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Hi everybody! Welcome back. As every month lately, is time for rate cuts in Europe and England. Both regions are entering into serious recession, and conditions are worsening day after day, just take a look at these last days reports: production is falling apart, employment, consumer confidence, and the list continues, it’s like a never ending domino line. However at this point, I believe England is in worst shape, yet more proactive to solve the problems. Both majors currencies are heading down and despite we are seeing some pricing in of the 1 point in England and 0.5 basis point in Europe cut expected from the beginning of Asian session, we will see some wild movements during the cuts release and later, with Mr. Trichet, ECB president speech; just remember lately, market is caring less of the dovish/hawkish stance of the speech, as he spend too many months claiming for inflation and almost ignoring growth, and now seems he reacted a bit too late. I will be posting the technical levels to take care of in a couple of minutes, for both majors. You can check time and other news, following next link:
http://www.fxstreet.com/fundamental/economic-calendar/
See you right away. Have a great day!