Quantitative Easing Expected Again

Published on in Foreign Exchange News by

Foreign Exchange Overnight/Morning Ranges:

Currency Rates EUR/USD 1.4112-1.4172

Currency Rates GBP/USD 1.6092-1.6185

Currency Rates GBP/EUR 1.1414-1.1365

Quantitative Easing Expected Again as we now expect that the BoE will announce another round  soon of Quantitative Easing. GBP actually put in a mixed performance for the week, dropping about 0.8% against the dollar but rising 1.3% against the common currency, ordinarily this would be extremely bearish for Sterling.

There are no less than 4 central bank meetings this week plus UK manufacturing production numbers are due.

  • Bank of England
  • Reserve Bank of Australia
  • Bank of Canada
  • European Central Bank

The Euro is weaker this morning. Weekend local elections in Germany saw German Chancellor Merkel’s CDU party take another drubbing, also losing heavily in her home state.

There are also media reports that talks between Greece and the EU/IMF have stalled over Athens failure to meet its deficit reduction targets. Unsurprisingly the CHF has clawed back some of its recent losses on this news as stock markets trade lower again. Both GBP and USD firmer versus European  and commodity based currencies.

Although technically the Euro could now trade lower to the $ 1.39 levels, one must not rule out interest to buy European bonds  by China again.

Weaker U.K. PMI data this morning has done little to affect the Pound versus the Euro, as the Italian and French PMI data also contracted.

EUR/USD currently 1.4132. Support 1.3900, resistance 1.4200.

GBP/USD currently 1.6145. Support 1.6000, resistance 1.6300.

GBP/EUR currently 1.1415. Support 1.1350, resistance 1.1600.

Oil $ 85.24   Gold $ 1883

Dow -2.2%     FTSE -1.54%    Nikkei -1.86%

 

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