Its all about the trend

Thursday’s trading day was fairly quiet as no market moving data was due to be released. The only new news to report on are the comments made by U.S Fed Reserve Chair Janet Yellen, during her testimony at 3pm where she reaffirmed remarks made on Wednesday, sparking doubt over the timing of potential future rate hikes.

The see-saw effect on the 3 majors is definitely in effect. Dollar is weak and at the bottom of the see saw with the Euro comfortably in a strong position at the top, having a knock on effect on the Pound which sits in the middle, moving sideways and almost on par against the Greenback but feeling the pressure against the Single Currency. To sum it up, last week the Euro made the biggest weekly gain against the Dollar in nearly 5 years which just highlights market sentiment is with the Euro and Pound/Euro has dropped another 4 cents already this week.

The day ahead
Today brings a few more data releases than yesterday. Euro GDP this morning at 10am followed by US Retail sales, US Retail control and US retail ex Autos data due just after lunch time at 1.30 this afternoon.

As ever, if you have an upcoming requirement then please do get in touch with one of our friendly account managers sooner rather than later to discuss the best options and contract types for your transfer to prevent any further losses.