European Central Banks to Stop Lending to Greek Banks

Published on in Foreign Exchange News by

The ECB has piled more pressure on Greece stating that it will stop lending to some Greek banks to limit its risk. This came as President Draghi signaled that they will not compromise on key principles to keep Greece in the Euro. Spain announced that independent valuations will be made of the Spanish banks true exposure to the collapsed property sector, meaning all eyes will be on the Spanish bond auction today.

Sterling saw some selling yesterday after growth expectations have now been lowered by the BoE as PM Cameron reaffirms his commitment to austerity measures. There is expected to be corporate demand for the Pound at the € 1.2430-50 levels.

It also looks as though Sterling may have room to trade lower again versus the USD as we hold below the $1.6000 level. Minutes from the last Federal Reserve meeting showed some policy makers said further easing may be needed should the U.S. economy slow although the USD did not move and has held onto its strong gains.

Main Currency Pairs * Yesterday Today
GBP/EUR 1.25110 1.24970
GBP/USD 1.59000 1.58840
GBP/CAD 1.60670 1.60820
GBP/NZD 2.07900 2.07710
GBP/AUD 1.60500 1.59950
GBP/AED 5.86270 5.85100
EUR/USD 1.27000 1.27050
GBP/CHF 1.50110 1.50280
GBP/ZAR 13.1461 13.2450
GBP/SEK 11.3032 11.3819
GBP/JPY 128.297 128.283
GBP/PLN 5.40240 5.44260
USD/PLN 3.36560 3.41500
EUR/PLN 4.32250 4.35000
EUR/CHF 1.20100 1.20110
GBP/MAD 13.8453 13.8590
PLN/EUR 0.23130 0.22990
GBP/CZK 31.8898 31.8549
GBP/DKK 9.29070 9.30010
GBP/HKD 12.4658 12.3815
GBP/HUF 365.267 368.245
GBP/NOK 9.52190 9.53520
GBP/INR 86.3017 86.8514
GBP/THB 50.2900 50.1070

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