The GBPJPY rally from 192.60 is a correction. For one, the first leg of the rally is in 3 waves. Second, the extended nature of the decline from 242.60 argues that the GBPJPY decline from 251.10 will unfold in 5

In early March, Thornburg faced nearly $1.8 billion in margin calls since the beginning of the year. The lender said it was unable to meet $610 million in calls, which led it to look for new ways to raise capital.

Frontier Airlines Holdings Inc., the parent company of Frontier Airlines, filed for Chapter 11 bankruptcy protection late Thursday, becoming the fourth U.S. airline to seek court protection in less than a month.

The fourth time is the charm for the Euro as it finally pierces the 1.60 level against the US dollar. Despite slightly better than expected existing home sales in the US, a rebound in house prices, and news that the

For the second time in a row, the Bank of Canada has cut the overnight rate by 50bps, bringing the target rate to 3.00%. This is now the first time since 2001 - when Canada was last concerned about the

The market has responded to the rhetoric by sending yields higher and the curve has flattened markedly. This has apparently been exaggerated by a big unwinding of CMS steepeners (stop loss). It seems reasonable that the market reprices the risk

The Bank of Canada cut rates, as expected, by 50bps to 3.00 percent. The cut comes on the tails of a 50bp reduction last month and marks the first time rates have been cut so sharply and so quickly since

The Richmond Fed's manufacturing index tumbled to a reading of 0 in April from +6, as business activity slows on slumping domestic demand. Indeed, a breakdown of the index shows that shipments, new orders, and order backlogs all plunged, as

The Bank of Canada cut the overnight rate by 50 basis points to 3% citing the "sharp slowdown in the U.S. economy and ongoing dislocations in global financial markets" (with attendant tightening in credit conditions) and indications that "growth in

Sales of previously owned homes decelerated less quickly than expected through March. However, the restrained drop in sales is little consolation for the worst housing recession in over a quarter of a century. According to the National Association of Realtors'

The day was clear and with no major abrupt upon the current market sentiment. The focus was upon the US session and the housing data as for no ones surprise March existing home sales slumped 2.0% to an annual rate

Existing home sales dropped by 2% in March sending the annualized level down to 4.93 million units from February's 5.03 million level. The decline was almost-bang on market expectations. The monthly decline reflected a drop in single-family homes (-2.7%), although

The common currency established a new lifetime high. The pair gained ground following hawkish comments from two European Central Bank officials. ECB's Mersch said the prospect of a monetary tightening is "fully justified" while ECB's Noyer said the ECB will

The EUR/USD garnered enough momentum this morning to make fresh all-time highs above the 1.6000 level, but option barrier chatter and concerns over verbal intervention kept the 1.60 barrier intact initially. The euro's momentum was aided by several factors including

The US dollar remained weaker versus the euro as a US industry report showed sales of previously owned homes fell in March, reinforcing speculation the Federal Reserve will lower rates further from the current 2.25 percent at its next policy

No change in the view in eur/yen as the market continues to chop in tighter and tighter ranges since the July 2007 high at 168.95. Appear to be forming a large pennant/triangle over that time, generally considered to be "continuation"

We have altered the count slightly but the implications are the same. That is, the EURUSD is nearing completion of a 5 wave rally at multiple degrees of trend and the next move is back to the 1.4967/1.4310 zone. The

US Dollar got back from the six week top at 104.62 against the Japanese Yen, and the currency couple remains in consolidation phase. Therefore the short term downward trend remains intact for the time being. First support downwards is given

AUD/USD edges higher to 0.9463 in early US session and at this point, intraday bias remains on the upside as long as 0.9391 minor support holds. As discussed before, correction from 0.9496 should have completed with three waves down to

USD-CHF is continuing to receive Support at 1.0060. A break below it was anticipated however has not been seen. A test of the Resistance at 1.0140 has also held in the day and much upside beyond it cannot be seen