ECB VP out with a scheduled speech 1 Sept
- ongoing cyclical EZ recovery is now broader and more consolidated
- strong worldwide reflationary phase that seemed likely at start of 2017 has Not materialized
Need a weaker ccy then mate. Been going up fine in the UK. Be careful what you wish for, As always.
- EZ now more resilient to shocks
- upturn is not only strengthening and broadening but its also starting to rest on more solid structural foundation
- Euro area recovery becoming increasingly robust but financial conditions may still deteriorate quickly
Caution and optimism from Mr C ahead of the ECB outcome next week.
EURUSD back up to 1.1902 with EURGBP rising to 0.9210 pushing GBPUSD down to 1.2921 after failing around the 35 area I highlighted after UK data.
Some easy jobbing pips to be had there.
