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10 Apr 2015
Sterling records new five-year lows – BBH
FXStreet (Barcelona) - The Brown Brothers Harriman team comments on the price action seen in EUR/USD and GBP/USD as USD extends its recovery, and further reviews the data releases in the UK.
Key Quotes
“The euro has been pushed through the $1.06 level for the first time since March 18. Minor support is seen in the $1.0550-80 area.”
“With an uncertain political outlook and disappointing industrial production data, sterling is trading at new five year lows just above $1.4600. The $1.45 area may offer psychological support of questionable durability while the next important target comes in May 2010 low.”
“UK industrial output was softer than expected. rising 0.1% instead of 0.3% as the market expected. The weakness was concentrated in the oil and gas, which fell 3.8% while manufacturing output increased 0.4% as anticipated.”
Key Quotes
“The euro has been pushed through the $1.06 level for the first time since March 18. Minor support is seen in the $1.0550-80 area.”
“With an uncertain political outlook and disappointing industrial production data, sterling is trading at new five year lows just above $1.4600. The $1.45 area may offer psychological support of questionable durability while the next important target comes in May 2010 low.”
“UK industrial output was softer than expected. rising 0.1% instead of 0.3% as the market expected. The weakness was concentrated in the oil and gas, which fell 3.8% while manufacturing output increased 0.4% as anticipated.”