Asian markets down on concerns over Italy and inconclusive elections

Fear that inconclusive elections in Italy could reignite the euro zone debt crisis is taking it's taking its toll on financial markets. Japan's Nikkei Stock Average (-2.26%), South Korea's Kospi (-0.47%), Mainland China's Shanghai Composite (-1.40%) and Hong Kong's Hang Seng (-0.89%).

The German DAX 30 (-0.27%) and the French CAC 40 (-0.12%) are signaling a lower opening ahead of a mostly empty European economic calendar, with Swiss employment data and UK inflation. The main focus of the day is Fed Bernanke's semi-annual testimony.

Feb 26, 2013

Forex: GBP/USD remains below 1.5200 on King’s speech

After climbing to levels around 1.5220 overnight, the sterling is now retracing those initial gains, trading back to the area of 1.5180 as BoE’s M.King is on the wires...

Forex Flash: EUR/USD next support at 1.2998 - Commerzbank

The EUR/USD returned to point of break down from its previous 3 month uptrend and collapsed lower: "We have an initial downside target to 1.2679/61, this is the 61.8% retracement of the move up from July 2012 and the November 2012 low", wrote analyst Karen Jones, pointing to initial support at 1.3075/3, the 38.2% retracement of the same move has already been reached. Below, there is 1.2998 then 1.2885/76 – the 7th December low and 78.6% retracement. "Near term rebounds should find initial resistance at 1.3180, 1.3260 and that the previous 3 month trendline should now act as resistance at 1.3336/48", she added.