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Paid Signals for evening today

GBP/USD
Trend: Upward
Buy@ 1.4967 Target 1.4997 Stop 1.4937
Supports: 1.4978 - 1.4930
Resistances: 1.5015 - 1.5063

***Economic Data***

(US) MBA Mortgage Applications w/e Mar 5th: 0.5% v 14.6% prior

(IC) Iceland Feb Unemployment Rate: 9.3% v 9.0% prior

The dollar rose versus the Japanese yen and British pound on Wednesday, but the euro managed to erase an earlier loss versus the greenback after stronger-than-expected manufacturing data from France and Italy.

Former Italian Prime Minister and no stranger to yawning fiscal deficits, Romano Prodi said earlier today that the Greek crisis is over. Having weathered the storm and with less time pressing their own fiscal agenda, the former President of the European Commission said that other lesser indebted Eurozone nations will be spared the Greek-style drama. Signor Prodi sees no reason for other Eurozone members to falter from this point.

Forex trade has been really slow this week, with the majors pairs failing at the first support or resistance that came their way. The only exception is the pound, which has moved approximately 300 pips this week.

The JPY was weaker again into the late European session as US treasury futures sold off again and after another low inflation figure (the PPI this time) suggests that the BoJ will increasingly lean toward rolling out new quantitative easing measures to fight deflation, though the BoJ and MoF aren't necessarily on the same page as to how to go about fighting deflation, judged from the rhetoric that makes it to the press, at least.

Paid Signals for afternoon today

GBP/USD
Trend: Upward
Buy@ 1.4935 Target 1.4965 Stop 1.4905
Supports: 1.4948 - 1.4948
Resistances: 1.4985 - 1.5033

Asian markets were relatively flat today after a lackluster performance in US equities. Greek Prime Minister George Papandreou met with President Obama in Washington yesterday to discuss efforts to fight speculation.

Sterling once again stole the limelight this morning. After a weak start (which took it down to USD1.4888) on the back of yesterday's warnings from Moody's on the banking sector, cable found support as PM Brown gave an address on the economy.

ECONOMIC DATA

(TH) Thailand Central Bank maintained its Benchmark Interest Rate at 1.25%; as expected

(CH) China Feb NDRC Housing Prices: 10.7% v 9.4%e

News and Events:

Overall trading has been insipid in the Asian session, a testimony to the lack of real drivers out there. And while we have seen some decent volatility in FX, pairs have not broken out of mid-term ranges.

Previous session overview

The euro ticked up against the yen in Asia Wednesday, as Japanese importers buying the single currency on a regular settlement day set the tone of the market amid a lack of other trading cues.

The GBP has performed poorly overnight. Watch out for today's industrial production.

As there was slight sun peeping in through the window in Germany, since the nation was counting on exports for growth, we see today that this hope was sabotaged as exports fell unexpectedly which negatively impacted the nation's current account. Also from the nation, we saw that CPI inched higher beating estimates.