Daily Commentary

GBPUSD- Cable has pulled back on the upside as expected,with it holding the 1.67 mark. We have seen okay GBP data such as the manufacturing PMI coming out at an expected 57.0 which is above 50 so this may have helped cable on the push on the upside. With cable remaining oversold for far too long, this move on the upside did not come as a surprise and it is currently around the 1.675 mark.

EUR/USD-  The pair has really hit some bad times, as it still continues to fall with the bears maintaining control. Poor German manufacturing PMI coming out at a lower than expected 52.3 from a previous and expected 52.9. All this bad news really is not helping the pair and seems to keep weighing it down, although with an ECB press conference coming up this Friday, if the ECB do take action, we should definitely expect some movement, potential a turn around on this consistent fall, depending on the outcome.

USD/JPY- Dollar yen seems to have made a move on the upside in recent hours, with Capital Spending (YoY) coming out at an impressive 7.4% from a previous 4.0% and expected 5.7%, we can safely say this would have helped push the pair up. With it just touching the 70 on the H1 RSI, overbought conditions may now be present, but with such good data will it matter? Japan struggling to defeat inflation, it has seen the fasted price growth since 1991.

GOLD- Gold has seen the biggest weekly decline in its price in 8 months, where the only weekly drop that can compare was back in September. With Russia pulling back most of its troops from the Ukrainian border, less fear is present and gold selling is in full swing. With Frank McGhee saying that people are beginning to ignore the worries of the slowdown in the US, money is flowing into equities, and in turn flowing out of gold. It has declined for 5 consecutive days, can it possibly keep dropping, or will it make a gradual return to the upside due to oversold conditions?

S&P- The S&P 500 has had a 9 day consecutive surge, people seem to be pumping their money into equities at the moment with the S&P at an all-time high. On Wednesday the federal reserve announced that it would not yet begin to scale back its quantitative easing asset purchase programme. This would have accounted for the big move on the upside for the S&P 500. Adobe being one of the biggest gainers, rising 9.2% to $52.58 after it announced it expects its subscribers to rise to 331,000.