The Euro Reflects Uncertainty
The European sovereign debt crisis has significantly impacted liquidity and the global banking system. It is not (yet) as bad as in 2008, but the strains are intensifying. The Euro touched a low of 1.2520 during the week, but it was able to bounce of its lows, and hold monthly trend line support.
UK Elections Make Their Mark
The indeterminate UK election outcome has crushed sterling. It fell 2% against the US dollar in the morning after the election on Thursday. It was off closer to 3% against the euro. The hung parliament has created additional uncertainty at a time when the European debt crisis is taking the headlines and creating anxiety in the markets. The pound move through daily support but bounced to close very close to it.
William Pars
w.pars@extocapital.com
Exto Capital
The European sovereign debt crisis has significantly impacted liquidity and the global banking system. It is not (yet) as bad as in 2008, but the strains are intensifying. The Euro touched a low of 1.2520 during the week, but it was able to bounce of its lows, and hold monthly trend line support.
UK Elections Make Their Mark
The indeterminate UK election outcome has crushed sterling. It fell 2% against the US dollar in the morning after the election on Thursday. It was off closer to 3% against the euro. The hung parliament has created additional uncertainty at a time when the European debt crisis is taking the headlines and creating anxiety in the markets. The pound move through daily support but bounced to close very close to it.
William Pars
w.pars@extocapital.com
Exto Capital
