The situation is still far from clear on major currency pairs. The euro is failing to record another wave of appreciation, despite the record scored last week. On the USDJPY a support on 102,60 has been conquered last week sparking a sharp rise but today the Japanese currency is on the rise. The situation on the GBPUSD is increasingly mysterious. The British pound not only broke its positive correlation with other European currencies but seems to stepping in the negative correlation territory. It is still too early to judge if it’s a new phenomenon or just a side effect of the resistance slightly above 2,0.
After the “better-than-expected” earning results last week (at least on average) the S&P500 is just under a significant resistance (at 1395 points) and it will take another wave of good news to go through it. So far, investors in Europe seem to doubt in such prospects and cash their profits.
Przemysław Kwiecień  |
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