Borrowing costs for Italy and Spain rose to 14-year highs

Published on in Foreign Exchange News by

Foreign Exchange Overnight/Morning Ranges:

Rate EUR/USD 1.3961-1.4089

Rate GBP/USD 1.5905-1.5989

Rate GBP/EUR 1.1301-1.1408

Borrowing costs for Italy and Spain rose to 14-year highs, a symptom of the ever-growing unease surrounding the eurozone periphery. However, yields have calmed a little and the market did find a little comfort in the calling of an emergency meeting between finance ministers scheduled on Friday. Today’s session brings some UK claimant count data and some eurozone industrial production figures. The former looks set to disappoint, while the latter may impress, but wider concerns should dominate trading

Markets were relatively quiet last night, despite Moody’s cutting Ireland’s credit rating to junk status and the warning of a second bailout. Contagion fears are still rife in the Euro Zone as the Euro remains under threat.

Despite this, Asian central banks were seen buying Euros at yesterdays lower levels (rumoured to be for Euro debt purchases). The USD a little weaker as is Sterling after the UK claimant count for June saw the biggest jump in two years.

EUR/USD currently 1.4047. Support 1.3900, resistance 1.4200.

GBP/USD currently 1.5953. Support 1.5700, resistance 1.6000.

GBP/EUR currently 1.1332. Support 1.1100, resistance 1.1350.

Oil $ 94.32   Gold $ 1551

Dow -0.47%     FTSE -0.03%    Nikkei +0.37%


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