Steven Woodcock. FX Analyst, Plutus FX, shares the outlook for the FX space, and mentions that the markets have traded in the direction of data, but moves have not been sudden like before.
GBP/USD: Kiss of death from Carney?
GBP/USD still trading heavy, EUR/GBP has managed to move about 0.70 which is keeping the pressure on cable. Woodcock expects the cross to dip towards 1.5250. Mir mentions how Carney’s comments might be the reason behind GBP/USD’s downside move. Woodcock explains how the Bank of England is not doing what it is supposed to do, the forward guidance remains in shambles.
GBP/JPY: Unable to break above 195
Has failed to break above 195, most sterling crosses look to have made a temporary top, notes Woodcock. He believes that GBP crosses might pullback lower and GBP/JPY might see a dip towards 184 soon.
AUD/NZD: sees downside potential towards 1.09
Commodities have remained under pressure and the Kiwi has faced the pressure. Aussie has shifted back to weakness. The AUD/NZD might head lower towards 1.09 area, forecasts Woodcock. Both AUD and NZD set to weaken but the Aussie might be in for some more weakness.
EUR/USD: Supported as Greek fears decline
EUR/USD has been more resilient this week due to ease in Greek fears. EUR/GBP remains preferred for trading the Euro, according to Woodcock. He further believes the single currency has been data-responsive this week.
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