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Is the ECB Starting a War? Ben Bernanke gave his semi annual speech today at the Senate Banking Committee. He supported the Fed’s extensive asset purchases, stating that the expansion of QE means less risk of inflationary pressures. US Consumer Confidence, published today, was well above expectations. The recovery in the housing market has helped to boost confidence among US consumers. The French Minister of Industrial Renewal, Arnaud Montebourg, started the day by saying a few things to the ECB. For starters he urged the ECB to weaken the Euro and join in the currency war, as in so doing he believes it will help address the economic crisis in the region. Montebourg went on to say that the ECB should be more proactive in their political management of the currency. He argued that they should be putting more effort into sorting out the public finances rather than simply lowering taxes. The concern now is that the on-going elections in the Eurozone may deepen the European debt crisis. Is Montebourg merely saying these things because he is afraid the currency will hurt France?( A consolidatory session as markets pause for breath. Euro/USD: A rather quiet and consolidatory session which saw the Euro trade between the relatively narrow parameters of 1.3123 and 1.3018. This choppy sideways performance finally came to a close around the 1.3070 region. GBP/USD: Recent GBP losses continued to be digested today with prices enjoying a period of correction and reconsolidation. After opening in the 1.5167 area values rallied to a peak of 1.5220 before slipping back once more but only as far as the 1.5115 area where fresh buying was encountered. This market finally closed in and around the 1.5136 region. Euro/JPY: A further choppy but sideways action from the Euro today with movements being restricted by resistance in the 12137 area and weakness being cushioned at 11904. The European session finally came to a close in and around the 11964 zone. GBP/Euro: Recent GBP weakness continued in corrective/consolidative phase today and after opening around 1.1594 prices rallied to test resistance at 1.1662 before tracking sideways for the balance of the session. Dips were cushioned by support at 11562 prior to finally closing in and around the 1.1571 zone. About Vantage FX UK Vantage FX UK is a FX trading broker based in the City of London, providing forex services to clients in the UK, the EU and the rest of the world. Vantage FX UK supports a rewarding Introducing Forex Brokers (IB) program to individuals and corporate clients across the globe. The program enables the Introducing Broker to collect commission by introducing new business to Vantage FX UK. The compensation that the Introducing Broker accumulates can be based on trading volume or funded accounts. What sets Vantage FX apart is its wide range of services and outstanding level of customer support. The company strives to provide an intuitive, interactive Forex experience by continually innovating and taking advantage of the latest trading technology, such as MetaTrader 4 and Expert Advisors as well as extensive forex training.
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