Spain strikes due to austerity measures

Published on in Foreign Exchange News by

Foreign Exchange Rate EUR/USD 1.3277-1.3346

Foreign Exchange Rate GBP/USD 1.5883-1.5934

Foreign Exchange Rate GBP/EUR 1.1924-1.1969

The USD found some late support yesterday as global stock markets traded lower, however European governments are preparing to increase the ceiling of the rescue fund to € 940 billion at the EU Finance Chiefs meeting which commences tomorrow in Copenhagen. As a result the Euro is higher (weaker USD) as we open back above the €/$ 1.3300 level.

Sterling lost some ground yesterday after the weaker final Q4 GDP data although so far has failed to trade below € 1.1900 level.

Data today consists of bank UK lending and in the afternoon the U.S. Q4 final GDP reading. Whether the Euro can hold onto the gains this week will be clearer by the close of business tomorrow, as Spain continues to make headline news with general strikes ahead of the introduction of further austerity measures.

Foreign Exchange Rate EUR/USD currently 1.3303. Support 1.3300, resistance 1.3000.

Foreign Exchange Rate GBP/USD currently 1.5903. Support 1.5700, resistance 1.6000.

Foreign Exchange Rate GBP/EUR currently 1.1954. Support 1.1850, resistance 1.2100.

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