Euro continues to outperform the Dollar

Published on in Foreign Exchange News by

Foreign Exchange Rate EUR/USD 1.3326-1.3365

Foreign Exchange Rate GBP/USD 1.5942-1.5995

Foreign Exchange Rate GBP/EUR 1.1945-1.1975

The Pound this morning hit it a 3 week high of 1.5970 in far east and could be set for further gains as Federal Reserve Chairman Ben Bernanke sounded a note of caution on the US economy in a speech yesterday afternoon.

Those in the market who had expected a less dovish commentary from Bernanke were mostly disappointed, as although he acknowledged the recent “genuine improvement” in unemployment, he emphasised that the situation was “far from normal” and the US labour market would require faster economic growth. This resulted in a bout of dollar selling and sterling rallied to high of 1.5940 in Monday afternoon trading and could prompt a test of 1.6000; the level that has capped the Pound since November 2011.

Although Bernanke’s comments are open to interpretation, he has two more speeches this week and with little UK data due, we could see further dollar falls if he reinforces the views expressed yesterday.

GBP/EUR was mainly driven by USD and the Euro saw small gains against Sterling as it continued to outperform the Dollar.

Foreign Exchange Rate EUR/USD currently 1.3349. Support 1.3250, resistance 1.3400.

Foreign Exchange Rate GBP/USD currently 1.5882. Support 1.5800, resistance 1.6000.

Foreign Exchange Rate GBP/EUR currently 1.1972. Support 1.1950, resistance 1.2100

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