Euro currency stabilises

Published on in Foreign Exchange News by

The focus this week will be on the EU summit on Thursday and Friday where the main topic of discussion is expected to be further support for the development of a roadmap towards tighter fiscal unification.

The usual preconditions will be attached as the plan to rectify the Euro Zone is developed and in the short term the summit has the potential to displease the market with big promises but slow implementation time. However, Germany ratified the joint funding of its Federal States over the weekend, which could possibly implicate a shift in their thinking and act as a potential precursor to Euro bonds; this, of course, will all take time.

After last week saw the formation of the new Greek coalition government German Finance Minister Schaeuble stated that Greece will still need to speed up its reforms. In an unfortunate start to the new rule, both the Greek Prime Minister and Finance Minister will be unable to attend this week’s EU summit due to ill health. With everything stacked against, the weaker Euro trend remains intact and opens lower today (next support € 1.2400), while Sterling is a tad lower versus the stronger USD, and opens firmer against the ailing Euro at € 1.2450.

Main Currency Pairs * Friday Today
GBP/EUR 1.24520 1.24470
GBP/USD 1.56200 1.55530
GBP/CAD 1.60660 1.59790
GBP/NZD 1.98530 1.97450
GBP/AUD 1.55930 1.55320
GBP/AED 5.73330 5.70950
EUR/USD 1.25480 1.24930
GBP/CHF 1.48830 1.49480
GBP/ZAR 12.9276 13.1387
GBP/SEK 10.9499 10.9435
GBP/JPY 125.733 125.193
GBP/PLN 5.27130 5.29260
USD/PLN 3.35730 3.39440
EUR/PLN 4.25370 4.25630
EUR/CHF 1.20100 1.20090
GBP/MAD 13.6883 13.7505
PLN/EUR 0.23510 0.23490
GBP/CZK 31.8273 32.0505
GBP/DKK 9.21120 9.24430
GBP/HKD 12.1833 12.1002
GBP/HUF 354.210 357.697
GBP/NOK 9.28930 9.30930
GBP/INR 88.4045 89.1109
GBP/THB 49.7887 49.5374

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