Sterling has broken through various important support levels against the US dollar and is looking incredibly weak. The next major targets for sterling bears are $1.5300 and $1.4460. Capital Spreads quotes a price of $1.5422-$1.5423.
Ben Bernanke, the US Federal Reserve Chairman, addressed the US Congress yesterday after his original testimony date was delayed by snow. As expected he reiterated that interest rates in the US will remain low for an extended period. Investors were cheered by his comments and the market rallied yesterday afternoon. Low interest rates are good for equities and we could see this strength continue. Capital Spreads quotes a price of 10,387-10,390 for the Dow.