6EН1 Futures (Euro) and EUR/USD: an Expected Breather

Market Leader informed

The single European currency expectedly took a breather and corrected a little against the main uptrend. The corrective move reached about 70 pips. So far, there are no serious reasons for the Euro's fall. However, there is some interest in selling, especially given that buyers demonstrate some uncertainty while debt issues of most European countries still remain high on the agenda. The market dynamics are additionally adjusted by end of the financial year and profit-fixing before outcomes become known.

09.30 GMT today: Great Britain publishes its banking data; 15.00 GMT – US Wholesale Inventories.

GBPUSD volatility preview in advance of BoE interest rate decision

Market Leader informed

March 10th

09:30 GBP - Manufacturing Production

12:00 GBP - Asset Purchase Facility

12:00 GBP - Official Bank Rate

Tentative GBP - MPC Rate Statement

13:30 USD - Trade Balance

13:30 USD - Unemployment Claims

March 11th

09:30 GBP - PPI Input

13:30 USD - Core Retail Sales

13:30 USD - Retail Sales

14:55 USD - Prelim UoM Consumer Sentiment

20:45 GBP - BOE Gov King Speaks

The news background is not so rich in significant news releases. This week’s key event is Official Bank Rate (the decision is made by the Bank of England).

Confession of Bernard Madoff: what did the USA’s major swindler say to shock the entire financial world?

Market Leader informed

The greatest financial swindler of modern times Bernard Madoff gave New York Magazine another phone interview from his comfortable prison cell in North Carolina. The world media instantly spread around numerous quotes about the US government and their efforts to curb the crisis phenomena in the country.

According to the media, Bernard Madoff called the US government a financial pyramid while the efforts of Washington and the Federal Reserves were called ridiculous. The decisions made by the SEC are terrible while the new US regulatory reform is an anecdote.

Of course, the US authorities have given no comments on the matter so far. And they are not going to do it. So, only time will prove or disprove his worlds.

For investors: how much will crude oil cost?

Market Leader informed

 During the reporting week the US refineries used 80.9% of their production capacity, refining 13,8M barrels a day on average, which is 263K barrels less than during the previous week. The production of gasoline and fuel distillates grew during the week, reaching 9.2M and 4.1M barrels a day correspondingly.

Last week’s US import of crude oil made up 8M barrels a day on average, which is 96K barrels less than the week before. Over the last 4 weeks the import of crude oil has made up 8.3M barrels a day, which is 480k barrels a day less than the average value for the last 4 years. Last week the import of gasoline didn’t change and stayed at the level of 808K barrels a day. The import of distillates declined by 170K barrels a day.