Commodity based currencies move to the positive side overnight.

Published on in Foreign Exchange News by

Foreign Exchange Rates EUR/USD 1.3216-1.3238

Foreign Exchange Rates GBP/USD 1.6157-1.6194

Foreign Exchange Rates GBP/EUR 1.2220-1.2238

After the FOMC meeting Federal Reserve Chairman Ben Bernanke signaled that further stimulus is unlikely unless the economy unexpectedly deteriorates.

Rates are still expected to remain ‘low’ until 2014 but recent signs of improvement in labour and housing markets confirm that growth will ‘pick up gradually’. Stock markets have responded positively as the USD trades with a softer tone.

Despite the disappointing UK GDP Q1 reading, Sterling has held onto its recent gains technically targeting $ 1.6250+ and € 1.2350+. Analysts still believe growth prospects for the UK remain positive, certainly in comparison to that of the Euro Zone.

Commodity based currencies have also seen a move to the positive side overnight.

Foreign Exchange Rates EUR/USD currently 1.3230. Support 1.3000, resistance 1.3300.

Foreign Exchange Rates GBP/USD currently 1.6188. Support 1.6000, resistance 1.6300.

Foreign Exchange Rates GBP/EUR currently 1.2234. Support 1.2100, resistance 1.2400

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