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Christine Allen spends an evening at The Shamrock Rovers Academy at The Roadstone with Head Coach Keith Coffey and his Under 17s side
Ahead of the publication of US CPI on Wednesday, the dollar traded mixed on Tuesday after it had bounced back to re-test a key broken support from undeath at around 102.60ish on Monday. This level has now turned into resistance, with the dollar index finding additional resistance from the 21-day exponential moving average.
This morning saw the GBP/USD break sharply above the 1.25 handle and we think the EURUSD is going to follow suit by breaking the 1.10 handle soon. Like the cable prior to its breakout, the EUR/USD has been consolidating beneath this key hurdle for a while now. If it wanted to go lower, it shouldn’t have been consolidating in a bullish manner, making interim higher lows and chipping away at 1.0930ish resistance.
Assuming the calm in Europe continues, then investors’ focus will return to monetary policy. The divergence in monetary policy between the Fed (becoming dovish) and the ECB (remaining hawkish) points to appreciation in the EUR/USD exchange rate.
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