Morning Report February 26, 2014

ForexCT's Morning Briefing for 26 February 2014
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Headlines

Yen gains as Chine slowdown sparks concern
  • The Japanese Yen strengthened to 3-week highs against the Greenback overnight
  • AUDUSD drifts lower as US consumer confidence ebbs
  • UK bonds rose for a third day on US uncertainty; bolstering the GBP across most G10 currencies
  • Gold rises to 17-week high
  • US equities fall; Dow down 27 points
  • Tonight see's British second estimate GDP and US new homne sales

Chart of the day

Gold

This month, Gold has jumped 8.3 percent on its way to the largest monthly gain in two years and the first consecutive gain since August.

US consumer confidence fell more than forecast in February as home prices rise at a slower price, both signs that the US recovery is lacking momentum coming into the new year. This mixed with unrest in the Ukraine and emerging markets has led to global uncertainty which has buoyed the price of the precious metal.

As the move continues traders may eye off key resistance at 1361, a level which may be broken coming into next weeks NFP's.

Today's Events

 
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Posted: 2014/2/26 8:21:13