Eurogroup agree €30bn for Spanish Banks month end

Published on in Foreign Exchange News by
Sterling continued to trade at new highs against the Euro yesterday, reaching levels not seen since November 2008.

Sterling’s initial strength was short lived, however, as corporate demand for the single currency saw the Pound retreat from its highs. Against the dollar, Sterling traded in a tight range, driven by EUR/USD, as traders looking ahead to Wednesday’s Federal Reserve Bank’s minutes reported a “quite day’s trading”.

Spain saw some big announcements from the Eurogroup meeting last night to help it through its current crisis. It was reported that they had agreed to release a €30bn bail out for Spanish Banks by the end of the month. This came with further reports that the European commission will today propose that Spain be allowed to relax its deficit target for this year to 6.3% of GDP (from 5.3%) in exchange for a further commitment to a new round of tax increases. Seemingly all positive for the ailing Spanish but the news had little reaction from the overnight markets.

Main Currency Pairs * Yesterday Today
GBP/EUR 1.26010 1.26060
GBP/USD 1.54730 1.55260
GBP/CAD 1.57930 1.58090
GBP/NZD 1.94980 1.95110
GBP/AUD 1.52330 1.51830
GBP/AED 5.68340 5.70140
EUR/USD 1.22720 1.23140
GBP/CHF 1.51390 1.51340
GBP/ZAR 12.8345 12.8511
GBP/SEK 10.8836 10.8650
GBP/JPY 123.200 123.249
GBP/PLN 5.34590 5.33430
USD/PLN 3.45520 3.44370
EUR/PLN 4.21390 4.23330
EUR/CHF 1.20110 1.20100
GBP/MAD 13.8077 13.8462
PLN/EUR 0.23730 0.23620
GBP/CZK 32.2662 32.1774
GBP/DKK 9.34250 9.37340
GBP/HKD 12.0487 12.0126
GBP/HUF 361.080 364.932
GBP/NOK 9.44010 9.44620
GBP/INR 86.2649 86.6444
GBP/THB 49.1375 49.1973

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