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Current Session: Europe - U.S.
GBP/USD
Forex Daily Analysis - CPI in UK and US - on tap today by ForexYard
A bullish channel 1.9723 - 1.9938 can be observed on the hourlies . A Doji on the 2 hour chart signals an upcoming reversal bullish trend that may convert to a breach of the next resistance level that is located at 1.9925. In case of breaking this level GBP will probably continue to strengthen and will test the 1.9971 R2.
- GBP/USD watch (II) by Tony Juste
- Check out how the currency moved on Live Currency Rates & Charts at FXstreet.com
- Follow up the most relevant Economic Data in the new Real Time Economic Calendar
- Be up to date with the Latest Forex News
- Read the comments to the latest market moves at our Forex Forum
Other Topics for this Session:
EUR/USD Briefing - Can EUR/USD go higher? by Nexum Capital Markets
Daily Forex Technical Report - Consumer Inflation to be the Theme of Today by ActionForex.com
Daily Technical Analysis - GBP: Surprisingly calm considering we are so close to 2.0000 by Mizuho Corporate Bank
Majors at a Glance
- EUR/USD
- Trades around today's pivot at 1.3547 with very tight range
04/17/2007 10:59 GMT - GBP/USD
- Continues to move up above third resistant level at 2.0029
04/17/2007 11:00 GMT - USD/CHF
- Moves down below second support level at 1.2103
04/17/2007 11:00 GMT - USD/JPY
- Trades around 119.35 after bounced at first support 119.18
04/17/2007 11:00 GMT
Analyst Sentiment Index (ASI)
Analysts Sentiment Index - GBP/USD
**Source : CMS Forex, Danske Bank A/S, FXstreet.com, Global Forex Trading Ltd. , Mizuho Corporate Bank
[ View ASI page ] [ View GBP/USD page ]
Charting the Market Movers
EUR USD, Hourly
GBP USD, Hourly
Top Market Movers Preview
US CONSUMER PRICE INDEX
| Date (GMT) | Event | Cons. | Previous | |
| Apr 17 | 12:30 | Consumer Price Index (MoM) | 0.6% | 0.4% |
| Apr 17 | 12:30 | Consumer Price Index Ex Food & Energy (YoY) | 2.6% | 2.7% |
| Apr 17 | 12:30 | Consumer Price Index (YoY) | 2.8% | 2.4% |
| Apr 17 | 12:30 | Consumer Price Index Ex Food & Energy (MoM) | 0.2% | 0.2% |
The Week Ahead - Retail Sales, CPI, Housing Starts and Industrial Production by BBVA Bancomer
March’s CPI inflation will surge to 0.7% boosted by higher gasoline prices. This will take the twelve-month change to 2.8% from 2.4% in the previous month. Core inflation however, will remain steady at 0.2% with the twelve-month change easing to 2.6% from 2.7% in February.
[ Full Story ]Wakeup Call on Forex Markets - US CPI figures in focus today by Saxo Bank
Top Market Movers Review
Germany ZEW SURVEY - ECONOMIC SENTIMENT
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Apr 17 | 09:00 | ZEW Survey - Economic Sentiment | 16.5 | 10.0 | 5.8 |
DATA SNAP: German ZEW Econ Sentiment Beats Forecasts (Dow Jones)
German business expectations strongly improved in in April, as a pick-up in the country's labor market is seen bolstering consumer demand, the Center for European Economic Research, or ZEW, said Tuesday. The think tank's economic expectations index rose for the fifth straight month, to 16.5 points from 5.8 points in March - well above economists' average forecast of 10.9 points.
[ Full Story ]- German ZEW economic index soars in April (FXstreet.com)
- German ZEW April economic expectations index +16.5 pts vs +5.8 in March (AFX News)
UK CONSUMER PRICE INDEX
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Apr 17 | 08:30 | Consumer Price Index (MoM) | 0.5% | 0.3% | 0.4% |
| Apr 17 | 08:30 | Consumer Price Index (YoY) | 3.1% | 2.8% | 2.8% |
| Apr 17 | 08:30 | Core Consumer Price Index (YoY) | 1.9% | 1.8% | 1.7% |
European Market Update - UK CPI Y/Y Breaks 3.0%; GBP/USD Breaks $2.00 by Trade The News
UK consumer prices and retail prices rose by more than expected to multi-year highs once again, exceeding estimates on all fronts. The key figure, CPI y/y breached the 3.0% level coming in at 3.1% prompting the Bank of England’s Mervyn King to send an explanatory letter to the Chancellor of the Exchequer.
[ Full Story ]- Read the CPI report at National Statistics
- CURRENCIES: Sterling Reaches 15 Year High After CPI Data (Dow Jones)
- Boe's King says MPC will look through short-term volatility UPDATE (AFX News)
- Forex - Pound hits 2-usd mark on strong CPI; overshadows euro zone data UPDATE (AFX News)
- Tony Juste, FX Advisor at FXstreet.com: "UK CPI data has triggered a major upside move in the GBP as the 3% mark has been surpassed, forcing the BoE to send a letter to the treasury, sparking hopes and speculation of further rate hikes in the short term and keeping a lot of pressure in the outcome of all this situation, as higher interest rates are undesired by major economic lobbies in the region." - FXstreet.com
Economic Events
| Date (GMT) | Country | Event | Actual | Cons. | Previous | |
| Apr 17 | 08:30 | UK | Consumer Price Index (MoM) (Mar) | 0.5% | 0.3% | 0.4% |
| 08:30 | UK | Consumer Price Index (YoY) (Mar) | 3.1% | 2.8% | 2.8% | |
| 09:00 | EMU | Trade Balance n.s.a. (Feb) | €-1.7B | -€5.0B | -€7.0B |
|
| 09:00 | DE | ZEW Survey - Economic Sentiment (Apr) | 16.5 | 10.0 | 5.8 | |
| 12:30 | US | Building Permits (MoM) (Mar) | 1.515M | 1.532M | ||
| 12:30 | US | Consumer Price Index (MoM) (Mar) | 0.6% | 0.4% | ||
| 12:30 | US | Consumer Price Index (YoY) (Mar) | 2.8% | 2.4% | ||
| 12:30 | US | Consumer Price Index Ex Food & Energy (MoM) (Mar) | 0.2% | 0.2% | ||
| 12:30 | US | Consumer Price Index Ex Food & Energy (YoY) (Mar) | 2.6% | 2.7% | ||
| 12:30 | US | Housing Starts (YoY) (Mar) | 1.500M | 1.525M | ||