corporate interest above €/£ 1.2100 to buy Euros

Published on in Foreign Exchange News by

Foreign Exchange Rate EUR/USD 1.3137-1.3164

Foreign Exchange Rate GBP/USD 1.5881-1.5908

Foreign Exchange Rate GBP/EUR 1.2078-1.2099

The ECB yesterday left interest rates on hold as expected but ECB President Draghi did warn markets of downside risks to Euro Zone growth, being less concerned about inflation thus signalling a further slide in the Euro as loose monetary policy remains in place.
Also Spanish yields rose after the poor auction yesterday and European and U.S. equities were also softer in tandem.

Sterling rallied against a basket of currencies (with exception to the USD) as stronger PMI data from the service sector was encouraging, but for further gains against the Euro we will need to hold above the € 1.2150 level (previous highs). For the time being there is reported corporate interest above €/£ 1.2100 to buy Euros.

The USD in general looks to be in demand on any signs of weakness. The BoE today kept rates on hold (as expected) the Asset Purchase Facility (Q/E) is still at £ 325 billion.

Foreign Exchange Rate EUR/USD currently 1.3076. Support 1.3000, resistance 1.3300.

Foreign Exchange Rate GBP/USD currently 1.5840. Support 1.5700, resistance 1.6000.

Foreign Exchange Rate GBP/EUR currently 1.2116. Support 1.1850, resistance 1.2100

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