Intraday Analysis from FXMarketAlerts.com
Receive FREE Weekly Strategies.Published at 05:18 (GMT) 21 Aug
Telegraph on August 18 - just for info - as some focus on this article. Telegraph: Lord Rothschild has taken a near-£130m bet against the euro as fears continue to grow that the single currency will break up. The member of the banking dynasty has taken the position through RIT Capital Partners, the £1.9bn investment trust of which he is executive chairman. The fact that the former investment banker, a senior member of the Rothschild family, has taken such a view will be seen as a further negative for the currency. The latest omen follows news in The Daily Telegraph late last week that the government of Finland is already preparing for the euro's break-up.
Sources close to RIT suggested that the position was not a dogmatic negative view on the euro as a currency, but rather a realistic approach on a currency that remains relatively weak.
On FX, EUR/USD relatively stable now, at 1.2358-60, finding bids at 1.2320-30/1.2290-00. Though good to watch the above bet from Lord Rothschiuld, given concerns over euro future as markets continue to receive conflicting signals - from ECB, Bundesbank, Germany and eurozone. EUR/USD offers 1.2380-00. huge stops below 1.2285. EUR/GBP at 0.7857-60 interest to sell on rallies, for break of 0.7820/0.7800. WL
