Forex Flash: GBP/USD primed for a pullback - TDS

FXstreet.com (Barcelona) - The vacant economic calendar in the last European session was only coloured by data out of the UK, where a better than expected manufacturing PMI print boosted the GBP.

According to TDS analysts: "That’s added another step in Cable’s trek higher, to a confluence of resistance at the 50% retrace of the Jan/March move lower, the top of the recent bull channel, and roughly the 100-day moving average. Like most of the big USD driven moves lately, GBPUSD’s 6 consecutive days of gains look a little overdone, and primed for a pullback."

May 2, 2013

Forex: USD index finds an alley on FOMC

USD index is last trading around the 81.63 level, recovering from fresh 2-month lows at 81.33, printed on the back of lower than expected US ADP employment data, showing an increase estimate of +119k, when +154k was expected, coming from previous month of +131k. The index has lost -0.91% in value for the week so far. USD index found support around the 81.40 level following FOMC statement.

Commodities Brief: Metals counter trend rally fizzles out as risk assets stumble

The recent FOMC meeting failed to impress market participants as the theme of the day was “risk off” across the majority of asset classes. It was a rough day for commodities in particular, with both the precious metals and base metals suffering sharp declines. Silver led the decline, falling 2.87% to finish at 23.62. At one point the metal did trade as low as 23.21, but was able to claw some of its losses back later in the NY session. Gold also suffered steep losses, closing down 1.22% to finish at 1457 (although it did trade as low as 1439). On a final note, it should be noted copper closed down 3.7%, finishing the day at 3.06 (it’s lowest daily close since June 2010.)