Corporate interest to sell Euros

Published on in Foreign Exchange News by

Foreign Exchange Rates EUR/USD 1.3188-1.3243

Foreign Exchange Rates GBP/USD 1.5835-1.5896

Foreign Exchange Rates GBP/EUR 1.1982-1.2024

The USD was generally weakened during the course of yesterday on a day with little data and was probably linked to risk position adjustment as well as Euro buying interest based on a merger and acquisition of Dutch courier TNT by U.S. company UPS. There was corporate interest to sell Euros from the €/$ 1.3250 level and above, ahead of the €/$ 1.3300 major resistance level which has now capped the Euros rise of yesterday.

Sterling also rallied versus the USD and the Euro yesterday ahead of the UK budget tomorrow, but it is more or less back to yesterday’s opening levels versus the USD and a tad lower versus the Euro after corporate interest above € 1.2050 to buy Euros.

The Pound rallied initially after UK gilts saw their first rally in five days. Currency markets look to be range bound for the time being with a preference to buy USD on any signs of weakness.

Foreign Exchange Rates EUR/USD currently 1.3205. Support 1.3000, resistance 1.3300.

Foreign Exchange Rates GBP/USD currently 1.5865. Support 1.5700, resistance 1.6000.

Foreign Exchange Rates GBP/EUR currently 1.2013. Support 1.1850, resistance 1.2100

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