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• Rouble is losing positions again in pairing with USD and EUR [11/10/2011]
• NZD: New Zealand Dollar is descending [11/10/2011]
• AUD: sales of Australian Dollar do not subside [11/10/2011]
• JPY: Japanese Yen remains in the narrow trade range [11/10/2011]

GBP: British Pound continues to creep down

At the Forex currency market the British Pound Sterling rate continues to decline gradually due to small quantities
 

Forex forecast: MACD indicator is in the positive area for the pair GBP/USD and started to go down giving a pair sell signal. Stochastic oscillator is giving a similar signal today, coming out of the overbought zone.

Forex recommendations: in case of breakdown at the level of 1.6220 traders’ targets will be the levels of 1.6190 and 1.6150.

The UK data released this morning showed that balance of production volumes in the manufacturing sector fell to 25 points in QI, as per EEF estimates, against the level of 33 points in QIV.

At the same time, balance of new orders in the manufacturing sector of Great Britain declined to 20 points in QI against the previous level of 32 points.

The data released on Friday showed that house prices in the UK fell lower that lower than it had been expected in February: -0.9%, according to Halifax, against the growth by 0.8% in January. The prospect for the real estate market remains not the most positive: low employment along with the expectations of the interest rate increase does not contribute to consumer interest.
The UK data released earlier showed that houses prices reduced by 0.2% m/m (-2.7% y/y), in February, as per Hometrack estimates. The Pound did not respond to the statistics, continuing to keep eye on the external background. The UK statistics released on Tuesday demonstrated that houses prices continued to increase in February – by 0.3% m/m, according to Natianwide estimates. At the same time the index reduced by 0.1% on annual basis. According to the experts of the agency, recovery remains weak and real estate sector is in no hurry to grow up.

The fact that different agencies demonstrate different data indicates lack of unified approaches in estimation of the real estate market.
It is worth noting that representative of the Bank of England, Bin stressed that current rise in oil prices is a serious risk to the recovery of the British economy.

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