The book under Pressure

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Date: Wednesday February 18 2009, 7:15 AM CDT
The daily analysis FOREXpros.es © Copyright 2009, Core Financial Group, Inc.. and Jason Alan Jankovsky All Rights Reserved.
Night view Asia / Europe

• The dollar remained firm after a two-way trade
• The Minutes of the BCI did not favor the LIBRA
• We are placing stops on both sides

The day's events
Schedules EASTERN (-5 GMT)
• 8:30 am USD Building Permits
• 8:30 am USD Housing Starts
• 8:30 am USD Import Prices m / m
• 9:15 am USD Capacity Utilization Rate
• 9:15 am USD Industrial Production m / m
• 2:00 pm USD FOMC Minutes

For Thursday
Timetable Eastern (-5 GMT)
• 8:30 am USD PPI m / m
• 8:30 am USD Unemployment Claims
• 8:30 am USD Core PPI m / m
• 10:00 am USD Philly Fed Manufacturing Index
• 10:00 am USD CB Leading Index m / m
• 10:30 am USD Natural Gas Storage
• 11:00 am USD Crude Oil Inventories

Currency market

Dollar was rising against most currencies during this morning after a quiet night sitting in a double sense. Dollar started in Asia on the defensive, but during the European trade, the U.S. currency had managed to gain ground, reaching remarkable levels, it is noteworthy that the Act published by the BCI added pressure on the pound. Dollar 1.4150 reached after such publication. Recorded highs in the 1.4301 area but stops placed at 1.4310 failed to shoot and then after publications, the pair recorded new minimum; minimum recorded in the area of 1.4092 in this case stops the shot, however , then the pair reached 1.4200 early in New York. It is noteworthy that the UK CBI added pressure, reaching values that were not recorded 17 years ago, it is estimated that the Bank of England cut interest rates.

The euro continued to trade in a two-way trade with a narrow minimum in the recorded 1.2557, before recovering and reaching the 1.2641, where volumes declined. Stops are placed in the zone of 1.2440, which is why it is estimated that the long wait to go in the area of 1.2550 is put under test. The euro stood at 1.2600 early in the New York.

USD torque / JPY remains firm, and had higher levels in the area of 92.83 operated with low volumes. The stops are placed on the 92.10 and an estimated area of 93.00 will be under test.
In my view the dollar is taking a breath. Data are expected for today's real estate sector and are not considered to be encouraging. DOLAR may soon go back. It is estimated that the data will fall today and that will produce volatility, while several analysts trying to decipher the trend will continue after the U.S. currency this sigh.
GBP / USD

Resistance 3: 1.4450
Resistance 2: 1.4380
Resistance 1: 1.4310/20
New York: 1.4209
Support 1: 1.4090/1.4100
Support 2: 1.4000
Support 3: 1.3950/60
Comments
The pair came under pressure following the publication of the minutes of the BCI. The pair should soon reach 1.4500 on 1.4700 and close to keep the bulls happy. Stops are placed on 1.4310. The resistance level is at 1.5000, but stops are placed on the ceiling. Follows a two-way trade and volatility looks. Several operators are still putting on short positions.
Thursday: Times EASTERN (-5 GMT)
4:30 am GBP Public Sector Net Borrowing
4:30 am GBP Prelim M4 Money Supply m / m
12:00 pm GBP MPC Gieves talk

EURO / USD

Resistance 3: 1.3080
Resistance 2: 1.3020/30
Resistance 1: 1.2990/1.3000
New York: 1.2590
Support 1: 1.2550/60
Support 2: 1.2500
Support 3: 1.2480

Comments
The pair fell to new minimum weekly. There were significant operators trading in the evening. The pair failed to remain in the area of 1.2600. If the pair falls is buying opportunity. We observed a two-way trade. There were sovereign trading. The technical level is maintained at 1.2920/50 and expected resistance.
Thursday: Times EASTERN (-5 GMT)
4:00 am EUR Italian Trade Balance

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