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08/01-13   -   Press releases

New Year rally starting to fade

For the second morning in a row, financial markets have started the day on the back foot. The move started early in the Asian session where markets fell

despite excellent results for regional giant Samsung. The yen is on the rise again as investors switch to safer harbours. The pound is the weakest

currency so far today after BRC retail sales came in lower than last month.

Coming up today, we have European retail sales, and unemployment rate at 10.00, followed by Germany factory orders at 11.00. The British pound is weak

this morning, especially against the Japanese yen. The yen itself has been consistently weak since the end of November, but if that trend were to break,

it could break hard. The pound is medium term over bought, while the yen is medium term over sold. We are going against a strong medium term trend here,

but there is good potential for a downside move on the GBP/JPY here.

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