France to announce reduction in government deficits

Published on in Foreign Exchange News by

Overnight/Morning Ranges:

 

EUR/USD 1.4386-1.4450

GBP/USD 1.6476-1.6513

GBP/EUR 1.1421-1.1457

French Prime Minister Francois Fillon will today announce its first steps in an attempt to reduce government deficits, as signs develop that their economy is slowing he is expected to announce a mix of spending cuts and tax hikes aimed at saving around €14bn over two years.

The is in addition to previous government deficits measures due to France showing a stalled economic growth in the second quarter. French Prime Minister Francois Fillon public deficit targets are based on a forecast of 2% growth this year, but France aims to cut its public deficit to 5.7% this year, 4.6% next year and reach the EU’s theoretical maximum limit of 3% in 2013

Very little movement in the currency markets. The USD did initially weaken yesterday after China’s comments on the USD, even the possibility of further Q/E in the U.S. does little to affect the USD overnight, although U.S. stocks rallied aggressively on this news that Bernanke may confirm Q/E 3 later this week in a further attempt to stimulate the economy.

The Bank of Japan has again voiced concerns about the Yen’s strength, as a result the government will release $100 bio of reserves for funding to aid exporters and spur purchases overseas. However, this has had no effect on the Yen so far.

Next data for the U.K is due Friday-GDP revised.  Weaker IFO data this morning from Germany has coincided with ECB buying European bonds, the Euro a little higher as a result.

EUR/USD currently 1.4436. Support 1.4200, resistance 1.4500.

GBP/USD currently 1.6505. Support 1.6300, resistance 1.6600.

GBP/EUR currently 1.1432. Support 1.1350, resistance 1.1600.

GBP/AUD 1.5760

GBP/CAD 1.6320

GBP/ZAR 11.89

GBP/NZD 1.9910

GBP/PLN 4.7570

GBP/CHF 1.3040

GBP/CZK 27.95

Oil $ 85.27   Gold $ 1847   Dow +2.97%     FTSE -0.18%    Nikkei -1.07%

 

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