China’s industrial production shrinks to all time low 2009

Published on in Foreign Exchange News by

Foreign Exchange Rate Range EUR/USD 1.2904-1.2944

Foreign Exchange Rate Range GBP/USD 1.6097-1.6142

Foreign Exchange Rate Range GBP/EUR 1.2465-1.2504

Spain’s problems continue as independent inspectors are to be dispatched to audit the country’s stricken banks. This comes as part of a raft of fresh conditions imposed by Brussels in return for relaxing the country’s budget targets. No doubt that the markets will focus on the publication of EU growth and deficit forecasts released at 10.00am but right now the Euro remains under pressure.

So, once again the USD and Sterling are the main beneficiaries overnight. Stocks in the Far East traded lower after China’s industrial production data showed the lowest growth since April 2009. As a result, Sterling traded in a tight range versus the USD and held firm against the Euro (high in Far East 1.2504) as well as a broad range of currencies including AUD, NZD and ZAR as gold/oil both trade lower.

Foreign Exchange Rate EUR/USD currently 1.2934. Support 1.2700, resistance 1.3000.

Foreign Exchange Rate GBP/USD currently 1.6113. Support 1.6000, resistance 1.6300.

Foreign Exchange Rate GBP/EUR currently 1.2458. Support 1.2400, resistance 1.2700.

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