The GBP/EUR rate is bashing it’s head on technical resistance. A level it’s reached 7 times in the last 4 months before retracing back. We did see a brief moment over this rate in August but it was relatively short lived. What this shows is the overall strength of the Pound this year versus the Euro. Each retracement or profit taking has been quickly followed by a resurgence in strength. This particular testing of resistance is quite pronounced so eyes will be on whether it finally breaks through and heads into another bullish phase or if it fails and drops towards the bottom of the technical range again.
The same can be said about the Swedish Krona that’s still towards the top of it’s trading range versus the Euro indicating a possible good time to be moving Krona to Euro’s, a function we do often here at Regency FX.
With respect to the Euro there’s retail sales data out from the Eurozone this morning that could have an effect versus the Pound and the Krona so we will be watching the update avidly.
Pound versus the dollar remains the same as yesterday. Not as strong as versus the Euro, but it has picked itself up from the recent lows. Employment data out from the States this afternoon could have some bearing on the rate.
Going into the early hours there’s a raft of Japanese data that could bear on the Yen rate and the Halifax release their House Price update at breakfast time tomorrow. Generally house prices haven’t had huge bearing historically. However, with the meteoric rises seen in the last 12 months these numbers will have more gravitas than usual.
As ever we look forward to keeping you in the loop and look out for our next update.
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Today’s Economic Calendar
EUR: 10:00 Retail Sales
US: 13:15 ADP Employment Change
JPN: 02:00 BoJ’s Governor Speech
UK: 07:00 Halifax House Prices
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