The Euro strengthened further across the board yesterday on the back of strong German IFO figures but stayed around the 1.1800 level versus Sterling. This support coming from the CBI manufacturing data which showed orders rising to their highest levels since August and consequently giving the pound support.
The Greek situation goes on and on with us all wondering why the Euro has been so well supported so far this year. After all, the fallout from the second Greek bailout still leaves many pricing in the very real risk of a complete default. Traders also question the ability to effectively implement austerity measures. When we consider the lack of detail on the IMF contribution to the bailout, the upcoming Greek elections, the bailout hesitancy from the Bundestag, and the latest Fitch downgrade, there really doesn’t seem to be any good reason for the Euro to be doing so well.
US consumer confidents expected to rise later today on the back of better than expected job numbers so we may see further strength in the dollar. Presently trading around the 1.5800 level against GBP.
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Posted in Daily Market News on May 30 2014
We witnessed some sharp re-adjustments yesterday on the back of the MPC meeting with an immediate sell-off of Sterling. GBP/USD dropped below $1.5650 and GBP/EUR now resting around the 1.1800 level.
VIEW FULL ARTICLEPosted in Daily Market News on Feb 23 2012 by alex
Posted in Daily Market News on Feb 22 2012 by alex
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