Foreign Exchange Rates Comparison

Published on in Foreign Exchange News by

Foreign Exchange Rates EUR/USD 1.3144-1.3184

Foreign Exchange Rates GBP/USD 1.6109-1.6158

Foreign Exchange Rates GBP/EUR 1.2239-1.2269

The Euro remained weak in Monday trading as political uncertainty in France and Holland combined with poor German economic data to keep Sterling trading at recent highs. A German PMI survey unexpectedly showed manufacturing shrank at its fastest pace in nearly 3 years. This added to market concerns as traders were already digesting the first round of French presidential election and the Dutch’s cabinets resignation.

All these factors, not surprisingly, put pressure on the single currency and the Euro found little respite against the dollar as EUR/USD tested the 1.3100 level. Although the dollar made a little headway against Sterling yesterday, the technical outlook remained constructive for GBP/USD after it closed above its 200-week moving average rate last week for the first time since August 2008.

UK public finances data due at 9.30 will be closely watched, though analysts said it would take a much stronger or weaker figure than the expected public sector borrowing of £14.2bln for March for major market reaction.

Foreign Exchange Rates EUR/USD currently 1.3166. Support 1.3000, resistance 1.3300.

Foreign Exchange Rates GBP/USD currently 1.6150. Support 1.6000, resistance 1.6300.

Foreign Exchange Rates GBP/EUR currently 1.2268. Support 1.2100, resistance 1.2400.

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