Spanish Bank Bankia to lose 45% stake to Spanish Government

Published on in Foreign Exchange News by

Foreign Exchange Rates Ranges EUR/USD 1.2928-1.2964

Foreign Exchange Rates Ranges GBP/USD 1.6123-1.6151

Foreign Exchange Rates Ranges GBP/EUR 1.2444-1.2479

The Euro came under further selling pressure yesterday as the Spanish government announced that it would take a stake of 45% in the country’s third largest bank, Bankia, due to its exposure to troubled property loans. This pressure was further exacerbated by economists and officials increasingly talking of the exit of Greece from the Euro as early as 2013.

So, market sentiment remains in a ‘sell Euro rally’ mode as the Euro Zone political and fiscal problems persist. As a result, stock markets continue to fall with the USD and Sterling the main beneficiaries for the last week; with the Pound having now traded versus the Euro at its highest levels since November 2008, which technically targets € 1.2650+.

Today we have the MPC meeting where both rates and the Q/E target are likely to remain unchanged.

Foreign Exchange Rates EUR/USD currently 1.2959. Support 1.2700, resistance 1.3000.

Foreign Exchange Rates GBP/USD currently 1.6125. Support 1.6000, resistance 1.6300.

Foreign Exchange Rates GBP/EUR currently 1.2440. Support 1.2400, resistance 1.2700

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