Daily Insight

TorFX is a leading foreign exchange broker, offering ultra competitive exchange rates for currency transfers, and an in-depth analysis of the foreign exchange markets. Our customers benefit from an unrivalled personal service and substantial savings.

03 January 2006

Not much has been happening over the break...

Not much has been happening over the break, except for a return of sterling weakness which has seen cable fall back to 1.7200, GBPEUR to 1.4550. The underlying reason for the weakness is twofold. Firstly, the market is pricing in the likelyhood of an interest rate cut in the UK early this year. Secondly, a strong of weak UK data (manufacturing, GDP) all points to a slowing UK economy and weak growth.

The dollar has been firm, with EURUSD now trading around 1.1875.

GBPEUR - Support 1.4520 then 1.4470
Resistance 1.4600 then 1.4650

GBPUSD - Support 1.7250 then 1.7200
Resistance 1.7315 then 1.7410

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