Euro currency jumps due to joint operation by Central Banks

Published on in Foreign Exchange News by

Euro rallies after joint liquidity operation by Central Banks

Foreign Exchange Overnight/Morning Ranges:

Currency Rates EUR/USD 1.3703-1.3935

Currency Rates GBP/USD 1.5730-1.5868

Currency Rates GBP/EUR 1.1374-1.1498

The Governing Council of the European Central Bank made an unexpected announcement today where the ECB has decided in coordination with the Federal Reserve, the Bank of England, the Bank of Japan and the Swiss National Bank, to conduct three U.S. dollar liquidity-providing operations with a maturity of approximately three months covering the end of the year.

French President Sarkozy and Germany’s Chancellor Merkel pressed Greece to honour its austerity plans in return for further funds, they also stated that Greece will remain an `integral’ part of the single currency area.

This pledge of unity was enough for the Euro to stablize for the time being. Despite these comments, some economists still fear Greece will default and withdraw from the common currency.

UK Deputy Prime Minister Clegg yesterday warned that the Euro Zone situation is `worse than before’. Sterling relatively unchanged versus the USD but weaker against the Euro as the UK jobless rose sharply. Euro leaders will meet in Poland for 2 days to discuss the current crisis.

EUR/USD currently 1.3866. Support 1.3600, resistance 1.3900.

GBP/USD currently 1.5858. Support 1.5700, resistance 1.6000.

GBP/EUR currently 1.1434. Support 1.1350, resistance 1.1600.

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