After spending well over a week bound to a tight range, oil on the NYMEX pushed above its frequented range top around $80.50 and forged a high at levels not seen since January 18th. This is a notable statistic for a high; but the sustainability of this trend extension is still under questions. 

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The Bank of England is widely anticipated to hold the benchmark interest rate at 0.50% in March and maintain the option to increase the scope of its asset purchase program as policy makers continue to see a risk for a protracted recovery.

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The pound has started to consolidate after yesterday’s sharp fall lower on the back of disappointing mortgage approvals. Signs that credit markets remain tight have fueled speculation that the BoE will add to their asset purchase program at Thursday’s policy meeting.

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The RBA raised rates for a fourth time at a time when other central bank’s remain at record lows, making the Australian dollar the undisputed high yielder. Paired with the yen-which is becoming the funding currency of choice- makes this the clear carry trade pair. Therefore, risk trends will have considerable sway over price action and must be taken into consideration when trading the AUD/JPY.

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The cost of protecting Greek government debt against default fell to 310,000 euros per 10 million euros of exposure, according to five-year credit default swap prices from CMA DataVision on Tuesday. …
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The British Pound weakened against the greenback for the sixth day as investors scaled back their appetite for risk, with the exchange rate slipping to a low of 1.4854 during the overnight trade….
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Equities: European equity markets have put in a mixed morning session with initial strength surrendered, only to be recovered all within 60min of trading. Positive sentiment from US and Asian trading set the theme for today’s open as earnings season ……
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As long as the support at 1.3450 survives some longs from 1.3510 shall be considered but with no more than 30 pips of stop loss order as firmly breaking the last thorough at 1.3430 may easily fall toward at 1.3380. On the other hand, there is strong poss…
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Today#8217;s support: - 1.3500 and 1.3472(main), where correction is possible. Break would give 1.3457, where correction also may be. Then follows 1.3429. Break of the latter would result in 1.3407. If a strong impulse, we would see 1.3385. ……
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