The euro and pound were unable to hold onto their recent gains and weakened against the U.S. dollar Thursday despite political turmoil in the Trump administration. The euro tested the 1.23-threshold but was able to stabilize above that barrier – at least for the time being. Short traders were able to pocket a good profit yesterday as we entered short as soon as the euro dropped below 1.2350.
The pound sterling still rejects 1.40 and thus, remains range-bound between 1.40 and 1.39. As long as there is no sustained break above or below that range, there is nothing new to report.
This Friday we do not have great expectations as the focus turns to the central bank meetings next week so market movements could be flat ahead of the upcoming risk events.
Traders may keep an eye on the Eurozone Consumer Price Index at 10:00 UTC and the University of Michigan Sentiment at 14:00 UTC. However, none of these reports is expected to have a significant impact on the currencies.
We wish you a beautiful weekend!
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