G20 meeting in Mexico

Published on in Foreign Exchange News by

The Greek election results has given short term relief to the Euro and global stock markets. The New Democracy party will now form a coalition to hopefully re-negotiate the tenure of the repayment plans of the bail-out. Ain addition to this, French President Holllande’s socialist party won a solid majority as expected in the Parliamentary elections over the weekend and at the G20 meeting in Mexico, leaders are expected to announce that the emergency firewall fund will be raised to $ 430 billion.

As a result of the weekend news, the Euro initially strengthened against a basket of currencies and €/$ 1.2700 looks to be a key level. Recent weaker U.S. data will be closely monitored and could possibly put the USD under pressure going forward, although market sentiment remains sell Euro rally’s. However, the Euro has since seen selling pressure build this morning from the highs above $ 1.2700. Sterling has held onto Fridays gains with $ 1.5700 and € 1.2400 being the levels to watch this week.

For the time being the Euro Zone has been given more time, however the European fiscal problems remain in-tact and the Spanish woes will probably hold the headline news going forward.

Main Currency Pairs * Friday Today
GBP/EUR 1.23060 1.24010
GBP/USD 1.55410 1.56720
GBP/CAD 1.58870 1.60610
GBP/NZD 1.97760 1.98150
GBP/AUD 1.54830 1.55380
GBP/AED 5.69780 5.75400
EUR/USD 1.26280 1.26440
GBP/CHF 1.47800 1.47920
GBP/ZAR 13.0095 13.0091
GBP/SEK 10.9210 10.8823
GBP/JPY 122.973 122.232
GBP/PLN 5.33240 5.29420
USD/PLN 3.43800 3.41250
EUR/PLN 4.31500 4.29840
EUR/CHF 1.20080 1.20100
GBP/MAD 13.6563 13.6122
PLN/EUR 0.23170 0.23260
GBP/CZK 31.5620 31.5211
GBP/DKK 9.18340 9.15300
GBP/HKD 12.0340 12.0387
GBP/HUF 367.808 365.365
GBP/NOK 9.27710 9.26720
GBP/INR 86.5707 85.9687
GBP/THB 48.9199 48.8385

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