France State we will not end up like Greece

Published on in Foreign Exchange News by

Foreign Exchange Overnight/Morning Ranges:

Currency Rates EUR/USD 1.3597-1.3695

Currency Rates GBP/USD 1.5807-1.5869

Currency Rates GBP/EUR 1.1573-1.1626

France were the centre of attention as the Governor of the Bank of France addressed solvency and liquidity concerns by stating that “No matter what the Greek scenario, and whatever measures must be passed, French banks have the means to face up to it.” Even though this statement was made France lost 10% in yesterday’s session but equities have looked stronger this morning.

The Euro remains vulnerable as markets now believe that a default by Greece is more or less a certainty. It traded at a 10 year low against the Yen yesterday and has seen further selling today versus the USD despite a recovery overnight.

It is reported that Italy have contacted the Chinese sovereign wealth fund in an effort to woo them into buying Italian government  bonds. The major French banks shares lost over 10% in value on worries over the size of their exposure to Greek debt as the USD holds onto its recent gains against a broad range of currencies.

Sterling still trading above the € 1.1600 level despite corporate interest yesterday to take advantage of the higher Pound. U.S. Treasury Secretary Geithner is due in Europe on Friday and will discuss the Euro Zone debt crisis with other Euro officials.

EUR/USD currently 1.3625. Support 1.3600, resistance 1.3900.

GBP/USD currently 1.5828. Support 1.5700, resistance 1.6000.

GBP/EUR currently 1.1615. Support 1.1600, resistance 1.1850.

Currency Rates GBP/AUD 1.5320

Currency Rates GBP/CAD 1.5720

Currency Rates GBP/ZAR 11.70

Currency Rates GBP/NZD 1.9230

Currency Rates GBP/PLN 5.0240

Currency Rates GBP/CHF 1.3980

Currency Rates GBP/CZK 28.50

Oil $ 88.91   Gold $ 1830   Dow +0.69%     FTSE +1.07%    Nikkei +0.95%

 

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