GBPUSD: Capped again yesterday by trend line resistance and the 50 per cent retracement level. Chart & Levels from Analyst, Nicole Elliott – Investors Chronicle.

 

GBPUSD SHORT TERM TRADER: Long at 1.2660; stop below 1.2475. Target 1.2900.

GBPUSD POSITION TAKER: Square.

Yesterday factory orders
Today Germany’s hit to industrial production

Data out this morning show a surprise collapse in November German industrial production, off 1.9 per cent on the month, and third consecutive fall, taking the annualised rate of decline to 4.7 per cent. The bulk of the damage was done by a 4.1 per cent fall in consumer goods, a 3.1 per cent drop in energy production, and a 1.7 per cent fall in construction products. Summed up nicely by Claus Vistesen of Pantheon Macroeconomics: ‘’Berlin, we have a problem’’.

South-Korean born former doctor Jim Yong Kim resigned suddenly yesterday afternoon as head of the World Bank; he leaves within a month. Scant details were for his decision were given, though the organisation said he ‘will join a firm and focus on infrastructure investments in developing countries’.

Financial Markets and Political Commentary
 

Tags

, , , ,

Related Posts

About the author

High profile, trusted, veteran Technical Analyst with over 25 years’ banking experience. Key expertise in all areas of Treasury, especially foreign exchange, derivatives, fixed income and commodities. Acknowledged for personal contribution to new developments in the industry. Well regarded by the media for provision of accurate forecasts, succinct copy and entertaining sound bites. Thrives in dealing room environments – excellent interpersonal skills and a strong communicator with extensive business contacts. Looking for suitable and interesting opportunities.