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Spread betting Companies - your foreign exchange rate market review PDF Print E-mail
Written by Will Peters   
Thursday, 15 September 2011 14:43

A look at the exchange rate markets with our currency analysis team.


Spread Betting Companies: Euro: EU Holds Cautious Outlook, ECB Advocates Stronger EFSF

The Euro extended the advance from earlier this week to reach a high of 1.3824, but the short-term correction may taper off in the days ahead as the fundamental outlook for Europe deteriorates. Indeed, the European Union saw a risk that the economy may come ‘close to stand-still’ towards the end of the year, and lowered its forecast for inflation as the balance of risk remains tilted to the downside.

The statement reinforced the cautious tone held by the European Central Bank and there seems to be an increased reliance on the ECB to address the risks for the region as the ongoing turmoil within the financial system bears down on the real economy.

In response, ECB board member Ewald Nowotny encouraged the EU to quickly strengthen the European Financial Stability Facility, and went onto say that the central bank may have to reconsider its bond purchases should policy makers fail to broaden the scope of the bailout fund.

In light of the recent comments, it seems as though the Governing Council has little choice but to delay its exit strategy further and the central bank may continue to soften its tone for monetary policy as the fundamental prospects for Europe deteriorates.

Spread Betting Companies is told that as the rebound in the EUR/USD fails to produce a test of the 61.8% Fibonacci retracement from the 2009 high to the 2010 low around 1.3890-1.3900, we may see the euro trade heavy throughout the remainder of the week, and the single-currency is likely to face additional headwinds over the near-term as the heightening risk for contagion continues to bear down on market sentiment.

In turn, the euro-dollar may fall back towards the 50.0% around 1.3500, and the exchange rate may trend sideways in the days ahead as investors weigh the outlook for future policy.

More currency news to come from Spread Betting Companies soon.


 

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A great piece of advice for those looking to get stuck into spread betting. While most spread betting companies love to push their index offerings, most traders fail to make money off them....

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