The Pound continued on its buoyant run last week. As we mentioned this was mostly against the USD, which did happen but STG/EUR also caught up a little moving over the 1.15 level.
This was of course good for currency buyers and we felt the caution of the Pound moving down, had abated somewhat. Well, that maybe, but then that’s when it becomes pretty dangerous. The market thinks its on an uptrend and there is a correction. This certainly could happen to STG/EUR , especially with Inflation figures out on Wednesday.
However, get it while you can, as they say, and this is definitely the point with STG/EUR at this time. STG/USD meanwhile, looks like it will continue to push on and some commentators over the weekend were looking to the 1.44 level. Actually, we wouldn’t disagree with that. There is going to be some tension I the markets this week, what with the Syrian bombing and the situation in Russia. At times like that, investors usually flock to safe haven currencies. Problem is, the market is not sure which currency to use as the safe haven!
That is definitely news to watch out for, but don’t get too carried away with the STG/EUR up move. It more to be viewed as an opportunity to buy currency and in all honestly has not really broken any important resistance levels. That’s not meant to sound negative, but just an opinion and does not mean to say that STG/EUR may not go a bit further. However, if it does, then 1.16 this time is going to be near the top.
Hopefully enjoy the sun and have a good week.
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This article was updated on the 16th of April, 2018.