Greek commitment to austerity measures

Published on in Foreign Exchange News by

Foreign Exchange Rate Ranges EUR/USD 1.3000-1.3060

Foreign Exchange Rate Ranges GBP/USD 1.6124-1.6119

Foreign Exchange Rate Ranges GBP/EUR 1.2386-1.2422

The pound traded within sight of the 3 ½ year high against the Euro that was hit on Monday after the Greek and French election results cast doubt on politicians commitment to austerity measures aimed at tackling the Euro zone debt crisis.

In the near term Sterling is expected to hold on to its gains against the common currency. However, there is a worry that if debt contagion and economic slowdown in the Euro zone starts to effect the UK, the Bank of England may consider extending the QE programme to boost the economy. For now though The MPC is expected to keep the total to 325BLN when it meets later this week. Against the dollar, the pound remains reasonably steady, although it could be vulnerable to sell-offs in EUR/USD which hit a 3 month low yesterday.

Apart from German industrial production released at 11.00am there is no major economic data due today, but the market will be listening keenly for comments from ECB president Draghi due at 1.30pm.

Foreign Exchange Rate EUR/USD currently 1.3138. Support 1.3000, resistance 1.3300.

Foreign Exchange Rate GBP/USD currently 1.6178. Support 1.6000, resistance 1.6300.

Foreign Exchange Rate GBP/EUR currently 1.2312. Support 1.2100, resistance 1.2400

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