Tuesday’s ETF Chart To Watch: CurrencyShares British Pound Sterling Trust (FXB)
The bears were quick to return on Monday as last week’s massive end-of-week rally created dozens of profit-taking opportunities. Selling pressures from Europe spilled over as lawmakers struggled to set a timetable for moving forward with the proposed unified banking sector over the weekend. Adding to the list of uncertainties, the Empire state index came in worse than expected; worries of a manufacturing slowdown resurfaced after the figure came in at -10.4 versus the previous reading of -5.9 [see also ETF Insider: Bulls Running Low On Fuel, Catalyst Needed]. With British inflation data slated to come out before the opening bell on Wall Street, our ETF to watch for the day is the RydexCurrencyShares British Pound Sterling Trust (FXB, B+). The British pound could experience volatile trading in the currency market following the latest economic report; analysts are expecting for the nation’s CPI to come in at 2.5% versus the previous reading [...] Click here to read the original article on ETFdb.com. Related Posts: ETF Insider: Set Your Stops And Targets Tight ETF Insider: Flirting With Resistance Is A Risky Game ETF Insider: Bulls Push Through Uncertainty ETF Insider: Earnings, The Fed, And Spain Oh My! Tuesday’s ETF Chart To Watch: CurrencyShares British Pound Sterling Trust (FXB)
The bears were quick to return on Monday as last week’s massive end-of-week rally created dozens of profit-taking opportunities. Selling pressures from Europe spilled over as lawmakers struggled to set a timetable for moving forward with the proposed unified banking sector over the weekend. Adding to the list of uncertainties, the Empire state index came in worse than expected; worries of a manufacturing slowdown resurfaced after the figure came in at -10.4 versus the previous reading of -5.9 [see also ETF Insider: Bulls Running Low On Fuel, Catalyst Needed]. With British inflation data slated to come out before the opening bell on Wall Street, our ETF to watch for the day is the RydexCurrencyShares British Pound Sterling Trust (FXB, B+). The British pound could experience volatile trading in the currency market following the latest economic report; analysts are expecting for the nation’s CPI to come in at 2.5% versus the previous reading [...]

Click here to read the original article on ETFdb.com.

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