UK Moves To Support Large Banks
U.S. Dollar Trading (USD) remained relatively unchanged against the majors with the market searching for direction. USD/JPY moves are creating a distortion in the market with risk aversion as a theme failing to impact as it once did. Weak/Strong US stocks are thus impacting the direction of EUR/USD and GBP/USD much less than usual with EUR/JPY and GBP/JPY failing to respond. Economic data overnight was weak with January Core Durable Goods Orders falling -5.2% vs. -2.5% forecast. Weekly Jobless also increased to 639K vs. 620k previously. Crude Oil closed up $2.72 ending the New York session at $45.22 per barrel. In US share markets, the Nasdaq was down -33 points or -2.38% whilst the Dow Jones fell -88 points or -1.22%. Looking ahead, Q4 GDP is forecast to be revised to -5.4% vs. -3.8%.
