GBP/EUR Hits 1.20 (Daniel Johnson)

Last night saw the US interest rate decision. Janet Yellen the Chair Lady of the Federal Reserve indicated last year there would be as many as four rate hikes in 2016, none of which materialised. She has since been accredited as a very cautious Chair Lady and Trump is not happy with the lack of hikes. He went as far as to threaten her position.

Yellen’s hand seems to have been forced not only by this factor but also by the very positive data coming out of the US at present. It was widely expected there was to be a hike of 0.25% which did materialise. The Euro has suffered since against both the US dollar and Sterling as investors leave the Euro in search of safety and higher returns. The hike caused GBP/EUR to very briefly strike 1.20 but has since dropped back into the mid 1.19s. It seems the 1.20 mark is becoming a resistance point as demonstrated when GBP/EUR hit 1.2040 very briefly after the Italian prime minister resignation, Matteo Renzi. If you are buyning Euros short term it may be wise to take advantage of current levels.

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