Flight of fantasy
In the Tower of London lives a group of ravens that are enlisted soldiers of the UK, and have even been dismissed for bad conduct!
The week in review
The dollar is clawing its way back up after taking some heavy losses this week. The DXY dollar index steadied at a one week high on Friday morning as investors turn their attention away from US political scandal and a dovish outlook from the Federal reserve.
GBP’s outlook looks cloudy if the latest YouGov poll is any indicator. Sterling sank to a one-month low against the dollar as the Prime Minister’s Conservative Party take their 24-point lead down to just five points against the rival Labour Party.
Euro ran higher as we started the week after comments from German Chancellor Angela Merkel that the euro is “too weak” because of the European Central Bank. But even stronger PMI figures on Tuesday did not carry the single currency higher. Cautious Fed meeting minutes pushed euro higher on Wednesday, but once again these losses were pared heading into the long weekend. Two failed attempts to keep above the 1.12 threshold have kept a cap on euro for now, but speculative positioning tells us that investors are still betting on a stronger euro in the long run and EURUSD is still trading at a post-election high.
Have a great weekend!