Portugal makes the headlines again!

Eurozone’s worries and disappointment from the BOE minutes benefitted the dollar. But this didn’t last long as US new home sales disappointed with a large drop.

Euro came under pressure on concerns that Portugal will require a bailout after its parliament rejected minority government’s austerity measures.

Bank of England MPC voted 6- as expected, and rates tone is pretty much the same from February. But the March meeting occurred before events in Japan and MENA, so April’s meeting maybe a lot more cautious which brought the sterling lower.

Japanese authorities noted the stock loss of the Japanese earthquake would range between JPY 15-25 tln.

It’s amazing how when you’re not watching the market for one day, trends and movements come about! We have some important data out today from the UK and the U.S which could move the sterling. Also on the Euro front, I think the Portugal issue should be monitored. My opinion though, I would look at this downward movement as a retracement rather than a trend change, and will hope to enter a long position once I get a trigger on my charts.

Data Today

UK Retail Sales – 9.30am GMT

Eurozone PMI Manufacturing – 9am GMT

Eurozone PMI services – 9am GMT

German PMI Manufacturing – 8.30am GMT

German PMI services – 8.30am GMT

US Core Durable Goods Orders – 12.30pm GMT

US Initial Jobless Claims – 12.30pm GMT

Happy Trading!

FxTaurian