Not around today but back tomorrow, sorry and Thursday is Canada Day.
Today is last day of the month and quarter and can be an odd duck day when currencies that have been beaten down get bought and currencies that have outperformed get sold. On that basis GBP, JPY and CHF may have a bad day and EUR, AUD get bought, etc. Also the last day of the month often sees a jump in EURGBP due to flow in the London session.
Good luck!
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ReplyDelete"the last day of the month often sees a jump in EURGBP due to flow in the London session."
ReplyDeleteNicola,
Not discounting the fact that there was a "jump" today, over the last two years of trading in EURGBP, the market has closed UP, on the last day of the month, exactly 44% of the time which shows that the odds are worse than random.
Actual stats over 25 months:
Up days: 11
Down days: 13
Neutral days: 1
Hi Tom
ReplyDeleteYes, I am not saying "up on the day" just up in the London session because the last day is when the UK Govt makes a big payment to Germany for the military bases and military salaries. Usually gives a 50-75pip jump which is OK for this pair.
Be careful of months that are bank holidays, for example Monday 31 May was UK holiday so you can see where payment went thru on 28 May.
ReplyDeleteTo be honest I don't use it to buy EURGBP on the last day of the month, more a case of I would not get long sterling or short Euro until I had seen it go through.