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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