It was a fairly calm start to the week yesterday, with no data of any major significance and little new information for the markets to digest from the weekend. Rating agency Standard & Poor’s downgraded Greece to the level of “selective default” but the markets were unperturbed, needing no reminder of how serious matters have become there.
Today’s session should be a little more lively; we have a UK CBI realised sales figure released this morning, followed by some durable goods orders and consumer confidence figures out of the US.
STERLING/EURO: This pair traded pretty flat ahead of tomorrow’s cheap loan offering from the European Central Bank.
STERLING/US DOLLAR: After fading a little yesterday, this pair is back in pursuit of $1.59, which it should achieve this week.
EURO/US DOLLAR: A fairly tame attempt was made at $1.35 but you can expect this level to be given a sterner test.
STERLING/AUSTRALIAN DOLLAR: This pair was once again on the back foot having reached the top of its 2012 trading range.
STERLING/NEW ZEALAND DOLLAR: Sterling also retraced back down below 1.90 thanks to decent risk appetite in US trading.
STERLING/CANADIAN DOLLAR: After a strong week last week, this pair has fallen off by more than a cent from its 2012 highs.
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