Germany’s opposition to direct aid for European banks

Published on in Foreign Exchange News by

During May, global stocks lost an average of 10% as a result of contagion in the Euro Zone, with the Dow Jones index even trading at an 8 month low. As a result the USD has been the main beneficiary and there are now signs that the European crisis may be having an impact globally as weaker data in the U.S. and China raise concerns over the global economy.

German Chancellor Merkel is becoming increasingly isolated as Italian PM Monti and ECB President Draghi criticize Germany’s opposition to direct aid for European banks and common borrowing (Euro Bonds). Meanwhile. Spain will probably dominate the news over the coming weeks ahead of the elections in Greece in mid June.

Today we open below €/$ 1.2400 and £/$ 1.5400, as the USD looks increasingly likely to strengthen further. The Pound has lost nearly 2% versus the USD in the last 48 hours, and is also weaker versus the Euro, although at € 1.2400 level there is rumoured corporate buying interest.

Ireland is expected to vote YES for the fiscal treaty, the results are due later today on a busy day for economic data.

Main Currency Pairs * Yesterday Today
GBP/EUR 1.24900 1.24350
GBP/USD 1.54800 1.53600
GBP/CAD 1.59130 1.59100
GBP/NZD 2.05000 2.04200
GBP/AUD 1.59140 1.58500
GBP/AED 5.68900 5.63850
EUR/USD 1.24000 1.23450
GBP/CHF 1.49980 1.49350
GBP/ZAR 13.1728 13.0600
GBP/SEK 11.2259 11.1850
GBP/JPY 122.200 120.500
GBP/PLN 5.48500 5.46200
USD/PLN 3.52730 3.55500
EUR/PLN 4.38730 4.39070
EUR/CHF 1.20100 1.20100
GBP/MAD 13.7400 13.6747
PLN/EUR 0.22790 0.22770
GBP/CZK 32.1630 31.9500
GBP/DKK 9.27970 9.23500
GBP/HKD 12.1029 11.9130
GBP/HUF 374.740 374.260
GBP/NOK 9.40070 9.40900
GBP/INR 87.6741 85.7500
GBP/THB 49.6735 48.9000

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