Bank of England’s inflation report

Published on in Foreign Exchange News by

Foreign Exchange Overnight/Morning Ranges:

Rates EUR/USD 1.4240-1.4401

Rates GBP/USD 1.6385-1.6471

Rates GBP/EUR 1.1428-1.1518

Sterling strength remains, despite an early sell off today over the riots in North London at the weekend. Sterling had a relatively positive week last week hitting a 3 month high of €1.1550 / £1 against the euro on Thursday.

In a turbulent week for financial markets, the FTSE 100 closed the week down nearly 10% and events over the weekend did little to help that. Saturday saw credit rating agency S&P cut the USA’s credit rating by one notch from AAA to AA+ and last night European Central Bank President Jean-Claude Trichet announced that the ECB will start buying Italian and Spanish bonds in order to stop the sovereign crisis extending to these countries. Out this week we have key trade data for the UK and also the Bank of England’s inflation report. Many expect that the Bank will downgrade the UK’s growth forecasts so call in now for a live exchange rate.

Despite stronger jobs data from the U.S. on Friday, stock markets have again tumbled in the Far East after S&P’s rating agency lowered the credit rating of the U.S. late Friday night, stating that the country could miss a debt payment due to its deeply divided government.

Also after a series of calls between the four leaders of Germany, Spain, France and Italy, Berlusconi announced measures to speed up Italy’s austerity plans and also the ECB would agree to purchase both Spanish and Italian government bonds to add calm to the markets, having been heavily criticized last week for not implementing. As a result the Euro initially traded firmer today, but has since given back these gains.

EUR/USD currently 1.4261. Support 1.3900, resistance 1.4300.

GBP/USD currently 1.6416. Support 1.6300, resistance 1.6600.

GBP/EUR currently 1.1500. Support 1.1350, resistance 1.1600


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