Euro Zone debt crisis growing

Published on in Foreign Exchange News by

BoE Governor Mervyn King yesterday said that the Euro Zone debt crisis has created ‘a great black cloud of uncertainty’ as the Euro continued to trade around two year lows versus the USD.

King went on to accuse Euro officials of ‘kicking the can down the road’ as confirmation also came yesterday that Germany’s Constitutional Court would examine complaints lodged by plaintiffs trying to block Berlin’s ratification of the ESM tool for tackling the debt crisis. This, along with new austerity measures for Spain (which will include a hike in VAT rates) will continue to heap pressure on the markets. Some mild relief is in store for Spain, however, with the news that the struggling country has been given an extension of its deadline to reduce its budget deficit; Italy are expected to follow.

Meanwhile, Sterling holds onto gains against the weaker Euro (highest since Q4 2009) and remains relatively unchanged against the USD ahead of the U.S. trade balance and minutes of the FOMC later today.

Main Currency Pairs * Yesterday Today
GBP/EUR 1.26060 1.26700
GBP/USD 1.55260 1.55610
GBP/CAD 1.58090 1.58660
GBP/NZD 1.95110 1.95130
GBP/AUD 1.51830 1.51780
GBP/AED 5.70140 5.71080
EUR/USD 1.23140 1.22850
GBP/CHF 1.51340 1.51620
GBP/ZAR 12.8511 12.7133
GBP/SEK 10.8650 10.8236
GBP/JPY 123.249 123.267
GBP/PLN 5.33430 5.30010
USD/PLN 3.44370 3.41730
EUR/PLN 4.23330 4.19820
EUR/CHF 1.20100 1.20100
GBP/MAD 13.8462 13.8846
PLN/EUR 0.23620 0.23820
GBP/CZK 32.1774 32.1058
GBP/DKK 9.37340 9.39020
GBP/HKD 12.0126 12.0270
GBP/HUF 364.932 363.742
GBP/NOK 9.44620 9.45150
GBP/INR 86.6444 85.9450
GBP/THB 49.1973 49.0721

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