Currency FTSE 100

Published on in Foreign Exchange News by

Foreign Exchange Overnight/Morning Ranges:

Currency Rates EUR/USD 1.4260 – 1.4338

Currency Rates GBP/USD 1.6450 – 1.6532

Currency Rates GBP/EUR 1.1500 – 1.1545

Pound currency holds it own against FTSE 100 crash

$300 billion was wiped off the value of UK shares where the FTSE 100 Index fell 2.5% and the gauge has lost 13% in one day but this did not affect the UK currency market as the UK currency held its own considering the crash of the stock markets as the Pound reached 1.15 against the Euro and 1.65 against the U.S Dollar on Thursday. The pound sterling also made widespread gains versus the higher-yielding currencies, rising to a high just above 1.58 against the Australian Dollar.

It’s all doom and gloom in the financial markets at the moment as fears over the European banking sector sent stock markets plummeting yesterday. With risk being taken off, the safe haven currencies Yen,

Swiss and even the US dollar all strengthened leading gold to explode higher to trade above $1850.The panic in the markets started when news broke that a European bank had to borrow $500m from the ECB leading to concerns of another credit crunch and double dip recession.

The pound also enjoyed a good day strengthening across the board, partly because of a rumored large buying order from a UK clearing Bank on the back of a £7 billion merger and acquisition flow, but there is also a feeling that investors are starting to view it in a more favorable light given the Swiss authorities recent action to weaken the Swiss franc.

EUR/USD currently 1.4288. Support 1.4200, resistance 1.4500.

GBP/USD currently 1.6480. Support 1.6300, resistance 1.6600.

GBP/EUR currently 1.1540. Support 1.1350, resistance 1.1600


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