U.S. non-farm payroll data

Published on in Foreign Exchange News by

Foreign Exchange Rates Ranges EUR/USD 1.3137-1.3162

Foreign Exchange Rates Ranges GBP/USD 1.6172-1.6195

Foreign Exchange Rates Ranges GBP/EUR 1.2298-1.2314

Those who had expected a change of rhetoric from ECB President Draghi or even a change in monetary policy were disappointed. He admitted that recent data had been below expectations but one thing was obvious: they will wait to see the economic effects from the second round of the 3 year loans (LTRO) made to the banks. Draghi also stated that the economy will grow albeit slowly towards the second half of 2012. The Euro was sold initially to €/$ 1.3100, but ended the day unchanged at 1.3150.

Sterling is also unchanged despite the fact that the Labour Party made significant gains in yesterday’s local council elections.

Market sentiment remains Euro negative ahead election results in France and Greece over the next few days.

The U.S. non-farm payroll data due today will probably dictate the next short term direction for the US Dollar which has held onto its small gains of the last 48 hours.

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

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

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

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