Pound still trading above the € 1.2000

Published on in Foreign Exchange News by

Foreign Exchange Rate EUR/USD 1.3185-1.3233

Foreign Exchange Rate GBP/USD 1.5875-1.5910

Foreign Exchange Rate GBP/EUR 1.2010-1.2052

Global stocks traded lower after the release of the Federal Reserve minutes yesterday. One comment the market focused on was that more monetary easing (Q/E) is unlikely. Market participants interpreted this as the reverse to comments indicated by Bernanke last month. As a result the USD strengthened significantly late in the U.S and Far East markets.

Both the Euro and Sterling traded below the levels of €/$ 1.3300 and £/$ 1.6000, suggesting that the recent weaker USD trend may not be over. Today we have the ECB rate decision (expected unchanged), but the market will wait for the press conference where ECB President Mario Draghi is expected to face questions on how concerned he is about the likely hood of a Spanish bailout with the country’s ten year borrowing costs still at levels above the `unsustainable’ 5%.

The Pound still trading above the € 1.2000 level after corporate selling interest late yesterday afternoon saw the Pound trade to €1.1960.

Foreign Exchange Rate EUR/USD currently 1.3182. Support 1.3000, resistance 1.3300.

Foreign Exchange Rate GBP/USD currently 1.5878. Support 1.5700, resistance 1.6000.

Foreign Exchange Rate GBP/EUR currently 1.2044. Support 1.1850, resistance 1.2100

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