Once again there was plenty going on in currency markets. For an average trader perhaps the most notable were moves in GBP. Pound just continues to fall ever lower. By now everybody is used to low valuations of GBP-JPY and GBP-USD. Today Sterling made a new low against Euro, since the inception of common currency. Today moves are attributed to dismal UK retail and home sales. The same story as everywhere else…
Russian Central Bank announced that it will no longer defend Ruble at current level. This basically means they are open to currency depreciation. Ruble sold sharply as did Russian stock market, signaling strong outflow of capital. In US government pumped more money into AIG, bringing the total to date to 153 billion for this one company alone. With banks claiming their piece of the pie, and now automakers all out demanding help, the 700 billion rescue package will not last much longer. And then what? Nobody has an answer and I don’t want to think about it.
Meanwhile USD is getting stronger, with likely more upside potential. Since I didn’t post new trades here yesterday, there is nothing to report. At the moment I’m looking to get into EUR-NZD .

Plan is to buy at 2.2085 with a target of 2.2400. This pair  can move fast, so if this breakout happens, it might be a quick trade. Also, buying GBP-JPY of short term charts. 

Mike K.