19 Nov 2007

1. News: A series of forthcoming 'downbeat' data releases will not necessarily lead to another interest rate cut, Federal Reserve Governor Randall Kroszner has warned financial markets.

There are no major news both from the UK and the US today.

2. Stock Market: In relative to the US, the European market showed weakness on Friday. The FTSE was down by more than 1%. The DOW was down and recovered only in the last hours of trading.

3. Major Currencies:The USD showed no sign of strengthening against the major currencies.

4. Technicals: From the daily chart, CCI did not go into an oversold position. WMA5 rebounded off EMA100 and head straight towards EMA55 and will attempt to clear it. Should it clear it, price will go towards EMA21 at 2.0655. Likewise, the attempt may failed and GBP will go towards EMA200, should WMA5 clear EMA100. The support line is at 2.0400.

5. Personal Assessment: No major news today. The market may consoldiate after last week dip. A uptrend is possible depending how WMA5 perform.