199794 Resource 128466 128654 128654 1205826234665 1205826234665 Controlled European Mid Morning Update 18th March 2008 The market takes advantage of some peace before the FOMC <p><font size="1">There have been no releases in Europe so far.</font></p><p><br /><font size="1"><strong>The following economic releases are due today:</strong></font></p><p><font size="1"><strong>Q4 <br /></strong>Swiss Industrial Production&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;(YoY)&nbsp;&nbsp;&nbsp; &nbsp;+8.2%&nbsp;&nbsp;</font></p><p><font size="1"><strong>January<br /></strong>Italian Trade Balance &ndash; Total&nbsp;&nbsp;&nbsp; EUR&nbsp;&nbsp; -3410mn<br />Italian Trade Balance &ndash; EU&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR&nbsp;&nbsp; 697.5mn</font></p><p><font size="1"><strong>February<br /></strong>U.K. CPI&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (MoM)&nbsp;&nbsp; &nbsp; +0.8%<br />U.K. CPI&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;(YoY)&nbsp;&nbsp;&nbsp;&nbsp; +2.5%<br />U.K. CPI Core&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(YoY)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +1.4%<br />U.K. RPI&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(MoM)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.8%<br />U.K. RPI&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (YoY)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+4.2%<br />U.K. RPI excl mortgage&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (YoY)&nbsp;&nbsp;&nbsp;&nbsp; +3.7%<br />U.S. PPI&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (MoM)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +0.4%<br />U.S. PPI&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (YoY)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +6.8%<br />U.S. PPI Excl food &amp; energy&nbsp;&nbsp;&nbsp; (MoM)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+0.2%<br />U.S. PPI Excl food &amp; energy&nbsp;&nbsp;&nbsp;&nbsp; (YoY)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +2.1%<br />U.S. Housing Starts&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 995K<br />U.S. Building Permits&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023K</font></p><p><font size="1">The FOMC are due to announce their interest rate decision</font></p><p><br /><font size="1">And of course is the Fed&rsquo;s day again. It has already wielded the hatchet by hacking 2 &frac14;% from September and the market is anticipating a further 1% today down to a mere 2.0%. The intention is to reassure markets that it is willing to act aggressively but the collapse of Bear Stearns has undermined any support from this action. </font></p><p><font size="1">What may be more critical are the quarterly results from Goldman Sachs and Lehmans which are also due later today while Morgan Stanley reports tomorrow. The U.K.&rsquo;s telegraph newspaper warned that Goldmans could write down a further $3bn from assets. </font></p><p><font size="1">Others have suggested that Bush should use public funds to bail out Wall Street but Paulson has been firm on this point in not wanting to bail out bad business activity. </font></p><p><br /><font size="1">With FX liquidity beginning to suffer the risks are for continued volatility as the market plays pass the parcel with unwanted Dollar longs. However, with Nukaga&rsquo;s warning there is every bit as much risk on the upside if the central banks choose to intervene in thinner than normal markets&hellip;</font></p><p><br /><font size="1"><strong>Note important support and resistance areas:</strong></font></p><p><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USDJPY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EURUSD&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USDCHF&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GBPUSD<br />Res:&nbsp; 98.06-42&nbsp;&nbsp;&nbsp; 1.5880-01&nbsp;&nbsp;&nbsp; 0.9955-85&nbsp;&nbsp;&nbsp; 2.0130-69<br />Res:&nbsp; 97.55-73&nbsp;&nbsp;&nbsp; 1.5790-14&nbsp;&nbsp;&nbsp; 0.9866-95&nbsp;&nbsp;&nbsp; 2.0044-88</font></p><p><font size="1">Spt:&nbsp;&nbsp; 96.67-84&nbsp;&nbsp;&nbsp; 1.5710-50&nbsp;&nbsp;&nbsp; 0.9770-85&nbsp;&nbsp;&nbsp; 1.9928-66<br />Spt:&nbsp;&nbsp; 95.71-25&nbsp;&nbsp;&nbsp; 1.5580-10&nbsp;&nbsp;&nbsp; 0.9703-40&nbsp;&nbsp;&nbsp; 1.9867-84</font></p> 9 application/xml false currencies Fed FOMC Forex FX goldmans interest rates intervention lehmans morgan stanley nukaga Thinking of trading currencies? Learn more about the Forex market http://www.gftforex.com/land/index.asp?aid=446 Mozilla/4.0 (compatible; MSIE 7.0; Windows NT 5.1; hc; .NET CLR 1.1.4322; .NET CLR 2.0.50727; MS-RTC LM 8) 127.0.0.1 127.0.0.1 ICopsey 202.216.243.97 false true false false true 128466 blog blogsite/GFTForex/web