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Weekly Currency Forecast

Weekly Financial UpdateThe pound has held up fairly well for the first couple of weeks in 2018. However, one thing for sure is that the movement in GBP/USD and EUR/USD has influenced STG/EUR. The USD has been the key.

Interest rates in the US were predicted to rise but it seems yet again this has been put on hold. The US has adopted a wait and sees approach, and that in itself is probably weakening the US unit a bit. This is giving the Euro and the Pound the impetus to move ahead, but just against the US Dollar!

Some positive news from the ECB helped the Euro last week. It seemed it was already priced into the market, but the Euro did manage to make some headway. Sterling, against the Euro did weaken a little because of the movements of the other pairs. Try as we might to not mention BREXIT, I’m afraid that is the main thing the market is watching and the main thing that will determine the pounds movement. However, if there is any positive news and a move higher, then, we still think it’s a good sell level –a good place to buy currency.

Sterling is still weak and BREXIT and political uncertainty will not help its cause. Look out for such economic data as the inflation figures this week. This is the sort of number that may show short-term direction one way or another. If the pound does move back up through 1.13 then this is certainly a good sell level.

Have a good week.

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The Premier FX Team

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