Investors look for short term bounce in the Euro after weeks of aggressive selling
Disclaimer: THIS MATERIAL IS NOT INVESTMENT RESEARCH AS DEFINED BY THE FINANCIAL SERVICES AUTHORITY
Last week’s cable low of 1.5534 has held firm, since then sterling has spent most of its time trading sideways against the US dollar. Today the pound has traded up to 1.5815 where it encountered some short term resistance. It is possible we may see dollar buying continue from these levels. Position traders will be looking to sell into short term cable rallies.
Investor are beginning to look to cover shorts on Euro positions as concerns over Greece are beginning to cool, it would not be surprising to see a short to medium term bounce from these levels. It is possible that the Euro’s heavy sell-off over recent weeks may have gone too far too soon. Clearly the longer term trend is down, structural problems still persist and investors will look to re-establish Euro shorts and higher prices.
Wednesday 17 February 2010, 03:57pm
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