ForexGen | Euro, British Pound Retrace as Risk Trends Look Uncertain

The Euro and the British Pound pulled back from US session highs in overnight trading as mixed results on Asian stock exchange painted an increasingly uncertain picture of risk sentiment. UK Gross Domestic Product and German CPI are set to offer predictably dour results, with forex traders likely looking past the European calendar to US releases for direction cues.

Key Overnight Developments

• Euro, Pound Pull Back From NY Session Highs

• Risk Trends Murky as Stocks Send Mixed Signals Overnight

Critical Levels




The Euro pulled back below the 1.30 level in overnight trading having reached as high as 1.3080 in during the US session. The British Pound followed suit, edging towards 1.53 having fallen over 200 pips from the high at 1.5534.

Asia Session Highlights




With no market-moving data on the economic calendar, trading in the forex markets took on a corrective tone overnight with the US Dollar recapturing a bit of lost ground after the sharp selloff in the US session. The greenback tumbled as risk appetite rebounded just before the opening bell on Wall St when the Federal Reserve announced it would commit up to $800 billion to boost credit access for consumers, homebuyers, and small businesses. The central bank said it would offer $200 billion in a program to extend lending directly to credit-seekers as well as spend $600 billion on buy up debt issued or backed by government-chartered companies like Fannie Mae and Freddie Mac. US Treasury Secretary Henry Paulson said the direct $200-billion facility was just a “starting point”, stressing that “It’s very important that lending continue to be available” in the absence of private firms’ willingness to dole out loans.

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