European stocks remain in the red Monday with general currency flows thin from the US Holiday. The Australian Dollar (AUD) is holding firm around the 0.6850 (1.4600) areas vs the Euro (EUR) after moving away off 0.6780 (1.4750) levels late in the week. I wouldn’t imagine the Euro will be continuing its push into the 150.00 zone any time soon with the continued stresses of a recession imminent a biproduct of massive inflation and the ongoing energy crisis. The ECB will hike their interest rate 75 points later in the week to 1.25% which will create excitement and volatility, most of this rise is already priced into the weakened EUR however comments by President Lagarde will be crucial.
Current Level: 0.6842 (1.4615)
Resistance: 0.6970 (1.4900)
Support: 0.6710 (1.4350)
Last Weeks Range: 0.6783-0.6936 (1.4417-1.4741)