The EUR has found support against GBP around 1.27 and the question now is whether it can make any sustained inroads against the Pound? The EUR still sits close to a two year low against Sterling but I do not expect this trend to continue indefinitely, which is why anyone buying EUR should be considering their position around the current levels.
Eurozone data this morning was mixed and did little to lift the markets. The release of tomorrow’s Eurozone inflation and unemployment data is now likely to be key in determining the next major move for the single currency. Personally I still feel the EUR is being handicapped by too many outside variables and stagnation inside the Eurozone region, which until resolved, is likely to keep the EUR on the back foot against the other major currencies, in particular the Pound.
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