President Obama announces deficit reduction plan

Published on in Foreign Exchange News by

Foreign Exchange Overnight/Morning Ranges:

Currency rates EUR/USD 1.3633-1.3703

Currency rates GBP/USD 1.5683-1.5754

Currency rates GBP/EUR 1.1468-1.1532

US President Obama will announce deficit reduction plan that will save more than $4.4 trillion dollars this afternoon at 3.30pm.  But some of the deficit reduction plan has already hit critics before it is released as US President Obama is playing on numbers to include claim’s of $1.1 trillion in savings from what the government would have to spend if the wars in Iraq and Afghanistan were not winding down and the deficit reduction package includes new taxes totaling $1.5 trillion, mostly on upper income earners, and US President Obama intends to argue that no long-term stability is possible unless the plans balance spending cuts with revenue increases.

The Euro a little weaker from Friday’s closing levels. No unexpected news from the meetings of Euro leaders other than the fact that Greece have been pressured into forcing further austerity measures upon its people to enable the release of the second tranche of their bail-out.

Delayed decisions on the  proposed increase in the emergency fund (EFSF) by European policy makers does little to instill confidence after last week’s temporary joint central banks actions. Again, the main beneficiary is the USD and markets are dominated by the problems faced by Europe and its leaders/policy makers.

Sterling is a little firmer ahead of this Wednesday’s BoE minutes from the last meeting.

EUR/USD currently 1.3653. Support 1.3600, resistance 1.3900.

GBP/USD currently 1.5730. Support 1.5700, resistance 1.6000.

GBP/EUR currently 1.1521. Support 1.1350, resistance 1.1600.

Oil $ 86.74   Gold $ 1827   Dow +0.66%

FTSE -1.07%    Nikkei +2.25%

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