GBP/USD: Pound is close to its strongest level against the euro since June last year..Chart from Analyst, Nicole Elliott – Investors Chronicle.

 

GBP/USD SHORT TERM TRADER: Small long at 1.4125; stop well below 1.4000. Target 1.4440.

GBP/USD POSITION TAKER: Square and looking to re-buy.

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Janet Yellen era ends Upbeat

At yesterday’s final FOMC meeting chaired by Ms Yellen minutes were positive: ‘Gains in employment, household spending, and business fixed investment have been solid, and the unemployment rate stayed low’ while inflation is expected to inch up to the 2 per cent target and then stay there. The Fed Funds target rate was not changed from its current 1.25 to 1.50 per cent as the risks to the outlook remained roughly balanced. Her successor, Jay Powell, will be signed in on Monday.

The youthful leader of Italy’s Five Star anti-establishment party, Luigi Di Maio (31), in London yesterday spoke to 30 or so fund managers about helping Italian banks claw back money owed to them by borrowers. Later, on Bloomberg television, he admitted that it was ‘taking 7 to 10 years’ to recover debts because of Italy’s ‘Byzantine laws’. Over in Spain its second-biggest bank, BBVA, yesterday reported a 90 per cent fall in Q4 2017 net profit. This is the time for European banks to reveal what’s inside the tin.

Financial & Political Commentary

 

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