Sterling economy continues to suffer

Published on in Foreign Exchange News by

Foreign Exchange Overnight/Morning Ranges:

Rates EUR/USD 1.4381-1.4422

Rates GBP/USD 1.6295-1.6321

Rates GBP/EUR 1.1306-1.1338

Minutes from the Bank of England’s latest policy meeting released on Wednesday added to the view that the sterling economy continues to suffer, as they showed that policymakers believe Britain’s growth outlook has darkened. The possibility of expanding the BoE’s asset-buying programme to stimulate the economy also remains, with policymaker Adam Posen on Thursday saying he hoped the central bank would decide to expand its quantitative easing program.

Euro leaders yesterday agreed yet another rescue plan to prevent Greece falling further into debt. A further bail-out of € 105 billion has been agreed, an extension to its repayment schedule as well as lower interest rates.

Should the need arise, a similar package has been agreed for Ireland and Portugal. Economist/analysts will watch nervously over the coming months and access as to whether this will result in another `short term fix’, in the background it seems that fiscal political union is now a stronger possibility. Stock markets have responded positively and the Euro has strengthened.

One concern, there is no such plan in place for Spain and Italy should the need arise, although some sources suggest short term/precautionary credit lines may be made available to them. As a result the USD has weakened, Sterling opens around the pivotal level of $ 1.6300, but lower versus the Euro.

EUR/USD currently 1.4388. Support 1.4200, resistance 1.4500.

GBP/USD currently 1.6278. Support 1.6300, resistance 1.6600.

GBP/EUR currently 1.1308. Support 1.1100, resistance 1.1350.

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