Euro Exchange Rate should make a new low before new high

Foreign Exchange - Currency Outlook

The best euro rates made a run-up on Friday to 1.4120 off the Thursday low at 1.3885, but the high failed to match the previous high at 1.4138.

Does such a small amount matter? Yes.

Failure to make a higher high usually implies that next we test the downside at the previous low, but this is a very strange market. It’s also a bad week with the US on holiday on Friday. This time the bond market doesn’t close early on Thursday but that probably doesn’t matter since the holiday mindset may hold sway all week. If the June pattern continues, we will get the us dollar rate up in the morning and down in the afternoon, or vice versa.

Overnight the euro exchange rate hit a low of 1.3980 as traders "probed for stops," according to Market News, but “Russian demand was then noted around the lows, with a UK clearer cited for the recovery back on to a $1.40 handle.” This suggests the market is thin and also reminds us that Russia is no friend of the us dollar exchange rate.

Pounds to US Dollars = 1.6330
Pounds to Euros = 1.1784
Euro to Pounds = 0.8489
Pounds to Australian Dollars = 2.0800

Bye For Now

Barbara Rockefeller
Foreign Exchange Trading
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