#forexbreakfst focus forex (eng)
Last week closed with the dollar recovering against the major currencies. The move benefited from above-expected inflation, while it slowed after sub-expected retail sales data and the University of Michigan confidence report supporting the Fed’s cautious stance. The Eur / Usd exchange rate arrived in the 1.2182 zone and then stabilized around 1.215. Good week for the pound which appreciated against almost all major currencies. The British currency benefited from good macro data from the reopening. The monthly GDP data is better than expected. Furthermore, the rise in industrial production would confirm the recovery of the economy for the second quarter. Weak week for the Turkish lira, the Eur / Try exchange rate went up to 10.30, a new all-time high. A good week for the Mexican peso in the wake of statements by the Central Bank which, even if the interest rate was not touched at 4%, led to the prospect of a more restrictive monetary policy in the event of moderate inflation.
Unchanged week for the Eur / Usd exchange. Resistance 1.2184 stemmed from the upward pressures. Resistances and supports to monitor are the same as last week. A drop below 1.21 could pave the way for the 1.1941 area.
Euro / British Pound Sterling
For the first time in over a month, the exchange rate returned below 0.86. Fortunately, the support at 0.8616 stemmed the fall, confirming itself as the first support to be monitored. A break of it would pave the way for 0.8426 and 0.83. On the upside, the 0.87 area remains to be monitored.
Euro / Yen
Fourth week up for the Eur / Jpy exchange rate, which reached 133, the maximum of September 2018. The closest resistance is 133.12. Its break would pave the way for area 137.25. At the moment the trend remains on the upside. only a descent below 130 would give a sign of weakness.