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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