Cable Update (GBPUSD)

WASHING TOWN (Reuters) - President Barack Obama secured a landmark victory with the House of Representatives giving final approval to a sweeping wealthcare overhaul, expanding insurance coverage to nearly all Americans.

http://www.reuters.com/article/idUSN2017888120100322

I am out!

Cheeky short, just in case King is going to tank this. Expecting some downdrafts in this TCu

A little while before that spike, there was an inside bar on M15

we had probability on yur side..seems there to many in here trading every pip..i dont know how they survive..coming like slaughter to the lambs

the missle is cable

Toilets and internet connections mainly

--BOE King: MPC Expects GDP Data to be Revised Up Slightly

--BOE King Rejects Call to Publish Inflation Report Point Forecasts

LONDON (MNI) - After January`s data first quarter inflation is

more likely to be in line with the Bank of England Monetary Policy

Committee`s forecast and the MPC expects fourth quarter GDP to be

revised higher Governor Mervyn King said Monday.

In a speech on uncertainty in macroeconomic policy making King

highlighted the communication problems facing the MPC when it publishes

its quarterly forecasts. He rejected the call from some economists to

publish its suite of point forecasts - the mean median and modal

forecasts - at the same time as the report.

King argued that publishing the point forecasts could lead to

over-simplification and over-interpretation of the MPC`s forecasts.

Q1 Inflation On Track

The January inflation data showed CPI came in at up 3.5% on the

year. In its February Inflation Report the MPC forecast CPI would rise

to average 3.3% in Q1 on both flat and unchanged interest rates. The

3.5% CPI outturn in January entails a couple of 3.2% results in January

and February would put CPI in line with the BOE`s projection.

King said the January data "showed that inflation had indeed risen.

So it now looks even more likely that inflation in the first quarter of

2010 will be close to the middle of the MPC`s fan chart."

The February Inflation Report also showed the MPC expected Q4 GDP

to come in above the then latest estimate from National Statistics.

King said the probability fan around historical GDP data "reflects

the fact that economic data are frequently revised over time - sometimes

heavily."

"The MPC believes it is more likely than not that the current

vintage of data will be revised up slightly. But the big picture of a

large decline in output is likely to remain even in the mature data" he

said.

The BOE Governor restated his view that although at first glance

the MPC forecasts look optimistic on growth with some strong

year-on-year rates this is a misleading.

"The reality is that even if growth rebounds the level of activity

is still very likely to remain weak for a considerable period compared

to the peak at the start of 2008" he said.
3/22/2010 11:30:38 AM

BOE King

Data Show Q1 CPI Likely Near Middle of MPC Forecast

2 of 3
"The economic environment is likely to continue to feel far from

normal for some time. After all it is ultimately the level of activity

rather than its growth rate that matters for employment and the degree

of inflationary pressure" he said.

King Rejects Analysts Call For Point Forecasts

Some leading financial sector economists have been sharply critical

of the BOE`s refusal to publish its mean median and modal forecasts at

the same time as it publishes the Inflation Report.

The analysts believe a table of key summary statistics would

facilitate understanding. At present economists and the media are

reduced to measuring fan charts to try and extrapolate the MPC`s modal

forecasts and estimating mean and median forecast involves more

guesswork.

The BOE does publish these forecasts a week after the report is

issued and King is opposed to simultaneous publication.

"We fear that if we make such statistics available all of our hard

efforts to communicate the outlook as a whole get washed away in an

extreme focus on point estimates" he said.

"We do not want media commentators to summarise that outlook in a

single number preventing us getting the broader view across" he added.

He also argued that focussing on the point forecasts risks giving

the impression the MPC has a higher level of knowledge about the

likelihood of various outturns than it has.

"The MPC`s concern is that early publication of the numerical

parameters risks not only trivialising the policymakers` overall view of

the economy but misrepresenting that view by being overly precise"

King said.

The MPC however is looking at ways of changing the presentation

of its forecasts by providing additional information.

King did acknowledge economists` criticism that it is hard to

compare the MPC latest inflation forecast with its previous ones.

"One idea that we are investigating is to show charts of the MPC`s

view of the probability that inflation will be above the 2% target at a

particular point in time ... Such a chart does speak to the whole

distribution and it facilitates easy comparison with the previous

forecast round" King said.

The problem with this approach is still that "it assigns a precise

probability to a given outcome" again attaching spurious precision to

the MPC`s collective view.

He said another alternative the MPC is considering is to publish "a

probability ribbon" showing "a range estimate of the probability that

inflation will exceed target."

This would state for example that the MPC believed the chance

that inflation would be 2% or higher in Q1 2011 at between 15% and 20%.

--London newsroom 0044 20 7634 1655; email: [email protected]

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ooops forgot chart.

azim u know im killing that FB game farmville well a stray bull is on my farm..BAHAHAHA

GOOD JOB BRO!!

bro l like the color of the chart sexy royal

man he is watching u get u grren ones and run

if that fails the retest @ 5050 I think the way to the north is plain

..

Thanks bro
lol .. i got the bears in my back pocket
The "bears" who are trapped in sells from below 4990, all you have right now is a prayer because if price punch thru dp, you're dead. I will pray for you ....


hehe. my position is now flat. good luck to all

no, 5080 must be cleared.

ha ha ha http://www.stanart.com/BearBull.JPG

aye .. royal blue is the colour for us sultans of swing