Spanish stock market has dropped over 1.3% today

Published on in Foreign Exchange News by

Foreign Exchange Rate EUR/USD 1.3190-1.3293

Foreign Exchange Rate GBP/USD 1.5805-1.5909

Foreign Exchange Rate GBP/EUR 1.1957-1.1996

The USD saw some early morning selling in Europe reportedly by Swiss banks. No real reason for any major moves other than risk positions `chasing’ the ranges. One U.S. Fed official (Bullard) suggested that the first rate rise is likely to come at the end of 2013, the comment initially saw some short term USD strength earlier in the Far East.

Markets look range bound for the time being and as mentioned earlier this week, currencies are more likely to be influenced by any break of recent ranges. Despite this, the weaker data from China and Europe has had no impact on the case for a stronger USD in the last 24 hours. Market sentiment remains of a ` buy dollar weakness’.

Spanish stock market has dropped over 1.3% today in response to higher bond yields, this should not bode well for the Euro and has indeed fell 0.0060 points from its higher level against the USD today.

UK GDP data next week, will indicate how well the UK economy is doing (or not!).

Foreign Exchange Rate EUR/USD currently 1.3233. Support 1.3000, resistance 1.3300.

Foreign Exchange Rate GBP/USD currently 1.5834. Support 1.5700, resistance 1.6000.

Foreign Exchange Rate GBP/EUR currently 1.1965. Support 1.1850, resistance 1.2100

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