Currencies to watch for trading

Published on in Foreign Exchange News by

Foreign Exchange Overnight/Morning Ranges:

Currency Rates EUR/USD 1.4356-1.4486

Currency Rates GBP/USD 1.6453-1.6557

Currency Rates GBP/EUR 1.1426-1.1474

Levels to watch, EUR/USD 1.4500 and GBP/USD 1.6600 (reported GBP corporate selling interest).

As the news from Libya filtered that Gaddafi regime was all but over equity markets and risky currencies moved higher yesterday which caused oil prices to fall by 1.5% on the day and oil companies therefore to rise boosting equities.

European and European equities had started poorly but managed to eke out gains on the day. Even so, it was fairly quiet on desk with traders waiting for Bernanke’s speech on Friday but should become more busy today with the German ZEW economic sentiment survey out this morning and also PMIs from the services and manufacturing industries of Germany, France and the EU as a whole. We also have a Spanish bond auction and it will be interesting to see whether the market decides to take yields lower or if that is solely the remit of the ECB via their bond buying operations

The USD has weakened this morning after a Chinese Central Bank advisor stated that they were worried about the safety of its FX Reserves, as the recent rating downgrade adds to USD depreciation risks.

A report from the OECD confirmed that Britain underperformed all the world’s leading economies over the past year. Sterling is  a little weaker versus the Euro, on the weaker USD scenario. Ongoing concerns over the global recovery sees gold soar above the $1900 level.


EUR/USD currently 1.4470. Support 1.4200, resistance 1.4500.

GBP/USD currently 1.6550. Support 1.6300, resistance 1.6600.

GBP/EUR currently 1.1430. Support 1.1350, resistance 1.1600.


GBP/AUD 1.5740    GBP/CAD 1.6286   GBP/ZAR 11.82

GBP/NZD 1.9870   GBP/PLN 4.7720    GBP/CHF 1.2990

GBP/CZK 28.00

Oil $ 85.32

Gold $ 1903

Dow +0.34%

FTSE +1.08%

Nikkei +1.22%


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