Growing concerns over the Spanish banking system

Published on in Foreign Exchange News by

Greek news is taking a back seat for the time being ahead of the elections next month with the problems in Spain coming to the fore.

Growing concerns over the Spanish banking system and borrowing costs continuing to rise have resulted in global investors withdrawing assets from the Euro Zone. As a result the Euro is trading lower again, hitting a two year low versus the USD. Stronger existing home sales saw stocks rally in the U.S., while Asian stocks fell as the ECB dampened any Spanish expectations of potential re-capitalization for Spanish Banks from the likes of the ESFS fund.

Main Currency Pairs * Yesterday Today
GBP/EUR 1.24980 1.25030
GBP/USD 1.57000 155.700
GBP/CAD 1.60870 1.59800
GBP/NZD 2.05940 2.05000
GBP/AUD 1.59230 1.59350
GBP/AED 5.75770 5.71950
EUR/USD 1.25580 1.24490
GBP/CHF 1.50220 1.50160
GBP/ZAR 13.0746 13.0600
GBP/SEK 11.2463 11.2370
GBP/JPY 124.672 123.540
GBP/PLN 5.42360 5.45700
USD/PLN 3.45330 3.50000
EUR/PLN 4.33940 4.36300
EUR/CHF 1.20190 1.20060
GBP/MAD 13.7908 13.7717
PLN/EUR 0.23040 0.22920
GBP/CZK 31.6323 31.9800
GBP/DKK 9.28670 9.28900
GBP/HKD 12.1912 12.1000
GBP/HUF 372.928 372.500
GBP/NOK 9.41870 9.41520
GBP/INR 86.6704 87.5300
GBP/THB 49.6450 49.5690

Sterling lower against the stronger USD, now trading sub $ 1.5600 but again holding above € 1.2500

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