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Weekly Currency Forecast

Weekly Financial UpdateNot so good economic figures and the no change in interest rate kept the pound pretty subdued last week. Although there was no real underlying weakness against the EURO, against a strong USD we did see a drop. EUR/USD was the main focus of the trading week; this pair dropping to mid 1.18s before a slight recovery. The USD really does not seem to know what it is doing, and the weak euro is helping show some short term USD strength.

Sterling meanwhile has been fighting off all political negativities and, although not as high as it could have been, it’s holding in there which may suggest a short term up move. However, we really cannot see it going too high and if there is a recovery for the pound then it’s likely to be against STG/USD.

For this week the economic docket is rather thin but most eyes will be on the states as there are some US figures out. The USD Dollar is still playing a major part in influencing the movements of STG/EUR and STG/USD. Look out for any news from the states and STG/EUR wise anything above 1.1450 is a good place to sell short term.

Have a good week

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The Premier FX Team

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