Scrap Metal Investors run for cover

Published on in Foreign Exchange News by

Investors continue to run for cover as problems mount across the Euro Zone.

Like in Spain, yesterday saw Italian 10 year bond yields rise to over 6%. While today the Spanish deputy will fly to Washington to meet IMF’s Le Garde and U.S. Treasury Secretary Geithner to discuss the worsening situation in the Spanish banking sector. These continuing issues meant the Euro opened around the €/$ 1.2400 level, and technically a weekly close below here would target sub €/$ 1.2100 levels.

With global stocks lower and U.S. treasury yields reaching their lowest levels since 1946 there is growing demand for the `safe haven’ USD. As a result Sterling seemed to follow suit and traded lower versus the stronger USD. Although the Pound is below € 1.2500 expect demand towards € 1.2400 technical support level.

Also, today Ireland holds its referendum on the Fiscal treaty with the latest polls showing an overwhelming ‘Yes’.

Main Currency Pairs * Yesterday Today
GBP/EUR 1.25030 1.24900
GBP/USD 155.700 1.54800
GBP/CAD 1.59800 1.59130
GBP/NZD 2.05000 2.05000
GBP/AUD 1.59350 1.59140
GBP/AED 5.71950 5.68900
EUR/USD 1.24490 1.24000
GBP/CHF 1.50160 1.49980
GBP/ZAR 13.0600 13.1728
GBP/SEK 11.2370 11.2259
GBP/JPY 123.540 122.200
GBP/PLN 5.45700 5.48500
USD/PLN 3.50000 3.52730
EUR/PLN 4.36300 4.38730
EUR/CHF 1.20060 1.20100
GBP/MAD 13.7717 13.7400
PLN/EUR 0.22920 0.22790
GBP/CZK 31.9800 32.1630
GBP/DKK 9.28900 9.27970
GBP/HKD 12.1000 12.1029
GBP/HUF 372.500 374.740
GBP/NOK 9.41520 9.40070
GBP/INR 87.5300 87.6741
GBP/THB 49.5690 49.6735

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