Gang of Six Senators

Published on in Foreign Exchange News by

Foreign Exchange Overnight/Morning Ranges:

Rates EUR/USD 1.4132-1.4215

Rates GBP/USD 1.6068-1.6139

Rates GBP/EUR 1.1325-1.1402

 

The dollar managed to climb against the Swiss franc, pairing its losses against the euro on the rising hopes that Barack Obama and a group of senators named the ‘Gang of Six’ is closer to bringing the two warring parties together to hash out a deal in raising the US debt ceiling through cuts of almost $4 trillion over the next decade – a solution that will see a reduction in ‘Obamacare’ spending and increased tax revenue to the tune of $1 trillion.

Important few days ahead. Stock markets rallied over the last 24 hours as Obama indicates that an agreement with the Republicans over the debt ceiling/restructuring  is nearing.

Euro officials meet tomorrow, and already the French finance minister today stated that` the member states have already agreed on objectives, method and schedule on Greece’s rescue’, the Euro has rallied a little since this statement.

Sterling a little weaker prior to the BoE MPC minutes which confirmed the 7-2 vote in favour of leaving UK rates unchanged (as expected).

 

EUR/USD currently 1.4184. Support 1.3900, resistance 1.4200.

GBP/USD currently 1.6119. Support 1.6000, resistance 1.6300.

GBP/EUR currently 1.1362. Support 1.1350, resistance 1.1600

 

Oil $ 98.50   Gold $ 1588

Dow +1.63%     FTSE +0.47%    Nikkei +1.17%

 

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