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Trade idea: Why I'm buying the euro
Friday's could be a good day to buy the euro against the dollar, according to trader, Anton Hughes from Magick.nu. He says we've seen a muted reaction to Janet Yellen's testimony to Congress on Thursday when she said there was no end date yet for QE.
Anton points out that we had disappointing growth figures, notably from France this week and the recent interest rate cut from the ECB has had a lasting impact. However, his technical analysis suggests the euro has more upside this Friday and he's looking to enter the market at USD 1.3418 and take profit at 1.3498.
00:45 minutes
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