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9 Feb 2016

EUR/GBP clocks fresh one-year high

The EUR/GBP cross rose to a fresh one-year high of 0.7787 levels as the British Pound failed to strengthen despite drop in the UK trade deficit figures.

Up for fifth consecutive session

The cross is up for the fifth consecutive session today. The British Pound has been offered due to risk aversion as financial instability means less prospects of a BOE rate hike. On the other hand, carry unwind triggered by risk-off kept the bid tone around EUR intact.

At the moment, the pair is trading around 0.7780 levels; up 0.30% on the day. Ahead in the day, the sentiment on the Wall Street could influence the pair.

EUR/GBP Technical Levels

The immediate resistance is seen at 0.78, which it taken out shall open doors for a rally to 0.7850 (50% of July 2013 high-July 2015 low). On the other hand, a break below 0.7755 (Jan 20 high) would open doors for a drop to 0.77 levels.

Feb 9, 2016

UK: EU membership too close to call – Lloyds Bank

Research Team at Lloyds Bank, notes that in the UK, David Cameron’s draft for a new settlement with the EU saw much media and political furore, as well as scrutiny from the business community.

FX: Measuring the stresses - Rabobank

Jane Foley, Research Analyst at Rabobank, suggests that 24 hrs ago the commodity currencies were among the best performers on a 1 day view but today, the CAD is still holding its ground but it is mainly the safe haven currencies including the JPY and the CHF which have been at the top of the board in reflection of the wave of fear that hit global banking stocks hard in yesterday’s session.