Brazilian Real foreign exchange government announcing tax on certain investments in foreign exchange derivatives

Published on in Foreign Exchange News by

Foreign Exchange Overnight/Morning Ranges :

Rates EUR/USD 1.4268-1.4400

Rates GBP/USD 1.1355-1.1420

Rates GBP/USD 1.6293-1.6364

Brazilian Real foreign exchange currency has declined more than any other currency in a month it was reported yesterday. This resulted from the government announcing it will levy a tax on certain investments in Brazilian Real foreign exchange derivatives.

The pound rose to a 6 week high in Far East trading on Wednesday as markets again focused on the lack of deal to raise The US debt ceiling and the prospect of a credit downgrade or even debt default. However sterling  gave back all its gains after soft UK industrial trends to trade 0.7% down on the day.

 

Against the Euro sterling gained following the dip in EUR/USD and the pound is expected to follow the EUR/USD trend today.

 

EUR/USD Currently 1.4368 , Support 1.4275 ,resistance 1.4500

GBP/USD Currently 1.6337 , Support 1.6250 , resistance 1.6475

GBP/EUR Currently 1.1363  ,Support 1.1300 , resistance 1.1425

 

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