This article was first published on Orbex Forex Trading Blog.
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
EURJPY Surges as ECB Props up Economy
The euro rose to a 13-month high against the Japanese yen as markets unwind their safe-haven bets. Broad optimism has found support from the ECB’s latest effort to stimulate the bloc’s economy.
The central bank raised its emergency bond purchase by 600 billion euros last week, higher than the 500 billion that markets had expected. The tide is turning in favor of the common currency thanks to a combination of political and monetary commitment.
The euro is approaching the May 2019 high of 125.20. In case of a retracement, 121.00 would be the first line of defense.
GBPCHF Softens as Brexit Talks Drag on
The pound’s latest advance has come to a halt as Brexit negotiations resumed. A post-Brexit trade agreement between the UK and EU is seen unlikely to be achieved anytime soon considering thorny fishing rights and application of EU regulations. Market expectations of protracted talks could depress the pound for the time being.
To keep reading this article, please navigate to: Orbex Forex Trading Blog.