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Foreign Exchange Rates EUR/USD 1.3110-1.3210

Foreign Exchange Rates GBP/USD 1.6076-1.6131

Foreign Exchange Rates GBP/EUR 1.2202-1.2266

Stronger than expected retails sales sent the Pound to a 20 month high against the euro and 5 month high against the dollar on Friday. The data showed that sales had jumped 1.8% in march, the highest increase since January 2011 and well above Economist forecast of a 0.5% rise. However, Sterling was unable to hold onto its gains in afternoon trading, as it was announced that the IMF had secured at least $430bln of extra funding to tackle any future crisis in Europe.

As polls had indicated, Sunday’s voting saw France’s socialist party take a narrow lead into the next election round but far-right voters may hold the balance of power as support for the National Front surged to 18%. This growing support mirrors recent advances by Euro sceptic parties from Holland and Austria to Finland and Greece as anger over austerity and unemployment deepens.

With no UK data scheduled for Monday Sterling is likely to be driven by sentiment towards the Euro Zone. Important economic data due this week is Tuesday’s Public Sector borrowing and the first estimate of 2012 first quarter GDP due on Wednesday.

Foreign Exchange Rates EUR/USD currently 1.3123. Support 1.3000, resistance 1.3300.

Foreign Exchange Rates GBP/USD currently 1.6099. Support 1.6000, resistance 1.6300.

Foreign Exchange Rates GBP/EUR currently 1.2265. Support 1.2100, resistance 1.2400.

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