Forex: GBP/USD remains at gains

Having peaked at 1.4957 just before the London session opening bell, the GBP/USD eased off to 1.4915, but support at the daily opening price of 1.4923 was able to keep price action at gains.

The pair is currently trading around 1.4940 while investors will have to wait for the US economic calendar for more potential price action triggers. US jobless claims, PPI and FOMC Member Raskin speech are due.

“Although yesterday's test at 1.4910 support area failed, the bias here remains bearish below 1.4980 resistance and I favor a downmove towards 1.4780”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to initial resistance at 1.4980 and crucial on the upside at 1.5080.

Mar 14, 2013

Forex Flash: Increased US participation in Scandinavian markets alters NOK and SEK – UBS

The final week of February and first week of March witnessed near record-net flows in USD/NOK buying from our clients, while the EUR/NOK was actually flat. “The increased participation of US asset managers in Scandinavian markets over the past two years has fundamentally altered the dynamic of both NOK and SEK markets: no longer can other pairs anchor themselves to NOK and SEK's exchange rates with the EUR, irrespective of the importance of the currency in Scandinavian trade baskets.” writes Research Analyst Gareth Berry at UBS.

Fundamental Morning Wrap: Aussie Employment upside downunder

This mornings institutional research has had a strong Australian flavour following favourable employment change numbers, causing a reciprocal bounce in AUD/USD. Elsewhere, the SNB rate decision and press conference caught some attention despite nothing much really changing. Elsewhere, analysts are expecting some horse trading between European nations ahead of the coming EU summit while in the US, energy independence is seen as heralding the end of the "New Normal".