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14 May 2013

Forex Flash: EUR in focus following ECOFIN – Investec

FXstreet.com (Barcelona) - With EUR/USD back above 1.3000 and with successful and encouragingly low-yielding Italian bond auctions yesterday morning, Europe remains in focus today. The next troubled member state flogging its wares in the bond market today is Spain with up to €4.0bn of relatively short-dated issuance going under the hammer.

According to Lee McDarby, Investec Corporate Treasury, “If we see a similarly low yield then GBP/EUR could break lower towards 1.17. A range of 1.1450 to 1.1850 has been in play since the sterling free-fall, which we witnessed at the turn of the year. The recent move lower in sterling would suggest that GBP/EUR is more than comfortable in its current range.”

Despite the move lower there are still opportunities for euro buyers whilst we remain close to range highs. The ECOFIN Meeting in Brussels got into full swing at 8am this morning, so look out for headlines from Belgium to also have an influence over the single currency.
May 14, 2013

Forex: EUR/USD bounces back to opening levels

Despite having fallen to a daily low of 1.2946 in the wake of disappointing German data, EUR/USD managed to find buyers and recovered ground to trade nearly flat on the day.
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May 14, 2013

Forex Flash: 117.66 level puts wrap on Gilt selloff – RBS

According to Technical Strategist Dmytro Bondar at RBS, “Gilts reached support at 117.66, which might pause further weakness in the near-term, but remain bearish post 118.64 breakout and forming a gap around the level. The latter region of 118.61/64 has become a major resistance for the market.”
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