Start the Week with Coffee & Forex

In the FX markets, USD weakened pretty much across the board at the start of the week.

EURUSD is marching on up, with our target area at 1.4250-00 coming into view. We're shifting stops again, 1/2 position to 1. 4135, just under Monday's low, and the remainder just 20pips lower at 1.4115. Locking in profits is always a good idea with ongoing uncertainties and event risks coming up later in the week. 

EURGBP isn't doing much at the moment, but as we're expecting this to be a mid to long term position (unless our stop gets taken out quick, of course!), we'll maintain our stance for now.

GBPUSD is also heading up nicely, resistance coming in at the 1.6330-40 area (previous highs), so watch out for UK CPI coming out at 0930GMT later today. This might be a catalyst for further moves.

USDJPY hangs around 81.00 with no new incentives, so we'll keep be keeping an eye on this.

On the news front, everything's pretty much the same (Libya, Japan, missiles, nuclear plants), and as we all sit around trying to figure out what comes next, it's good to keep in mind what a wise one once said:

"Difficult to see. Always in motion is the future."

                                                                - Yoda

Peace