000 were slowing the rally. It has gained more
    than 11 percent so far this year and is up around 24 percent
    from a low in May.

    The dollar also hit the latest in a succession of record
    lows against the Swiss franc <CHF=> and slid below parity with
    the Canadian dollar <CAD=>, a level not seen since April.

    Commodities rallied as the dollar fell, with gold <XAU=>
    hitting a record high and silver <XAG=> climbing to its priciest
    in 30 years. [ID:nSGE69D045]

    The euro <EUR=> jumped above $1.4100 on trading platform
    EBS, its highest in more than eight months. After failing to
    crack $1.40 the previous session, its move caught some players,
    who had been expecting more consolidation, by surprise as it
    triggered stops around $1.4030 and then $1.4050.

    CATALYST
    Momentum picked up after Singapore widened the trading band
    for its currency and said it would maintain modest and gradual
    appreciation in the Singapore dollar. The Monetary Authority of
    Singapore sets policy by managing the Singapore dollar in a
    secret trade-weighted band against a basket of currencies,
    instead of setting interest rates. [ID:nSFK000030]

    The U.S. dollar fell, touching a record low of S$1.2888.

    "Singapore raised its currency more than expected. That has
    opened the possibility of more strengthening in Asian
    currencies, including China, ahead of the G20 meetings," said
    Hideaki Inoue, forex manager at Mitsubishi Trust Bank.

    The U.S. dollar fell 0.8 percent to a fresh 15-year low of
    81.04 yen <JPY=>, despite constant wariness about Japanese
    intervention, nearing its record low of 79.75 hit in April 1995.

    While traders think Japan could intervene at any moment to
    keep the yen in check, some market participants speculated that
    Tokyo may prefer to avoid intervention ahead of G20 meetings.
    Please take the time to have a look around my Daughter's website www.daisypalmertrust.co.uk
    (MSE Andrea says ok!)
  • purch wrote: »
    Yes, I think the headline should be USD at lowest since February :p


    very true purchy old chap - but whatever way you choose to view it, its still a high for GBP !!

    The graphs don't lie ;)
    Please take the time to have a look around my Daughter's website www.daisypalmertrust.co.uk
    (MSE Andrea says ok!)
  • Mr_Mumble
    Mr_Mumble Posts: 1,758 Forumite
    FT Alphaville -Dollar meltdown
    very true purchy old chap - but whatever way you choose to view it, its still a high for GBP !!

    The graphs don't lie ;)
    Sterling is still below its 25 year average ($1.65?) whereas the Aussie is at a record high (highest since it was allowed to float in the early eighties that is). The plummeting dollar just reinforces the devaluation of Sterling to me :(
    "The state is the great fiction by which everybody seeks to live at the expense of everybody else." -- Frederic Bastiat, 1848.
  • Mr_Mumble wrote: »
    FT Alphaville -Dollar meltdown

    Sterling is still below its 25 year average ($1.65?) whereas the Aussie is at a record high (highest since it was allowed to float in the early eighties that is). The plummeting dollar just reinforces the devaluation of Sterling to me :(


    we are only looking at last 8mths here ;)
    Please take the time to have a look around my Daughter's website www.daisypalmertrust.co.uk
    (MSE Andrea says ok!)
  • Generali
    Generali Posts: 36,411 Forumite
    10,000 Posts Combo Breaker
    TBH I'm happier earning Aussie dollars than Sterling, Euro or US Dollars right now, probably for the first time in my career.
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