Evening forex report
The German IFO surprised on the upside (again) with the 104.8 reading surpassing the 103.5 expected figure. Trichet was on the wires, pretty much saying that rates are ok where they are, rate cuts are not on the agenda, the EUR surged by a big figure+. This leaves 1.56 as support now, 1.59 back in play for 1.60 and then to 1.70/1.80. True, Trichet did say that he didn’t want excess FX volatility, hmmm… The Yen firmed as well which is leaving 99 in the sights, down to 97 for 95.70 again? Hmmm… EUR/GBP surged which left Cable backing away from the 2.00 break, the cross back to 0.7880 pressure for 0.79, then to 0.80 if the market takes the ‘everything is ok in the Eurozone’ mantra to heart. Again, this seems a bit of a stretch, but so far, the data is holding up. If the US durable goods figure disappoints later today, watch for the USD to really get taken to the cleaners.
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