Currency market manipulated by the Swiss National Bank

Published on in Foreign Exchange News by

Currency rates Overnight/Morning Ranges:

Currency Rates EUR/USD 1.3895-1.3939

Currency Rates GBP/USD 1.5998-1.6042

Currency Rates GBP/EUR 1.1500-1.1528

US Dollar/Swiss Franc closed lower on Tuesday and the low-range close sets the stage for a steady to lower opening on Wednesday. The market is being manipulated by the Swiss National Bank, which has been actively working against the Franc. Because of this, we cannot sell this pair as the Dollar is a “safe haven” currency as well, and with all of the headline risks out there, we could see a flight to safety.

There has been no deal struck so far by the Euro leaders as differences over the mechanism of the EFSF (bail-out fund) remain a sticking point between France and Germany. Also Italy’s coalition government appeared to be in danger of collapse over its pension reforms and austerity plans.

As a result the meeting between the Euro Finance Ministers was delayed. This sent the Euro crashing briefly, but we open above €/$ 1.3900 today.

Stock markets traded lower on this news as the USD holds onto this week’s losses, weaker U.S. consumer confidence data did little to help the USD’s cause. Sterling has also held onto its gains against the weaker USD and relatively unchanged versus the Euro.

EUR/USD currently 1.3948. Support 1.3900, resistance 1.4200.

GBP/USD currently 1.5998. Support 1.6000, resistance 1.6300.

GBP/EUR currently 1.1478. Support 1.1350, resistance 1.1600.

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