funds to stabilise bond markets

Published on in Foreign Exchange News by

European leaders surprised the market late last night by agreeing decisive action to tackle the Euro Zone debt crisis.

Despite German leaders consistently playing down expectations for the 2 day EU summit the Euro, poised for its biggest daily jump in 8 months, surged 1.1% against the dollar after European leaders agreed to emergency action to lower the borrowing costs of Italy and Spain and to create a single supervisory body for Euro area banks. They agreed that rescue funds could be used to stabilise bond markets without forcing countries, that comply with EU budget rules, to adopt extra austerity measures or economic reforms.

This resulted in and flee from safe-haven to riskier currencies causing clear movements in the market. After trading near a one month high against the Euro and a two week low against the dollar Asian markets forced Sterling 0.8% higher against the dollar and 0.7% lower against the Euro. However, the agreement is due to be ratified in July and there are still areas of concern, so it is still to be seen whether this is another knee-jerk rally for the Euro.

Main Currency Pairs * Yesterday Today
GBP/EUR 1.25090 1.24130
GBP/USD 1.55520 1.56040
GBP/CAD 1.59710 1.60000
GBP/NZD 1.96410 1.95570
GBP/AUD 1.54330 1.53460
GBP/AED 5.71250 5.72990
EUR/USD 1.24310 1.25770
GBP/CHF 1.50160 1.50340
GBP/ZAR 13.0768 13.0951
GBP/SEK 11.0316 11.0170
GBP/JPY 124.378 123.427
GBP/PLN 5.31500 5.36670
USD/PLN 3.40720 3.45240
EUR/PLN 4.25150 4.28720
EUR/CHF 1.20110 1.20100
GBP/MAD 13.7811 13.7904
PLN/EUR 0.23520 0.23330
GBP/CZK 32.3990 32.3089
GBP/DKK 9.29330 9.30460
GBP/HKD 12.1033 12.0610
GBP/HUF 359.145 360.305
GBP/NOK 9.40490 9.44670
GBP/INR 89.1274 88.3808
GBP/THB 49.7150 49.5575

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