Free Trial

Comments suggesting EU may be open....>

EURO-STERLING
MNI (London)
EURO-STERLING: Comments suggesting EU may be open to an Irish back stop
adjustment provided a boost for sterling Thursday, allowed EUR/GBP to extend its
corrective pullback away from its recent high of Gbp0.9324(YTD high posted
Aug12) to Gbp0.9029, easing the rate outside of the base of its 1.0% 10-dma
envelope. Recovery met resistance at Gbp0.9060 before it closed around
Gbp0.9040. Analysts suggest that market may have over reacted to Thursday's
comments, the moves mainly seen driven by sterling short covering, with the
pound paring back those gains so far Friday. Cross has extended its recovery to
Gbp0.9066 and holds firm at writing, looking set to move back into its 1.0%
envelope, the base currently coming in at Gbp0.9069. A break here to expose next
resistance area between Gbp0.9090-0.9100, with the 10-dma currently at Gbp0.9161
behind.  
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.