Spain economy and standing in international markets

Published on in Foreign Exchange News by

Foreign exchange rates EUR/USD 1.3312-1.3367

Foreign exchange rates GBP/USD 1.5991-1.6046

Foreign exchange rates GBP/EUR 1.1992-1.2029

Positive economic data in U.S. manufacturing gave American and European stocks a lift as the USD trades with a weaker tone. Despite this, the two technical levels of € 1.3300 and £ 1.6000 have not yet broken with conviction. Markets are still reluctant to hold onto Euros as the Wall Street Journal reported that Spain’s Finance Minister Luis de Guindos has warned that the country’s budget, which will be presented to parliament later today, could damage the country’s economy and standing in international markets.

Sterling also rallied yesterday after a stronger manufacturing reading thus holding onto gains against the Euro and briefly trading at € 1.2050 yesterday where it ran into corporate selling interest.

Rates were left on hold in Australia today, although the tone in the statement was a little `dovish’ on rate expectations going forward.

Foreign exchange rates EUR/USD currently 1.3337. Support 1.3300, resistance 1.3000.

Foreign exchange rates GBP/USD currently 1.6008. Support 1.6000, resistance 1.6300.

Foreign exchange rates GBP/EUR currently 1.2003. Support 1.1850, resistance 1.2100

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