breakdown of the coalition government in Holland

Published on in Foreign Exchange News by

Foreign Exchange Rates EUR/USD 1.3185-1.3217

Foreign Exchange Rates GBP/USD 1.6129-1.6152

Foreign Exchange Rates GBP/EUR 1.2214-1.2237

The market seems to have settled after the results of the first round of French Presidential elections and the breakdown of the coalition government in Holland over deficit cuts this week. Support seems to be growing in Europe for the `loosening’ of austerity as Europe now prepares itself for the possibility of a change in several governments in the up and coming months.

Having said this the Euro refuses to trade lower against the USD ahead of the FOMC rate meeting later tonight, and the USD is generally weaker after the weakest housing start data in five months.

Sterling has held onto its recent gains against a basket of currencies ahead of the GDP data due this morning.

Foreign Exchange Rates EUR/USD currently 1.3212. Support 1.3000, resistance 1.3300.

Foreign Exchange Rates GBP/USD currently 1.6155. Support 1.6000, resistance 1.6300.

Foreign Exchange Rates GBP/EUR currently 1.2225. Support 1.2100, resistance 1.2400.

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