China export levels hit lowest levels in 2 years

Published on in Foreign Exchange News by

Foreign Exchange Overnight/Morning Ranges:

Rates EUR/USD 1.4456-1.4552

Rates GBP/USD 1.5987-1.6095

Rates GBP/EUR 1.1008-1.1081

Data from China and Japan overnight has been poor with manufacturing numbers from China showing the slowest level of expansion in over 2 years as exports slipped. Industry is also constricted by the People’s Bank of China’s campaign against inflation that has seen gradual interest rate increases since the October of last year. Inflation has started to slow however which has shaded the negativity somewhat.

The Euro holds onto its gains as we end the week and technically further gains are now possible if we hold above $ 1.45 level. For the coming weeks the markets will focus on Obama’s push to raise the U.S. National debt limit. U.S. Treasury Secretary Geithner has hinted that he may consider leaving the administration once an agreement is reached with congress on the debt limit, his resignation would be viewed as a blow to Obamas administration.

Sterling remains under pressure

Sterling remains weak against most major pairings in sympathy with the weaker USD as stock markets add to the gains seen in the last 24 hours after the Greek passing of the austerity plans. Not helping the Pound today was PMI data which confirmed Britain’s manufacturers posted the slowest pace of growth in almost two years last month, a survey shows, as factories reduced hiring and new orders fell.

EUR/USD currently 1.4466. Support 1.4200, resistance 1.4500.

GBP/USD currently 1.6020. Support 1.6000, resistance 1.6300.

GBP/EUR currently 1.1078. Support 1.0850, resistance 1.1100.

Oil $ 94.73 Gold $ 1500

Dow +1.25% FTSE +0.14% Nikkei +0.53%

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