Will we see a breakaway from the MPC votes?
City Index August 20, 2014 2:41 PM
<p>It’s been a slow start to the week, with most pairs consolidating and waiting for news on the unrest in Ukraine and Middle East or […]</p>
It’s been a slow start to the week, with most pairs consolidating and waiting for news on the unrest in Ukraine and Middle East or data to guide the way. And so far we have had a lack of both.
With little news from Ukraine and the Middle East, risk was back on yesterday, giving some bounce in an otherwise risk off market.
Today we are seeing risk off again as the FX market has little news to react, with EUR/USD currently at 1.3366 and still in a downward trend. An expected German Zew is out later and is expected to be very weak on tensions in Ukraine. We could see this continue to the lows of the year again at 1.3330.
Cable is still just below the 1.6800 level. With little data out today, the currency could be in consolidation or more as a EUR/GBP trade today until we get the inflation report tomorrow from Governor Carney.
Supports 1.3302 1.3284 1.3255 | Resistance 1.3349 1.3378 1.3396
Supports 102.65 102.36 102.20 | Resistance 103.09 103.25 103.54
Supports 1.6578 1.6537 1.6463 | Resistance 1.6693 1.6766 1.6807
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.