The EUR is the strongest currency so far today with the GBP not far behind. The weakest is the CHF as traders rebalance after the sharp moves in the opposite directions for each currency over the last few weeks. The EURCHF, which traded as low as 0.9781 in the first few hours of trading, is pushing above the 1.0000 level currently. The move has taken the pair above the 100 hour MA (at 0.9958 – risk now for longs) for the first time since the exiting of the peg on January 15.
A snapshot of the The strongest and weakest currencies today as US traders enter.
The EURUSD took it on the chin last week after the 60B euro QE announcement on Thursday. On the opening , the currency reached below the next target level at 1.1109 on the back of the Greek election vote and the forming of an alliance, but the push below the key technical target, only lasted for one 5 minute bar before rebounding higher (see weekend video outlining the level: EURUSD here). Today, in Germany, the IFO business climate rose to 106.7 from 105.5., the current assessment and expectations were also stronger from the prior month.
In the UK, part of the improvement in the GBP is being attributed to comments from Kristen Forbes who said that rates may rise sooner than the market expects.
