Foreign Exchange - Pounds Sterling and Euro Exchange Rate Outlook
The euro exchange rate rose from a spike low at 1.3721 early in New York to 1.3747 at the close, not really a convincing move. Overnight the euro high was only 1.3801 and since then, the euro rate slid to a low of 1.3679.
This would seem to suggest that the market is not impressed by whatever the upcoming announcement may have to offer. We are surprised - normally the forex market likes announcement effects and the ensuing tussle over whether it’s a credible announcement.
Japan is having a holiday today. Pounds Sterling dipped as low as 1.5555 overnight but is staging a recovery this morning on Middle East and Asian sovereign demand, according to Market News. All our long-term models switched back to a selling pounds position yesterday.
Bye for Now
Barbara Rockefeller
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2 comments:
The problem still is that the dollar is seen as a "safe haven" after Europe has proven an even greater mess than the US. Howver, this is the choice between the frypan and the fire, the US being equally underfunded and fast proaching government bankruptcy.
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