EUR/GBP - page 2
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From 0.83 to 0.93 (in one moment) in a month. Parity here we come?
It mainly depends on FED and ECB algos :)
One more "glitch" and we shall be at parity
It mainly depends on FED and ECB algos :)
One more "glitch" and we shall be at parity
UniCredit's Nielsen sees British Pound to Euro Exchange Rate Reaching Parity
Pound Sterling has moved higher against the Euro on Wednesday the 12th October but we hear any strength is likely to be short-lived.
Despite Sterling finally catching a break and snapping its October losing streak against the Euro the currency's direction is clear says the Global Chief Economist at UniCredit Bank in London.
Erik Nielsen believes that what matters now is not only whether the UK will maintain its access to the single market, but, more generally, policies on businesses.
UniCredit's team of exchange rate analysts confirm they remain bearish on the exchange rate over and above the 17% drop in sterling seen over the past three months.
But, their Global Chief Economist is a little more bearish.
Nielsen cites the Pound’s soft underbelly which remains exposed to the country’s current account deficit of about 5.7% of GDP – “which translates into a need to attract foreign capital to the tune of about GBP 10bn a month just to finance the over-consumption and to keep the FX stable.”
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It looks like it will retrace back to 0.8970.
EUR/GBP forecast for the week of October 17, 2016
The EUR/GBP pair initially tried to rally during the course of the week, but found the area above the 0.90 level to be far too resistive. With this being the case, it is likely that we will get a bit of a pullback from here, perhaps reaching down to the 0.87 level below. At this point in time though, I believe that the market will continue to find buyers on pullbacks though, so I’m not necessarily looking to sell, but rather looking for longer-term buying signals. A break above the top of the shooting star for the week would of course be very bullish.
Bullish here.
The British Pound to Euro Exchange Rate Firms, Short-Term Rebound Forecast but Longer-Term Outlook Weak
Pound Sterling is trading an increasingly compressed range against the Euro which hints at an imminent breakout and we believe the next notable move could actually be to the upside.
There were some perplexing media reports released over the past 24 hours that Sterling had fallen to a six-year low against the Euro.
Two major outlets reported that GBP/EUR had fallen below 1.10 and was trading six-year lows:
We thought we may have missed out on another flash-crash but on inspecting the data we can confirm the reports are somewhat fabricated.
While Sterling was subdued at the start of the week it did spend the day well above the flash-crash low of 1.06 and above the second-lowest rate of 1.0944 reached on the 11th of October.
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