Wednesday, October 21, 2015

Pound sterling is in the doldrums | Hats off to those clever people at Google translate

While the Forex market marks time in anticipation of Mario Draghi’s words of wisdom later today, when he releases the ECB monetary policy statement and holds a press conference afterwards, it can be seen that the British pound against the US dollar is also in a something of a holding pattern. While the UK is not in the Euro, its currency can act in sympathy with the Single Currency, particularly given the importance of the trade links that exist between Britain and the Eurozone.

From the chart above it can be seen that Sterling against the US dollar has come to something of a solid wall of resistance at the 200 Day Exponential Moving Average on the daily chart. UK Public Sector net borrowing figures, which were released yesterday and which showed a healthy reduction in public debt, did nothing to change this situation. Today sees the release of UK Retail Sales. Perhaps there will be a pleasant surprise there for Cable (as the GBPUSD pair is known in Forex trading circles) bulls.

Hats off to those clever people at Google translate

The phrase on the left above appeared recently on the Dow Jones newswires. It stood out starkly against all the English (or more correctly American) headlines that were crossing the space. In the form it was in it meant nothing to us so, on a whim, we decided to see what Google Translate could do with it.  The result, which naturally came in a matter of milliseconds after a quick cut and paste, was as above.

We think this is very clever indeed. So hats off to the people at Google who have made it possible.

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