Last week dollar-yen was the biggest mover

Foreign Exchange - Pounds Sterling and Euro Exchange Rate Outlook

The US dollar exchange rate is continuing upward against the majors this morning, on a course to test the recent euro exchange rate low at 1.2513 from Feb 18 and then 1.2329 from Oct 28. Sterling has dropped to nearly 1.4000 (the "George Soros number") from nearly 1.5000 on Feb 9 and it is now a little under the Fibonacci 62% retracement of the move up from 1.3504 from end-Jan. A breakout of the 62% level implies a full run back to 1.3504. Only against the yen is the US dollar rate dipping, although that is seen as a normal correction of what was a huge rise from 87.10 in Jan to 98.72 last week. Last week dollar-yen was the biggest mover, from a low of 92.74 on Monday to a three-month high of 98.70 on Thursday - it’s allowed a rest for profit-taking and re-thinking.

Pounds to US Dollars = 1.4019
Pounds to Euros = 1.1146
Euro to Pounds = 0.8965
Pounds to Australian Dollars = 2.1215

Bye For Now

Barbara Rockefeller
Foreign Exchange Trading
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