Euro sold on worse than expected German factory orders
Disclaimer: THIS MATERIAL IS NOT INVESTMENT RESEARCH AS DEFINED BY THE FINANCIAL SERVICES AUTHORITY
The Euro continued to suffer on the back of weak German factory orders coming in worse than expected showing a fall of 2.2% m/m versus consensus forecasts of an increase of 0.5% m/m.
As investors dived back into the dollar, the euro and sterling both felt the pressure. Yesterday EURUSD was sold from a high of 1.2814 to a low of 1.2676, GBPEUR rallied nearly 200 points from 1.1981 to 1.2179. Sterling remains volatile, yesterday traders pushed cable down to 1.5296. This morning we have seen a bounce back, against the dollar the pound had traded back up to 1.5484.
As a result of the somewhat weak recent UK data, sterling seems to be consolidating at current levels. However, from a longer term perspective, sterling continues to look buoyant against other major currencies. It is likely we will see some buying interest at slightly lower levels and a new rally is expected to develop.
Wednesday 08 September 2010, 10:30am
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